Victorian Consolidated Legislation

Melbourne Orphan Asylum Sale Act 1875 - SECT 9

Investment of proceeds of sale of land at South Melbourne

9. Investment of proceeds of sale of land at South Melbourne



(1) All moneys invested under the provisions of this Act shall be invested-

   (a)  in any manner in which trust moneys may be invested by a trustee under
        the Trustee Act 1958 or any other Act; or

   (b)  in the purchase or acquisition or improvement of freehold land within
        Victoria.

(2) The proceeds of the sale of any land or any moneys derived from the sale
of any investment of any such proceeds shall not be invested except in a
manner approved by the Governor in Council.