12Settlement of Mansion House, etc., in support of Baronetcy
All lands and buildings which may be purchased by the person for the time being entitled to, and in the enjoyment of, the title of Baronet under the said Letters Patent under the powers conferred by section 8, with their rights, members, and appurtenances shall be conveyed to the Corporation, and the Corporation shall hold the same, and also all buildings which may be erected thereon under the powers conferred by section 8, upon trust for Sir, Jamsetjee Jejeebhoy, Fifth Baronet, for and during the term of his natural life, and from and immediately after his decease, upon trust for the heirs male of the body of Sir Jamsetjee Jejeebhoy, First Baronet, who may succeed to the title of Baronet conferred by the said Letters Patent, but as to each one of the said heirs male upon trust for such heir male during the term of his natural life only, and, upon failure and default of heirs male of the body of the said Sir Jamstjee Jejeebhoy, First Baronet, to whom the said title and dignity of Baronet, may descend as aforesaid, upon trust for the heirs and assigns of Sir Jamsejee Jejeebhoy, the Second Baronet, which ultimate remainder or reversion it shall be lawful for the heirs and assigns of the said Second Baronet at any time or times during the continuance of the said title and dignity of Baronet, and until there shall be such failure of heirs male of the body of the said First Baronet to grant, convey, devise and dispose of by Deed or Will, or by any other assurance or assurances by which such an estate in remainder or reversion is capable by law of being conveyed or disposed of.
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- 1 Short title
- 2 Repeal of Act XX of 1860
- 3 The Commissioner for the Northern Division, the Accountant - General, and the Collector of Bombay to be a Corporation for execution of the Trusts of this Act
- 4 Present Baronet to continue to bear, and all future Baronet to take, names of First Baronet
- 5 Government Promissory Notes of a certain nominal value vested in Trustees
- 6 Powers of investment
- 7 Prohibition against varying investments without consent of person entitled to income
- 8 Power to Baronet for the time being to purchase land to erect a Mansion House thereon
- 9 Power to trustees to sell securities to produce funds to pay for land, etc
- 10 Power to Baronet for the time being to sell Mazngon Castle
- 11 Power to Trustees to apply proceeds of sale Mazagon Castle, not exceeding Rs. 2,75,000 in paying for land purchased and for erecting Mansion House th ere on, etc
- 12 Settlement of Mansion House, etc., in support of Baronetcy
- 13 Saving of rights of persons interested in reversion or remainder in Mazagon Castle on sale thereo
- 14 Declaration of Trusts as to surplus proceeds of sale of Mazagon Castle over and above the sum of Rs. 2,75,000
- 15 Power to Trustees to invest the surplus annual interest and income of the Trust Fund and p remises during the minority of any Baronet etc
- 16 Provision in case of refusal or discontinuance of names of First Baronet
- 17 Baronet in possession may jointure
- 18 Limit of aggregate of jointure payable contemporaneously
- 19 Mansion House and hereditaments not to be subject to joiuture
- 20 Alienation prohibited during the Baronetcy
- 21 Power to augment the funds and securities subject to the Settlement, provided that total amount of funds su bject to the Settlement shall not exceed fifty lakh
- 22 Provision as to insurances of Mazagon Castle, and other house or buildings purchased in lieu thereof
- 23 Directions for keeping Mazagone Castle, and other houses or buildings purchased in lieu thereof, in repair
- 24 Power to Trustees to sell land subject to Settlement
- 25 Directions as to how sale may be made
- 26 Direction as investment of proceeds of sale of lands
- 27 Declaration of Trusts as to investments of proceeds of sale of lands
- 28 Power to Baronet for the time being to enter into arrangement with Government as to land - revenue payable in respect of land purchased under section
- 29 Indemnity of Trustees
- 30 General saving clause