Caringbah Land Sale Ordinance 2008

No 33, 2008

Long Title

An Ordinance to permit the sale of certain land at 14 Nioka Place, Caringbah and to provide for the application of the proceeds of sale.

Preamble

A.      Anglican Church Property Trust Diocese of Sydney (the “Property Trust”) is the registered proprietor of the land contained in folio identifier 8/28146 and known as 14 Nioka Place, Caringbah (the “Land”).

B.      The Land is church trust property and is held on trust for the parish of Caringbah although there are no written trusts.

C.      By reason of circumstances which have arisen after the creation of the trusts on which the Land is held, it is expedient that the Land be sold and that the proceeds be applied in the manner set out in this ordinance.

The Standing Committee of the Synod of the Diocese of Sydney Ordains as follows.

1.        Name

This Ordinance is the Caringbah Land Sale Ordinance 2008.

2.        Declarations

By reason of circumstances which have arisen after the creation of the trusts on which the Land is held, it is expedient that the Land be sold and that the proceeds be applied in the manner set out in clause 4.

3.        Power of Sale

The Property Trust is authorised to sell the Land at any time within 3 years after the date of assent to this Ordinance and thereafter only with the consent of the Standing Committee given by resolution whether given before or after that date.

4.        Application of the Proceeds of Sale

(1)       The proceeds of sale, after payment of the costs of and incidental to this Ordinance and the sale of the Land, are to be paid to the Property Trust and applied towards repayment of the loan from Glebe Investment Company undertaken for the purchase of the property known as 8 Combara Avenue, Caringbah.

(2)       Pending application of the sale proceeds, the sale proceeds (or the balance remaining from time to time) are to be invested and the income capitalised.

I Certify that the Ordinance as printed is in accordance with the Ordinance as reported.

PG KELL
Chairman of Committees

I Certify that this Ordinance was passed by the Standing Committee of the Synod of the Diocese of Sydney
on 10 November 2008.

R WICKS
Secretary

I Assent to this Ordinance.

PETER F JENSEN
Archbishop of Sydney
11/11/2008