The Sir Jamsetjee Jejeebhoy Baronetcy Act

Short title

Repeal of Act XX of 1860

The Commissioner for the Northern Division, the Accountant - General, and the Collector of  Bombay to be a Corporation for execution of the Trusts of this Act

Present Baronet to continue to bear, and all future Baronet to take, names of First Baronet

Government Promissory Notes of a certain nominal value vested in Trustees

Powers of investment

Prohibition against varying investments without consent of person entitled to income

Power to Baronet for the time being to purchase land to erect a Mansion House thereon

Power to trustees to sell securities to produce funds to pay for land, etc

Power to Baronet for the time being to sell Mazngon Castle

Power to Trustees to apply proceeds of sale Mazagon Castle, not exceeding Rs. 2,75,000 in  paying for land purchased and for erecting Mansion House th ere on, etc

Settlement of Mansion House, etc., in support of Baronetcy

Saving of rights of persons interested in reversion or remainder in Mazagon Castle on sale  thereo

Declaration of Trusts as to surplus proceeds of sale of Mazagon Castle over and above the sum of  Rs. 2,75,000

Power to Trustees to invest the  surplus annual interest and income of the Trust Fund and p remises during the minority of any Baronet etc

Provision in case of refusal or discontinuance of names of First Baronet

Baronet in possession may jointure

Limit of aggregate of jointure payable contemporaneously

Mansion House and hereditaments not to be subject to joiuture

Alienation prohibited during the Baronetcy

Power to augment the funds and securities subject to the Settlement, provided that total amount of  funds su bject to the Settlement shall not exceed fifty lakh

Provision as to insurances of Mazagon Castle, and other house or buildings purchased in lieu  thereof

Directions for keeping Mazagone Castle, and other houses or buildings purchased in lieu thereof,  in repair

Power to Trustees to sell land subject to Settlement

Directions as to how sale may be made

Direction as investment of proceeds of sale of lands

Declaration of Trusts as to investments of proceeds of sale of lands

Power to Baronet for the time being to enter into arrangement with Government as to land - revenue payable in respect of land purchased under section 

Indemnity of Trustees

General saving clause

All sections

The
Corporation shall not vary any investment of the funds, subject to the Settlement effected by this Act,
without the consent in writing of the person for the time being entitled to the income of the said Funds. 

LAWGIST

# 7 Prohibition against varying investments without consent of person entitled to income