Western Australian Current Acts

GERALDTON SAILORS AND SOLDIERS' MEMORIAL INSTITUTE (TRUST PROPERTY DISPOSITION) ACT 1938 - SECT 3

3 .         Proceeds from sale of land may be used to discharge liability to the Bank

                If and when, pursuant to the power conferred by section 6 of the principal Act, the Trustees sell their estate and interest in the said land, the Trustees may pay, use and apply the net proceeds of such sale in or towards the repayment to the Bank of advances made by the Bank to the Trustees by way of an overdraft on a current account and owing by the Trustees at the date of the commencement of this Act, together with the interest payable in respect of such advances and owing up to the date of such repayment.