Western Australian Consolidated Acts Western Australian Consolidated Acts The rents, issues,
profits, and proceeds of sale of all real and personal property vested in or
acquired by the trustees, after payment of the expenses of and incidental to
the administration of the trust, shall be paid into the Treasury, and may be
invested in the names of the trustees as trust funds may be invested under
Part III of the Trustees Act 1962 , or, with the approval of the
Governor, in the purchase of other land to be held on the trust hereby
created:
Provided that the
annual income of all such real and personal property and investments may be
applied by the trustees towards the improvement of such property, and the
payment of salaries and other expenditure in carrying out the provisions of
the Acts in force for the time being relating to public education:
Provided also that the
proceeds of sale of any property or any moneys received by the trustees as
premiums for the granting of leases, or raised by way of mortgage, may, with
the approval of the Governor but not otherwise, be applied by the trustees in
the improvement of any property vested in them.
[Section 9 amended by No. 1 of 1997
s. 18.]