Subject and without prejudice to any mortgage charge encumbrance lien or lease affecting the same, all property except the properties known as Ormond College the Scotch College and the Presbyterian Ladies' College which is now held or which may hereafter be acquired by any person or persons for the use or benefit of the church without any formal declaration of trust shall be held upon the trusts and subject to the provisions of "The Model Trust Deeds of the Presbyterian Church of Victoria" or either of them so far as the same may be applicable or any future alteration modification or variation thereof duly authorized by the General Assembly, which alteration modification or variation the General Assembly is hereby empowered from time to time to make.
Provided that nothing in this section shall empower the General Assembly to make any alteration modification or variation which shall be inconsistent with the provisions of the said Act passed in the twenty-second year of Her present Majesty numbered LXXXII.