New South Wales Consolidated Acts

MORATORIUM ACT 1932 - SECT 39

39 Power of trustees, attorneys & c to exclude Act and to confirm or execute covenants

(1) Any corporation or any personal representative of a deceased person, or any trustee, attorney, or agent having power to execute a mortgage shall have and be deemed always to have had power:

(a) to include in such mortgage a condition or covenant expressly excluding the provisions of this Act or of any enactment repealed by this Act,

(b) to confirm any covenant or agreement express or implied for the payment or repayment of principal moneys or interest contained in a mortgage of land executed or given before the commencement of this Act,

(c) to include in any mortgage of land executed or given after the commencement of this Act an express covenant or condition for the payment or repayment of principal moneys or interest,

(d) to compound or settle and pay the amount to be paid on any contract of guarantee which is affected by this Act or by any enactment repealed by this Act and which was entered into by the corporation or by his testator settler or intestate principal.

(2) This section shall apply only if and as far as a contrary intention is not expressed in the instrument, if any, creating the trust or conferring the power, and shall take effect subject to the terms of that instrument and to the provisions therein contained.