Western Australian Current Acts

THE WESTERN AUSTRALIAN TURF CLUB ACT 1892 - SECT 28

28 .         Power to give security

        (1)         To secure repayment of sums borrowed or made available under section 26, and payment of interest on those sums, the chairman may give and execute any mortgage, charge, assignment or other security over all or any part of the assets and property of the club, including rents and profits, tolls, charges and other revenue.

        (2)         This section does not apply to —

            (a)         the land referred to in section 7; or

            (b)         land demised under section 8,

                except with the consent of the Governor given on the recommendation of the Minister administering the Land Act 1933 ¹ .

        (3)         A consent under subsection (2) may be given in terms that impose requirements to be observed if a power of sale becomes exercisable by a mortgagee on default by the mortgagor.

        (4)         If a power of sale in respect of any land is exercised in accordance with those requirements, the Governor may, on the recommendation of the Minister administering the Land Act 1933 ¹ , discharge the land from any trust or purpose affecting the land by operation of this Act.

        [Section 28 inserted: No. 24 of 1997 s. 8.]