Land Aagure: by will.
Bequest for purchase of land.
Application of sections 5 and 6.
Mortgages.
Application
to certain bodies corporate.
5. Land may be assured by will to or for the benefit of any charity or for any charitable purpose but, notwithstanding any- thing in the will contained to the contrary, such land shall be sold within one year after the death of the testator, unless a licence to hold the land is granted under section 4.
8.
Any personal estate bequeathed by will to or for the benefit of any charity or for any charitable purpose and directed to he laid out in the purchase or the acquisition of land by or for the benefit of such charity or for such charitable purpose shall be held by or for the benefit of such charity or for such charitable purpose as though there had been no such direction, unless a licence to acquire and hold such land is granted under section 4-
T. This Ordinance shall not apply to the will of a testator dying before the commencement of this Ordinance.
8. Notwithstanding anything contained in section 3, moneys belonging to any charity or held for any charitable purpose may be invested on mortgage, without the land which forms the subject of the mortgage being deemed to be land assured, acquired or possessed in contravention of the provisions of that section :
Provided always that in every case in which the equity of redemption of any land comprised in any such mortgage shall by foreclosure or otherwise become barred or released, the land shall thenceforth be held in trust to be sold and converted into money, and shall be sold accordingly within six months after the date upon which such equity of redemption became barred or released unless a licence to bold such land is granted under section 4.
9. It is hereby further declared that in the case of each of the bodies corporate incorporated by the Ordinances specified in Part II of the First Schedule, the provisions of this Ordinance shall apply in place of any restriction upon the acquisition or holding of land contained in the Ordinance under which the body corporate is incorporated.
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assurances
com-
10. Nothing in this Ordinance shall affect any land assured Saving in to or for the benefit of or acquired or possessed by or on behalf relation to of or for the benefit of any charity or assured, acquired or before the possessed for any charitable purpose before the commencement of this Ordinance including any right or interest comprised in of this or arising out of any mortgage executed before the commence- ment of this Ordinance.
FIRST SCHEDULE.
(s. 3 & 9.1
CORPORATIONS SPECIFIED FOR THE PURPOSES OF SECTIONS 2 AND 0.
PART I
Beferenice, Cap. 266
Ordinance.
Bishap of the Roman Catholic Church in Hong Kong
Incorporation.
267
Bishop of Victoria Incorporation.
272
China Congregational Church.
+
273
China Fleet Club Incorporation.
275
14
Chinese Anglican Church Body Incorporation.
276
Chinese Young Men's Christian Association.
277
วา
Church of England Trust.
280
Diocesan School and Orphanage Incorporation.
281
Dominican Missions.
Helena May Institute for Women.
The Hong Kong Chinese Christian Churchea Union
Incorporation.
Hong Kong War Memorial Fund.
Hop Yat Tong Church of Christ Hong Kong Incorporation.
Kowloon Tong Church of the Chinese Christian and
Missionary Alliance Incorporation.
224
២
287
Hong Kong Anti-Tuberculosis Association Incorporation.
*
283
289
"
210-0
*
204
CH
205
Kowloon Union Church Incorporation.
U
206
London Missionary Society Incorporation.
T
297
Masonic Benevolence Fund Incorporation.
Matilda and War Memorial Hospital.
[
209
Masions Etrangeres Incorporation.
306
Po Leung Kuk Incorporation,
308
kr
316
14
316
298
Sailors Home and Missions to Seamen Incorporation.
St. Stephen's College Incorporation.
Trustees of the Chater (Cathedral and St. Andrew'a)
Endowment Funds Incorporation.
mencement
Ordinance.