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TRUSTEE ACT 1936 - SECT 52

TRUSTEE ACT 1936 - SECT 52

52—Power to apply proceeds of sale, mortgage, or lease

        (1)         If any land is sold or mortgaged as provided in the last preceding section the trustees shall stand possessed of the net proceeds thereof upon trust to apply those proceeds for such purpose of the church or the congregation thereof and in such manner as is determined by the vote of the members of the congregation ascertained in manner provided by the last preceding section at any meeting called and held in manner provided by that section.

        (2)         If any land is leased as provided in the last preceding section the net proceeds thereof shall be applied by the trustees for such purpose of the church or the congregation thereof and in such manner as is determined by the trustees.