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Amendment of section 34 of Principal Act.
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11.—The Principal Act is hereby amended by the substitution of the following new section for section 34:
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“Power of Board to authorise or make sale, exchange, certain other dispositions of, or mortgages of charity land.
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34.—(1) Where an application is made to the Board by the trustees of any charity comprising land representing that—
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(a) a specified disposition of the land can be effected on terms which would be advantageous to the charity, or
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(b) it would be advantageous to the charity to raise a particular sum of money by mortgaging, or charging by way of security for the repayment of the sum to be borrowed, the land or any part thereof for purposes specified in the application,
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the Board may, if they think fit, inquire into the circumstances, and if, after inquiry, they are satisfied that the proposed disposition, mortgage or charge would be advantageous to the charity, they may authorise that disposition, mortgage or charge and give such directions in relation thereto (including directions for securing the due investment or application of the money arising therefrom for the benefit of the charity) as they think fit.
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(2) Where an application is made to the Board by the trustees of any charity comprising land representing that a specified disposition of the land for the benefit of a specified charitable purpose other than a purpose of the charity of which they are trustees, being a disposition the consideration for which is not the market value, would, if effected, operate for the benefit of the public, the Board may, if they think fit, inquire into the circumstances, and if, after inquiry, they are satisfied that the proposed disposition would both be for the benefit of the specified charitable purpose and operate for the benefit of the public, they may authorise that disposition and give such directions in relation thereto (including direction for securing the due investment or application of any money arising therefrom for the benefit of the charity) as they think fit.
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(3) If it appears to the Board in respect of any charity comprising land of which they are trustees that it would be advantageous to the charity to—
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(a) make any disposition of the land, or
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(b) raise money by mortgaging, or charging by way of security for the repayment of the sum to be borrowed, all or any part of the land of the charity,
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they may make that disposition of the land or so raise the money, and the money arising therefrom shall be invested or applied by them for the benefit of the charity in such manner as they think fit.
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(4) Every mortgage or charge authorised under subsection (1) shall be effected in such manner as the Board may approve and shall contain such conditions (including conditions' relating to the repayment of principal moneys, or the redemption and reconveyance of land which is subject to the mortgage or charge) or other provisions, if any, as the Board shall require.
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(5) The Board may, if they think proper, authorise under this section, with retrospective effect, a specific disposition, mortgage or charge, made without such authority.
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(6) In this section “disposition”, in relation to land means a disposition of the land by—
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(a) selling it, or
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(b) exchanging it for other land, or
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(c) surrendering a lease or other contract of tenancy of it, or
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(d) accepting a surrender of a lease or other contract of tenancy of it.”.
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