WHEREAS by section 3 of the Thomas George Macarthy Trust Act 1936, the Board of Governors of the Thomas George Macarthy Trust may from time to time by resolution direct and appoint that such part of the annual rents, income, and profits, arising from the capital of the estate of Thomas George Macarthy, deceased, as the Board thinks fit shall be set aside and held by the Public Trustee as a special Buildings Replacement Fund in connection with the estate: And whereas by section 4 of that Act, the Public Trustee may from time to time apply the whole or any part of the special Buildings Replacement Fund to the replacement of any building or buildings owned by the estate which, in the opinion of the Public Trustee, should be so replaced, or in effecting such improvements to buildings owned by the estate as cannot properly be charged to income: And whereas by subparagraph (g) of paragraph 10 of the will of Thomas George Macarthy, deceased, the Public Trustee is empowered to purchase any lands required for the purpose of the trusts of the said will: And whereas to permit the adequate and economic future replacement or redevelopment of any building or buildings owned by the estate it may be necessary or desirable for the Public Trustee to purchase on behalf of the estate other land (with or without buildings thereon): And whereas it is considered that where other land as aforesaid is so purchased money from time to time standing in the special Buildings Replacement Fund should be available to help meet the purchase price so as to reduce the need to sell other assets of the estate or to raise money by way of mortgage for that purpose: