Lawgist24Power to Trustees to sell land subject to Settlement
The Corporation shall have power at any time, with the consent of the person entitled to, and in the enjoyment of, the title of Baronet conferred by the said Letters Patent, and of the Governor of Bombay in Council to be notified by a resolution of the Government of Bombay to sell or exchange for other lands or hereditaments in the Island of Bombay any lands or hereditaments which are subject to the trusts of the Settlement effected by this Act or any part thereof, and upon any such exchange, to give or receive any money for equality of exchange:
Provided that the Corporation shall not sell the Mansion House, if any, or the buildings accessory thereto, which may be purchased, or erected under the powers conferred by this Act, without having first consulted all persons who may be interested in the said Mansion House, either by way of reversion, or otherwise, and who may have attained their respective ages of majority:
Provided further that the foregoing proviso shall apply to the said Mansion House, and the buildings accessory thereto only, and shall not apply to any lands, hereditaments, or premises, other than the land upon which the said Mansion House and the buildings accessory thereto, may stand, or be erected, which may be purchased under the powers conferred by this Act.
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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
