New South Wales Consolidated Acts

TRUSTEE ACT 1925 - SECT 82

82 Improvements and repairs

(1) Where any leasehold or freehold land is vested in a trustee, the Court may authorise the trustee to pay or apply capital money subject to the trust for any one or more of the following purposes, as to the Court seems fit, that is to say--

(a) to effect repairs to any existing buildings, dams, fences or other erections upon the land,

(b) to effect improvements of or upon the land, or to reconstruct enlarge or improve any existing buildings, dams, fences or other erections thereon,

(c) to erect any new buildings, dams, fences or other erections upon the land,

(d) to erect or join in erecting any give and take fence, that is to say, a fence part of which is on the land and part on adjoining land,

(e) to restock the land with sheep, cattle, or horses,

(f) to replace machinery or implements required for the land.

(2) The trustee may be so authorised where the Court, having due regard to the interest of all persons beneficially interested in the land, thinks that the proposed expenditure is expedient, although it may not be necessary for the purpose of the salvage of the property.

(3) The amount of capital money that may be so expended shall be stated in the order authorising the proposed expenditure.

(4) The Court may authorise the trustee, as to the Court seems fit--

(a) to raise the amount by mortgage of the land, or by sale of a part thereof,

(b) to raise the amount by mortgage or sale of any other real or personal property held upon the same trusts,

(c) to pay the amount out of any moneys under the control of the trustee and held by the trustee upon the same trusts,

(d) to provide the amount partly in one and partly in another of those modes,

(e) to provide a sinking fund out of income.

(5) Where the amount is authorised to be raised by mortgage the Court may give directions to the trustee how the principal and interest are to be paid.

(6) The Court may require such provision for a sinking fund as the Court thinks proper.

(7) The Court shall give such directions as appear necessary and proper, so as to throw upon the respective interests of the persons beneficially interested their proper proportion of the moneys to be expended.

(8) No purchaser or mortgagee paying or advancing money upon any sale or mortgage authorised by the Court under this section shall be required to see to the application of the purchase money or mortgage money, and the protection given by this subsection shall extend to the Registrar-General Crown Solicitor or other person registering or certifying title.

(9) This section applies to trusts created either before or after the commencement of this Act.