Acts & Ordinances
Naremburn/Cammeray Mortgaging Ordinance 2007
No 42, 2007
An Ordinance to authorise the mortgaging of certain land at Naremburn and the application of the proceeds.
A. The Anglican Church Property Trust Diocese of Sydney (the “Property Trust”) is the registered proprietor of the land comprised in certificate of title folio identifier Auto-Consol
B. The Willoughby Road Site is church trust property and by Declaration of Trust dated 13 December 1929 is held upon trust to permit the same to be used for a church, parsonage or parish hall or partly for one and partly for another or others of such purposes in connection with the Church of England in the parish of St Cuthbert’s Naremburn (the “Parish”).
C. The Market Street Site is church trust property held upon trust for the purposes of the provisional parish of Naremburn/Cammeray.
D. The Parish wishes to mortgage the Land to finance the construction on the Willoughby Road Site of a Parish Ministry Centre and associated car parking (the “Building Work”) and to refinance a loan from the Finance and Loans Board.
E. By reason of circumstances which have arisen after the creation of the trusts on which the Land is held it is expedient to mortgage the Land and apply the proceeds of such mortgage in the manner set out in this Ordinance.
The Standing Committee of the Synod of the Diocese of Sydney Ordains as follows.
This Ordinance is the Naremburn/Cammeray Mortgaging Ordinance 2007.
By reason of circumstances which have arisen after the creation of the trusts on which the Land is held it is expedient to mortgage the Land and apply the proceeds of such mortgage in the manner set out in clause 4.
3. Authority to mortgage
The Property Trust is authorised to mortgage the Land to secure the borrowing of a sum not exceeding the sum of $2,850,000 or such other amount as the Standing Committee may determine by resolution.
4. Proceeds of mortgage
The proceeds of any mortgage authorised under clause 3, after payment of the costs, charges and expenses of and incidental to this Ordinance and any such mortgage, are to be applied by the Property Trust as follows –
I Certify that the Ordinance as printed is in accordance with the Ordinance as reported.
I Certify that this Ordinance was passed by the Standing Committee of the Synod of the Diocese of Sydney
I Assent to this Ordinance.
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