New South Wales Consolidated Acts

UNIVERSITY OF SYDNEY ACT 1989 - SECT 18

18 Powers of Senate relating to property

(1) The Senate:

(a) may acquire by gift, bequest or devise any property for the purposes of this Act and may agree to carry out the conditions of any such gift, bequest or devise, and

(b) has the control and management of all property at any time vested in or acquired by the University and may, subject to this section, dispose of property in the name and on behalf of the University.

(2) The Senate is not, except with the approval of the Minister, to alienate, mortgage, charge or demise any lands of the University.

(3) Notwithstanding subsection (2), the Senate may, without the approval of the Minister, lease any lands of the University if:

(a) the term of the lease does not exceed 21 years, and

(b) the Senate is satisfied that it is to the benefit of the University, whether from a financial or educational standpoint or otherwise, that the lease be entered into.

(4) In the case of a lease of any lands of the University, or any renewal of the lease, to a residential college affiliated with the University, the lease:

(a) is to be for a term not exceeding 99 years, and

(b) is to be at a nominal rent, and

(c) is to contain a condition that the lease is not to be assigned and such other conditions as the Senate thinks fit.

(5) The rule of law against remoteness of vesting does not apply to or in respect of any condition of a gift, bequest or devise to which the University has agreed.