New South Wales Consolidated Acts

TRUSTEES OF SCHOOLS OF ARTS ENABLING ACT 1902 - SECT 11

11 Proceeds to be held on trust and invested

(1) The proceeds of any sale, lease, or mortgage under this Act shall be held by the trustees, after payment of costs, expenses, and encumbrances, for the general purposes of the trust, and shall be invested or applied as the Minister directs.

(2) The Minister may direct that any portion of the income or revenue of the trustees shall be set apart for payment of interest on, or the gradual extinction of, any mortgage debt, and the portion so set apart shall be invested as the Minister directs.