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Proceeds of Alienations.
| 112. | During every year the net proceeds of sales of land of the corporation shall be applied by the Public Trustee—
| (1.) | In defraying the current expenses and outgoings to the extent to which the incomings from rents, issues, and profits (other than sales of land) may prove insufficient during the year; |
| (2.) |
In applying such portion thereof as he may think fit in reduction of mortgages or increase of sinking funds:
And the residue he shall treat as capital, and invest at interest for the benefit of the corporation, in such securities as he thinks fit.
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| 113. | The rents, issues, and profits of the corporation (other than proceeds of sales of land, but including interest from investments) he shall treat as income. |
| 114. | The income for each year shall be applied by the Public Trustee—
| (1.) | In defraying all expenses and outgoings for the year; |
| (2.) |
In replacing the proceeds of sales of land expended during the year under subclause (1) of clause 112 of these regulations:
And the residue (hereinbefore termed the net proceeds of alienations) he shall distribute amongst the proprietors in page 20.gif) sums proportionate to their shares, as shown by the register.
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| 115. | The distribution shall be made at such intervals and in such manner as the Public Trustee and the Committee may think fit. |
Alex. Willis,
Clerk of the Executive Council.
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