Victorian Consolidated Legislation

Mildura Irrigation and Water Trusts Act 1969 - SECT 7

Amendment of section 20 of Principal Act

7. Amendment of section 20 of Principal Act

Section 20 of the Principal Act is hereby amended as follows-

(a) in sub-section (1) the words "by means of debentures" shall be repealed;

   (b)  at the end of sub-section (1) there shall be inserted the following
        words-

"by granting a mortgage of the General Drainage Fund or by means of
debentures";

(c) in sub-section (1B) before the word "debentures"
there shall be inserted the words "mortgage or"; and



   (d)  for sub-section (4) there shall be substituted the following
        sub-sections-



"(4) All mortgagees and holders of debentures shall in proportion to the sums
secured by their respective mortgages and debentures be creditors on the
General Drainage Fund equally one with another without any preference in
respect of the priority of advancing moneys or of the dates of mortgages or
debentures.

(5) Any trustee unless expressly forbidden by the instrument (if any) creating
the trust may invest any trust funds in his hands upon the security of a
mortgage granted under this Act or in debentures issued under this Act.

(6) Mortgages granted and debentures issued under this Act shall be a lawful
investment for any moneys which any company or body incorporated by or under
any Act of the Parliament of Victoria is authorized or directed to invest in
addition to any other investments expressly prescribed for the investment of
such moneys.".