Section 66C — Conveyancing Act 1919 (NSW)

(1) Where an instrument contains a power to invest money in the purchase of land, such land shall, unless the instrument otherwise provides, be held by the trustees on trust for sale, and the net rents and profits until sale, after keeping down costs of repairs properly payable out of income, insurance, and other outgoings, shall be paid or applied in like manner as the income of investments representing the purchase money would be payable or applicable if a sale had been made and the proceeds had been duly invested otherwise than in the purchase of land.
(2) This section applies only to instruments coming into operation after the commencement of the Conveyancing (Amendment) Act 1930.

Related sections

• s 66 — Provision by court for incumbrances and sale freed therefrom
• s 66A — Consents to the execution of a trust for sale
• s 66B — Purchaser not to be concerned with the trusts of the proceeds of sale which are to be paid to two or more trustees or to a trust corporation
• s 66D — Powers of management etc conferred on trustees for sale
• s 66E — Powers of court where trustees for sale refuse to exercise powers
• s 66F — Definitions

Research how courts apply s 66C

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