Victorian Current Acts

PRESBYTERIAN TRUSTS ACT 1890 - SECT 15

When any property is held in trust for or on behalf of any congregation of the church by the corporate body of trustees, and in case it is desired to mortgage charge or otherwise encumber such property, the corporate body of trustees shall on a resolution being passed by the General Assembly to that effect convey and transfer such property to such trustees in this section called the congregational trustees as shall be nominated by the congregation and appointed by the presbytery to which such congregation belongs in accordance with the rules and regulations of the church, the congregational trustees shall upon such conveyance or transfer hold such property for the purpose of effecting or executing a mortgage charge or other encumbrance thereon and not otherwise, and may effect and execute such mortgage charge or other encumbrance accordingly, but upon the payment or other discharge of the moneys secured thereon the property shall without any further conveyance or transfer re-vest in the corporate body of trustees, and shall be held for all purposes as if such property had not been conveyed or transferred to the congregational trustees.