An Act to enable the Trustees of the will of George Kiss deceased to grant building leases of certain lands in George-street and to raise moneys by mortgage of the said lands for the purpose of improving the same. [8th October, 1886.]
H E R E A S b y bis will dated t h e seventh day of J a n u a r y one t h o u s a n d e i g h t h u n d r e d a n d e i g h t y - o n e George K i s s l a t e of S y d n e y deceased hereinafter called t h e said t e s t a t o r after devising a c e r t a i n house a n d l a n d k n o w n as " V e n t n o r " s i t u a t e at R a n d w i c k n e a r S y d n e y as is t h e r e i n m e n t i o n e d devised all t h e residue of h i s real estate u n t o a n d to t h e use of R i c h a r d G l i n n V a l l a c k a n d J o s e p h B a r l i n g t h e i r heirs a n d assigns upon t r u s t to pay a c e r t a i n a n n u i t y of fifty p o u n d s a n d u p o n t r u s t as t o such p o r t i o n of t h e t e s t a t o r ' s real e s t a t e as should consist of l a n d only w i t h o u t b u i l d i n g s or should be u n p r o d u c t i v e or n o t p r o d u c i n g a n a n n u a l i n c o m e a t t h e discretion of the

W

t h e said R i c h a r d G l i n n V a l l a c k a n d J o s e p h B a r l i n g to sell t h e same as i n t h e said will is directed a n d as to t h e m o n e y s to arise from s u c h sale t o hold t h e s a m e u p o n t h e t r u s t s i n t h e said will expressed c o n c e r n i n g t h e same A n d t h e said t e s t a t o r directed his said T r u s t e e s to stand possessed of t h e residue of h i s said real estate u p o n c e r t a i n t r u s t s d u r i n g t h e lifetime of his widow .lane Kiss a n d u n t i l his y o u n g e s t s u r v i v i n g child should a t t a i n t h e age of t w e n t y - o n e years a n d after t h e d e a t h of his said wife a n d his y o u n g e s t s u r v i v i n g child a t t a i n i n g t h e a g e of t w e n t y - o n e years u p o n t r u s t a t t h e i r discretion t o sell t h e residue of his real estate a n d to s t a n d possessed of t h e m o n e y s arising from s u c h sale u p o n t h e t r u s t s in t h e said will expressed And t h e said t e s t a t o r directed t h a t u n t i l t h e whole of his r e a l estate should h e sold it should be lawful for his said T r u s t e e s to m a n a g e a n d order all t h e affairs of t h e p a r t thereof t h a t should r e m a i n unsold as r e g a r d s l e t t i n g s o c c u p a t i o n repairs i n s u r a n c e a g a i n s t fire receipts of r e n t allowances to t e n a n t s a n d all o t h e r m a t t e r s r e l a t i n g t h e r e t o b u t so nevertheless t h a t no lease should be g r a n t e d o t h e r w i s e t h a n from y e a r to y e a r or for a t e r m n o t e x c e e d i n g seven years i n possession a t t h e m o s t i m p r o v e d r e n t a n d s u b j e c t to s u c h powers provisoes c o v e n a n t s a n d a g r e e m e n t s as t h e said T r u s t e e s should in t h e i r discretion d e e m p r o p e r a n d e x p e d i e n t A n d w h e r e a s t h e said t e s t a t o r d u l y m a d e a codicil to his said will d a t e d t h e first day of M a y one t h o u s a n d e i g h t h u n d r e d a n d e i g h t y - t w o a n d t h e r e b y a p p o i n t e d his wife e x e c u t r i x of his said will a n d also a T r u s t e e thereof b u t t h e said codicil does n o t o t h e r w i s e affect t h e provisions of t h e said will as herein before set f o r t h A n d w h e r e a s t h e said t e s t a t o r died o n t h e t h i r t e e n t h d a y of A u g u s t one t h o u s a n d e i g h t h u n d r e d a n d e i g h t y - t w o w i t h o u t h a v i n g altered or revoked his said will save in so far as t h e s a m e was r e v o k e d or altered b y t h e said codicil a n d w i t h o u t h a v i n g r e v o k e d or a l t e r e d t h e said codicil a n d p r o b a t e of t h e said will a n d codicil was d u l y g r a n t e d to t h e said R i c h a r d G l i n n V a l l a c k J o s e p h B a r l i n g a n d J a n e Kiss t h e executors a n d e x e c u t r i x t h e r e i n n a m e d A n d w h e r e a s a t t h e t i m e of his d e a t h t h e t e s t a t o r was possessed of a certain block of l a n d situated in George-street i n t h e City of S y d n e y a n d p a r t i c u l a r l y described in t h e Schedule hereto a n d t h e r e are c e r t a i n b u i l d i n g s u p o n t h e said l a n d i n t h e o c c u p a t i o n of t e n a n t s a n d some income is derived from t h e l e t t i n g of t h e said b u i l d i n g s A n d whereas all t h e said b u i l d i n g s u p o n t h e said l a n d are very old a n d dilapidated a n d t h e w h o l e of s u c h b u i l d i n g s w i t h t h e e x c e p t i o n of one used as a n hotel have b e e n c o n d e m n e d u n d e r t h e provisions of t h e " City of Sydney I m p r o v e m e n t A c t " and m u s t be p u l l e d d o w n A n d w h e r e a s t h e said J a n e Kiss is still l i v i n g a n d t h e y o u n g e s t child of t h e said testator will n o t a t t a i n t h e age of t w e n t y - o n e y e a r s u n t i l t h e twenty-fifth d a y of M a r c h in t h e y e a r of our L o r d one t h o u s a n d eight h u n d r e d a n d n i n e t y t h r e e A n d w h e r e a s it would be g r e a t l y t o t h e a d v a n t a g e of all persons e n t i t l e d u n d e r t h e will of t h e said t e s t a t o r if p o w e r w e r e given to t h e Trustees or T r u s t e e for t h e t i m e being of t h e said will to let t h e said l a n d s in George-street aforesaid u p o n b u i l d i n g or i m p r o v i n g leases or to raise m o n e y b y m o r t g a g e of t h e said l a n d s for t h e p u r p o s e of i m p r o v i n g t h e same b y b u i l d i n g t h e r e o n A n d w h e r e a s such power c a n n o t b e obtained w i t h o u t t h e assistance of P a r l i a m e n t B e it t h e r e  fore e n a c t e d b y t h e Q u e e n ' s M o s t E x c e l l e n t M a j e s t y b y a n d w i t h t h e advice a n d consent of t h e Legislative Council a n d Legislative A s s e m b l y of N e w S o u t h W a l e s in P a r l i a m e n t assembled a n d b y t h e a u t h o r i t y of t h e same as follows :-- 1. T h e words " t h e said T r u s t e e s " w h e n e v e r hereinafter used shall e x t e n d to a n d i n c l u d e n o t only t h e said R i c h a r d G l i n n V a l l a c k J o s e p h B a r l i n g a n d J a n e K i s s b u t t h e survivors a n d s u r v i v o r of t h e m a n d t h e e x e c u t o r s or a d m i n i s t r a t o r s of such survivor a n d other t h e Trustees or T r u s t e e for t h e t i m e b e i n g of t h e said will. q 2.

2. I t shall ho lawful for t h e said Trustees from t i m e to t i m e b y deed t o demise t h e w h o l e or a n y p a r t of t h e l a n d s described i n t h e S c h e d u l e h e r e t o to a n y person or persons w h o shall c o v e n a n t t o i m p r o v e t h e s a m e b y e r e c t i n g or b u i l d i n g a n y h o u s e or h o u s e s b u i l d i n g or b u i l d i n g s on a n y p a r t of t h e l a n d t h e r e b y leased or b y o t h e r w i s e e x p e n d i n g i n i m p r o v e m e n t s s u c h m o n e y s as shall be d e e m e d b y t h e said T r u s t e e s a d e q u a t e to t h e i n t e r e s t t o b e p a r t e d w i t h b u t so t h a t every lease u n d e r t h i s power shall b e for a t e r m n o t exceeding t w e n t y one years to t a k e effect i n possession or w i t h i n one y e a r from t h e d a t e thereof a n d shall be a t s u c h r e n t as t h e said T r u s t e e s s h a l l h a v i n g r e g a r d t o t h e t e r m s a n d conditions of s u c h lease t h i n k r e a s o n a b l e a n d p r o p e r so h o w e v e r t h a t n o t h i n g be t a k e n b y w a y of fine p r e m i u m or foregift P r o v i d e d t h a t every i n d e n t u r e of lease m a d e u n d e r t h i s p o w e r shall c o n t a i n a c o v e n a n t b y t h e lessee t o p a y t h e r e n t t h e r e b y reserved a n d for i n s u r a n c e a g a i n s t fire of a n y b u i l d i n g erected or t o b e e r e c t e d on t h e l a n d t h e r e b y demised a n d also a condition for r e - e n t r y on n o n - p a y m e n t of r e n t w i t h i n a t i m e to b e t h e r e i n specified or n o n  p e r f o r m a n c e of t h e c o v e n a n t s t h e r e i n contained a n d so also t h a t a c o u n t e r p a r t of such lease b e e x e c u t e d b y t h e lessee. 3. I t shall be lawful for t h e said T r u s t e e s from t i m e to t i m e for t h e p u r p o s e of raising a n y s u m or s u m s of m o n e y w h i c h i n t h e i r opinion i t m a y b e desirable to borrow for t h e p u r p o s e of e r e c t i n g a n y b u i l d i n g s or r e p a i r i n g or r e b u i l d i n g a n y e x i s t i n g b u i l d i n g s u p o n or o t h e r w i s e i m p r o v i n g t h e w h o l e or a n y p a r t or p a r t s of t h e l a n d s a n d h e r e d i t a m e n t s m e n t i o n e d a n d described i n t h e said S c h e d u l e to e x e c u t e a n y m o r t g a g e or m o r t g a g e s i n fee or for a n y t e r m or t e r m s of years of t h e w h o l e or s u c h p a r t or p a r t s of t h e said lands a n d h e r e d i t a m e n t s w i t h p o w e r of sale a n d all o t h e r u s u a l powers provisions a n d c o v e n a n t s P r o v i d e d t h a t no person w h o shall a d v a n c e m o n e y u p o n t h e security of a n y m o r t g a g e p u r p o r t i n g to be m a d e u n d e r t h e p o w e r h e r e b y given shall be b o u n d to i n q u i r e as to t h e advisability or p r o p r i e t y of t h e r a i s i n g of s u c h m o n e y or as to t h e application of s u c h m o n e y w h e n raised a n d a d v a n c e d a n d t h e receipt of t h e said T r u s t e e s for t h e m o n e y s so a d v a n c e d s h a l l effectually discharge t h e person a d v a n c i n g t h e s a m e from a n y liability in respect of t h e m i s - a p p l i c a t i o n or n o n - a p p l i c a t i o n thereof. 4. T h e said T r u s t e e s shall s t a n d possessed of t h e said l a n d s described i n t h e said S c h e d u l e s u b j e c t to a n y leases g r a n t e d a n d to a n y o t h e r estates r i g h t s or i n t e r e s t s created u n d e r t h e a u t h o r i t y of t h i s A c t u p o n t h e T r u s t s a n d s u b j e c t to t h e provisions i n t h e said will expressed a n d d e c l a r e d c o n c e r n i n g t h e s a m e a n d shall s t a n d possessed of t h e n e t r e n t s a r i s i n g from a n d p a y a b l e u n d e r a n y lease or leases m a d e u n d e r t h e a u t h o r i t y of t h i s A c t u p o n s u c h t r u s t s a n d w i t h u n d e r a n d s u b j e c t t o s u c h p o w e r s provisions a n d d e c l a r a t i o n as a r e i n t h e said will expressed a n d c o n t a i n e d c o n c e r n i n g t h e a n n u a l r e n t s a n d profits of t h e said l a n d s P r o v i d e d t h a t it shall b e lawful for t h e said T r u s t e e s in t h e first place to p a y a n d r e t a i n o u t of t h e said r e n t s a n d profits of t h e said l a n d s or a n y p a r t thereof t h e costs a n d expenses of a n d i n c i d e n t a l to this A c t P r o v i d e d also t h a t if a n y m o r t g a g e is m a d e u n d e r t h e power hereinbefore contained t h e said T r u s t e e s shall a p p l y n o t less t h a n o n e - t h i r d of t h e gross r e n t s a n d profits of t h e said l a n d s a c c r u i n g u p o n t h e m a k i n g of s u c h m o r t g a g e i n a n d t o w a r d s t h e p a y m e n t or in a n d t o w a r d s p r o v i d i n g a s i n k i n g f u n d for t h e p a y m e n t of t h e p r i n c i p a l a n d i n t e r e s t d u e or o w i n g on t h e s e c u r i t y of a n y m o r t g a g e or m o r t  gages of s u c h l a n d s or a n y p a r t thereof e x e c u t e d u n d e r t h e p o w e r herein contained. 5. This A c t m a y b e cited as " Kiss's George-street P r o p e r t y A c t of 1 8 8 6 . "
SCHEDULE.

SCHEDULE. F i r s t l y . -- A l l t h a t p i e c e o r p a r c e l of l a n d "being p a r t a n d p a r c e l of l a n d c o n t a i n e d i n a g r a n t o f o n e r o o d a n d s i x p e r c h e s of l a n d i n t h e C i t y of S y d n e y p a r i s h of S a i n t L a u r e n c e c o u n t y of C u m b e r l a n d a n d C o l o n y of N e w S o u t h W a l e s m a d e t o R i c h a r d C a r t e r b y l e t t e r s p a t e n t d a t e d the e i g h t h d a y of M a r c h o n e t h o u s a n d e i g h t h u n d r e d a n d thirty-one B o u n d e d o n t h e s o u t h b y l a n d n o w o r h e r e t o f o r e of J o h n T e r r y H u g h e s b y a l i n o b e a r i n g e a s t fifteen d e g r e e s s o u t h o n e h u n d r e d a n d e i g h t y - s e v e n l i n k s o n t h e w e s t b y G e o r g e - s t r e e t t h i r t y - t h r e e l i n k s o n the n o r t h b y a d w e l l i n g - h o u s e n o w o r h e r e t o f o r e of R i c h a r d C a r t e r s i x t y - f i v e a n d a q u a r t e r l i n k s t h e n b e a r i n g s o u t h f r o m t h e c o r n e r o f t h e said dwelling-house f o u r t e e n links t h e n b y a line b e a r i n g e a s t w a r d s t w e n t y - f o u r l i n k s t h e n b y a c o n t i n u a t i o n of t h e s a i d l i n e b e a r i n g s o u t h e r l y e i g h t y - n i n e l i n k s o n the e a s t b y a b r i c k b u i l d i n g a n d f e n c e n o w o r h e r e t o f o r e of R i c h a r d S c a l e s t w e n t y - e i g h t l i n k s a n d b y o t h e r l a n d n o w o r h e r e t o f o r e of t h e s a i d J o h n T e r r y H u g h e s s i x t e e n l i n k s . S e c o n d l y . -- A l l t h a t p i e c e o r p a r c e l of g r o u n d s i t u a t e l y i n g a n d b e i n g o n t h e e a s t s i t e of G e o r g e - s t r e e t i n the t o w n of S y d n e y i n t h e c o u n t y of C u m b e r l a n d i n t h e C o l o n y of N e w S o u t h W a l e s B o u n d e d o n the w e s t b y G e o r g e - s t r e e t a f o r e s a i d i n a l i n e c o m  m e n c i n g f r o m the s t r e a m of w a t e r b e a r i n g s o u t h f o u r d e g r e e s w e s t o n e h u n d r e d a n d fifty l i n k s o n the s o u t h b y a l i n e d i v i d i n g i t f r o m p r e m i s e s b e l o n g i n g t o E c k s t e l b e a r i n g e a s t t e n d e g r e e s s o u t h t w o h u n d r e d and t h r e e l i n k s o n the e a s t b y a l i n e d i v i d i n g i t from other land partly belonging to Sharpo and partly to Brignoll bearing n o r t h fortys i x d e g r e e s e a s t one h u n d r e d a n d s i x t y - t w o l i n k s a n d o n the n o r t h s i d e p a r t l y b y a l i n e dividing it from l a n d b e l o n g i n g to B r i g n e l l b e a r i n g n o r t h s e v e n t y - t w o a n d a half degrees w e s t one h u n d r e d and thirty-three links t h e n c e by a line south one and a half degrees west seventeen links and thence by a lino dividing it from land belonging to Carter and bearing n o r t h seventy-four degrees west one h u n d r e d and eighty-seven links to the s t r e a m a t the c o m m e n c i n g c o r n e r i n G e o r g e - s t r e e t a f o r e s a i d w i t h i n w h i c h s a i d p a r c e l s o f l a n d a r e c o m p r i s e d a n d p r e m i s e s k n o w n a s t h e " S q u a r e a n d C o m p a s s H o t e l " the g a t e w a y a d j o i n i n g a n d t h o s e p r o m i s e s k n o w n a s n u m b e r s 71G 7 1 8 7 2 0 7 0 S 7 1 0 7 1 2 a n d 7 1 4 George-street Sydney.