TRUSTEES OF NEW CAME COMMONS AUTHORIZED TO INVEST PROCEEDS OF SALE OF REAL ESTATE
AN ACT CONCERNING THE INVESTMENT OF THE PROCEEDS OF SALES OF REAL ESTATE BY THE TRUSTEES OF THE NEW CASTLE COMMON.
WHEREAS by warrant from William Penn and by subsequent charter and deeds from his heirs certain real estate adjacent to the City of New Castle was vested in the Trustees of the New Castle Common for the benefit of the inhabitants of said City;
AND WHEREAS the Trustees of the New Castle Common having charge of said real estate were also incorporated by Act of the General Assembly of the State of Delaware, passed January 25, 1792;
AND WHEREAS in said charters there existed in the said corporation, the Trustees of the New Castle Common, no corporate power to sell the said real estate;
AND WHEREAS by Act of the General Assembly of the State of Delaware, passed April 15, 1885 (Vol. 17, Laws of Delaware, Chapter 575) the legislature granted to the said corporation, the Trustees of the New Castle Common, the corporate power to sell the said real estate, and also by the said Act the legislature acting as "parens patriae" authorized the sale of said real estate and provided that the proceeds of sale, if made, should be invested in "good real estate security";
AND WHEREAS, by reason of changes in economic conditions since the passage of said Act, it may now and hereafter be impossible or inadvisable to invest all of said proceeds in good real estate security at the time of any such sale;
THEREFORE, BE IT ENACTED BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE STATE OF DELAWARE IN GENERAL ASSEMBLY MET, and acting as "Parens Patriae":
Section 1. That in addition to the real estate security in which proceeds of sale may be invested as provided by Section 2 of Chapter 575 of Volume 17, Laws of Delaware, it shall and may be lawful for the Trustees of the New Castle Common to invest any purchase money arising from the sale of real estate in such other securities or investments as may be legal investments for other trust funds under the Laws of the State of Delaware. The said real estate security or other securities or investments shall be held upon the same uses and trusts as the said real estate has been held, and for no other, and the income arising from the said securities or investments shall be applied by the Trustees of the New Castle Common as the rents and profits of the real estate have heretofore been applied, for the benefit of the inhabitants of the City of New Castle, in the discretion of the said Trustees.
Approved January 27, 1943.