Underwood's Estate Act Amendment Act of 1874 37 Vic (NSW)

UNDERWOOD's Esrarz Act AMENDMENT.

Preamble.

Trusts &c. vested in trustees may be ex- ercised by majority.

An Act to amend the " Underwood's Estate Act of 1873." [16th June, 1874. ]

Wes it is expedient to amend the " Underwood's Estate

Act of 1873" in the manner hereinafter provided Be it there- fore enacted by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assemble] and by the authority of the same as follows :—

1. All the trusts powers and authorities by the said '" Under- wood's Estate Act of 1873" vésted in or conferred upon William Henry Mackenzie senior John Piper Mackenzie and Robert John King in the said Act named as the trustees of the said Act or upon other the trustees for the time being of the said Act and all matters and things incident thereto shall be vested in the said William Henry Mackenzie senior John Piper Mackenzie and Robert John King and two other trustees to be appointed in the manner hereinafter mentioned and such trusts powers authorities and matters may be carried out exercised and done by any three of the said five trustees or other the trustees for the time being of said Act And any conveyance executed by any three of such five trustees or of other the trustees for the time being of the said

Act

1874. 3a" VIC.

'Underwood' s : Estate Act Amendment.

Act of land sold under and for the purposes of the said Act shall be valid and cffectual to vest the said land and the legal estate therein in the person or persons to whom the same shall be so conveyed as fully and effectually in all respects as if the said conveyance had heen executed by all the trustees for the time being of the said Act Provided that such the remaining trustee or trustees shall have had notice to attend a meeting of the whole body of trustees for considering the then question whether such matter or thing shall be carried out exercised or done or whether such conveyance shall be executed and shall either have absented himself or themselves or being present shall have had full opportunity of deliberating with his or their co-trustees upon such question Provided also that in case of difference of opinion between the trustees upon any question arising for their determination in the execution of their trusts under the said recited Act it shall be lawful for the said trustees or any two or more of them to apply to the Primary Judge of the Supreme Court in Equity by petition or summons without instituting any suit upon a written state- ment or upon affidavit if the Judge shall so require for his decision and direction upon the matter so in difference and the said Judge shall pronounce such decision and give such direction thereon as he shall think just and may make such references as he may think necessary to the Master in Equity for the appointment of solicitors receivers surveyors or auctioncers or any of them and otherwise and such decision and direction shall be binding upon the said trustees and shall so far as may concern all other persons be of the same force and effect as an unanimous determination of the said trustees subject nevertheless to an appeal to or re-hearing by the full Court in the ordinary way Provided nevertheless that when any sale shall have been effected under the proposed exercise of the powers conferred hereby or by the recited Act the title of the purchasers shall not be liable to be impeached on the ground that no case had arisen to authorize the exercise of such powers or any of them.