Victorian Current Acts

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    (1)     This section applies despite anything to the contrary in any Crown grant or instrument of trust.

    (2)     The trustees of library land may lease it or a part of it to any person, if the land to be leased is not immediately required for library purposes.

    (3)     A lease under this section—

        (a)     if it is a building lease that provides for the erection of buildings for library purposes and associated purposes, must be for a term of not more than 50 years; and

        (b)     in any other case, must be for a term of not more than 31 years; and

        (c)     may be on any other terms that the trustees think fit.

    (4)     The trustees must not apply rent received under a lease under this section for any purpose except—

        (a)     repaying money borrowed under this Part or a corresponding previous enactment and paying interest in respect of any money so borrowed; or

        (b)     a library purpose or an associated purpose being a purpose authorised by the document creating the trust or any relevant document of title.

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