SYDNEY OPERA HOUSE TRUST ACT 1961 - SECT 19
Sale or disposal of certain property
SYDNEY OPERA HOUSE TRUST ACT 1961 - SECT 19
Sale or disposal of certain property
19 Sale or disposal of certain property
(1) Where the Trust adjudges any real or personal property for the time being
vested in the Trust to be unfit for or not required for its objects, the Trust
may notwithstanding the terms of any trust affecting the property or of any
arrangement or condition made or agreed to by the Trust at the time of its
acquisition by the Trust:
(a) sell the property or exchange it for any other
property, or
(b) dispose of without consideration or in the case of personal
property destroy the property if the Trust adjudges it to be of no salable
value.
(1A) The proceeds of any sale under subsection (1) (a) are, after
deducting the costs of the sale (including incidental costs), to be held by
the Trust for the objects of the Trust.
(2) Any property sold or disposed of
by way of exchange or otherwise by the Trust purporting to exercise any of the
powers conferred on the Trust by this section shall vest in the person
acquiring it by virtue of the sale or other disposition freed and discharged
from any trust, arrangement or condition relating to any sale or disposition
of the property or to the use of the property to which the property was
subject in the hands of the Trust.
(3) No person acquiring any property from
the Trust purporting to exercise any of the powers conferred on the Trust by
this section shall be concerned to inquire whether a case has arisen to
authorise the sale or other disposition of the property or whether the power
was otherwise properly and regularly exercised or to see the application of
any purchase money paid to the Trust.
