GRAY'S CHARITY ACT

ARRANGEMENT OF SECTIONS

   1   Short title of Charity and Act

   2   Appointment and removal of trustees

   3   Property of Charity to vest in trustees

   4   Investment of moneys of the Charity

   5   Power of trustees to apply funds

   6   Rules for management of Charity

 

GRAY'S CHARITY ACT

[Date of Commencement: 15th August, 1872]

Cap 141.

1   Short title of Charity and Act

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   The endowment in the preamble mentioned shall be called Gray's Charity, and this Act may be cited as Gray's Charity Act.

2   Appointment and removal of trustees

   After the passing of this Act it shall be lawful for the Governor-General to appoint a trustee or trustees of Gray's Charity, and to remove any such trustee and appoint or not appoint another in his stead:

   Provided, that there be always one trustee so appointed.

3   Property of Charity to vest in trustees

   On any appointment of a trustee as aforesaid, all the land, money and other property belonging to Gray's Charity shall vest in such trustee, or if there be more than one trustee in him jointly with such other trustee or trustees.

4   Investment of moneys of the Charity

   It shall be lawful for the trustees, with the approval of the Governor-General, from time to time invest the money belonging to Gray's Charity, or any portion thereof, in such securities as to them shall seem fit; and it shall be lawful for the Governor-General to allow from the Consolidated Fund interest at the rate of five per cent per annum on any of the said money that may with his approval be left or deposited in the Treasury:

   Provided, that if at any time hereafter Jamaica shall borrow money at a rate of interest less than five per cent the interest on any money so left or deposited shall be allowed only at such lesser rate.

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