Queensland Consolidated Acts Queensland Consolidated ActsIt is agreed that the above described lands (referred to in the Brisbane Trades Hall Management Act 1984 as the Peel Street property) shall be held by the abovenamed trustees upon the trusts following that is to say--
Upon trust for the buildings erected thereon or part thereof to be used for a Brisbane trades hall and for any purpose permitted by these trusts and for no other purpose whatsoever.
It is lawful for the trustees, subject to the prior consent in writing of the Governor in Council and subject to such conditions as the Governor in Council may impose and in accordance with the provisions of the Brisbane Trades Hall Management Act 1984 to sell the Peel Street property for such price and upon such terms as the trustees think fit: provided that all moneys realised by a sale of that property shall be applied by the trustees firstly in payment of the recoverable expenses of and attending the sale secondly in payment of any mortgage debt over that property and subject thereto any balance remaining shall be applied by the persons authorised to receive the same for the objects and purposes of the Brisbane trades hall and for the purpose of carrying on the operation thereof and for no other purposes.
It is lawful for the trustees to mortgage the whole of the Peel Street property to any person to secure the repayment of any advance or advances and interest thereon provided that any moneys raised by way of such mortgage shall only be used for the purchase of the Peel Street property and provided further that the sum of the amounts raised by way of mortgage on the Peel Street property and the Edward Street property for such purpose shall not exceed the sum of $5000000 provided further that no such mortgage shall be made except in such manner as may be directed by the board of management testified in writing under the hands of the members of the said board of management or of a majority of them and with the approval of the Governor in Council. Every mortgage made or given pursuant to the said power may contain a power of sale by the mortgagee, the mortagee's executors, administrators or assigns in case of default of payment of any principal or interest moneys secured by such mortgage or of breach of any of the conditions therein contained or implied.
It is lawful for the trustees in such manner as may be directed by the board of management testified in writing under the hands of the members of the said board or a majority of them and with the consent of the mortgagee (if any) of the said land to grant from time to time and upon such terms as the trustees think fit a lease or leases of the said lands or any part thereof or of the said building or any part thereof together with all rights of way and other rights and appurtenances thereto to any person or persons for any term of years not exceeding 21 years to be computed from the time of signing such lease or leases respectively provided that no such lease or leases shall be granted for any term exceeding 5 years except with the approval of the Governor in Council previously obtained provided further that no such lease or leases shall be granted contrary to the provisions of the Brisbane Trades Hall Management Act 1984, section 10. The proceeds of rent received by the said trustees under any such lease shall subject to any necessary payment of any principal interest or other moneys under any mortgage (if any) be applied by the persons authorised to receive the same for the objects and purposes of the said Brisbane trades hall and for the purpose of carrying on the operation thereof and for no other purpose.
The receipts in writing of the trustees exercising any of the powers hereby conferred for any moneys advanced or paid to them in respect of any mortgage or lease shall be a good and sufficient discharge for such moneys to the person or persons advancing or paying the same and he, she or they shall not be bound or required to see to the application nor be affected by the misapplication or non-application thereof.
It shall not be necessary for any mortgagee or lessee to inquire whether the trustees for the time being exercising the aforesaid powers were duly and regularly appointed or whether the said powers of mortgage and lease were duly and regularly exercised or whether such direction or consent as aforesaid has been obtained.
The Governor in Council may in the event of the death, resignation or other removal from office of the trustees or any of them appoint new trustees or a new trustee.
the board of management means the board of management as defined by the Brisbane Trades Hall Management Act 1984.