Queensland Consolidated Acts

ALL SAINTS CHURCH LANDS ACT 1924 - SECT 3

3 Power to trustees to mortgage land

(1) In order to raise funds for effecting improvements or adding to improvements already effected on the said land, the trustees thereof may make application to the synod for liberty to raise such funds by means of a mortgage of the said land.

(2) Such application shall be in writing, signed by the trustees or otherwise authenticated as the synod may require, and shall state—

(a) the amount of money proposed to be raised by means of a mortgage;

(b) the purpose for which it is necessary to raise such money;

(c) whether any and what mortgage, encumbrance, or charge already exists on or over the said land or any part thereof;

(d) if it is not proposed to mortgage the whole of the land—the portion thereof proposed to be mortgaged;

(e) the terms, conditions, and duration of the proposed mortgage;

(f) by what means it is proposed to liquidate the proposed mortgage and interest from time to time accruing due thereon, and what further security (if any) in addition to the said land or part thereof and improvements can be given.

(3) Upon receipt of the said application the synod may cause such inquiries to be made with respect to the matter as it thinks proper.

(4) If the synod is satisfied that the application should be granted without any modification, or with such modifications as it deems to be in the best interests of the trust, the synod may, by resolution, grant liberty to the trustees to mortgage the said land or any specified part thereof in accordance with such application without modification or with such modifications as aforesaid; and the trustees shall be at liberty to effect such mortgage accordingly in pursuance of such resolution, notwithstanding any restriction contained or implied in the deed of grant or other instrument of title under which the said land is held by the trustees upon trust; and a mortgage so made shall be valid and effectual for all purposes.

(4A) A certificate under the seal of the synod to that effect shall be accepted as evidence that such resolution has been duly passed.

(5) Every such mortgage may contain a power of sale by the mortgagee, the mortgagee’s executors, administrators, or assigns in case of default in payment of any principal or interest moneys secured by such mortgage or of breach of any of the conditions therein contained.