Western Australian Consolidated Acts

ROYAL AGRICULTURAL SOCIETY ACT AMENDMENT ACT 1929 - SECT 4

4 .         Powers, clauses and provisions in mortgages

        (1)         Any such mortgage or charge may contain such powers, clauses, and provisions as may be deemed expedient, including power to sell and to lease the mortgaged lands, or any part thereof, in case of default being made in the payment of principal or interest moneys at the time or times therein appointed for the payment thereof, or in the observance of any of the covenants contained or implied in any such mortgage or charge; and any purchaser or lessee from the mortgagee shall hold the said lands freed and absolutely discharged from any trusts or restrictions as to the user thereof to which the same may have been subject prior to the date of such sale or lease.

        (2)         It shall not be necessary for any mortgagee, or any purchaser or lessee from a mortgagee to inquire whether the concurrence of a majority of members of the Royal Agricultural Society, or any agricultural society so registered as aforesaid, was duly and regularly obtained as aforesaid, nor for any mortgagee to see to the application of any moneys raised under the authority of this Act or to inquire into the necessity, regularity, or propriety of any such mortgage, or be affected by the notice that the same is irregular, unnecessary, or improper.