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Power of Board or trustees of charity, with authority of Board, to grant building, etc., leases, do repairs, etc., and raise money for those purposes.
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37.—(1) In this section “act to which this section applies” means, in relation to a charity comprising land, any of the following—
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(a) the letting of the land on building, repairing, improving or other leases, or on leases for working any mine,
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(b) the digging or raising of stone, clay, gravel or other minerals on the land,
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(c) the cutting of timber on the land,
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(d) the forming or laying out of any new road or street through the land,
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(e) the making of drains or sewers through the land,
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(f) the erection of any new building on the land,
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(g) the repair, alteration, rebuilding or total removal of any existing building on the land,
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(h) the making of any other improvements or alterations in the state or condition of the land.
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(2) If it appears to the trustees of any charity comprising land that the doing of any act to which this section applies would be for the benefit of the charity, they may lay before the Board a statement and proposal in relation to the doing of that act, and thereupon—
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(a) the Board, if they think that the doing of the act to which the statement and proposal relate (with or without modifications or alterations) would be beneficial to the charity, may make such order for or in relation to the doing of the act and any circumstances connected therewith, as they think fit, though the act is not authorised or permitted by the trust;
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(b) the Board may by that order authorise the application of any moneys belonging to the charity for the act, and, if necessary, may authorise the trustees to raise any sum of money by mortgage of all or any part of the land of the charity.
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(3) If it appears to the Board in respect of any charity comprising land of which they are trustees that the doing of any act to which this section applies would be for the benefit of the charity—
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(a) they may do that act, and
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(b) they may for that purpose, if necessary, raise any sum of money by mortgage of all or any part of the land belonging to the charity.
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(4) Every mortgage made under subsection (2) or (3) shall provide for—
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(a) the payment of the principal money by annual instalments,
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(b) the redemption and reconveyance of the mortgaged land within a period of not more than thirty years.
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(5) The Board may, if they think proper, authorise, with retrospective effect, any act to which this section applies done without such authority.
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