An Act for settling Bonds of the Municipal Corporation of the City of Bombay producing an annual income of one lakh and twenty five thousand rupees and a Mansion-house and hereditaments called Petit Hall in the Island of Bombay, the property of Sir Dinshaw Manockjee Petit, Baronet, so as to accompany and support the title and dignity of a Baronet lately conferred by Her Present Majesty Queen Victoria on him for and during the term of his natural life, and from and immediately after his decease to hold to his second son, Framjee Dinshaw Petit, Esquire, and the heirs male of his body lawfully begotten, and in default of such issue with remainder to the heirs male of the body of the said Sir Dinshaw Manockjee Petit, and for other purposes connected therewith.
The Corporation shall keep the said Mansion-house called “Petit Hall,” and all the out-buildings and offices
thereof, and also all other messuages or buildings which may from time to time be added thereto or
substituted therefor, or which may here after become subject to any of the trusts of this Act, adequately
insured in the name of the said Corporation of the persons for the time being constituting the same against
loss or damage by, fire, and may apply any portion of the income of the funds for the time being subject to
the trusts of this Act to that purpose, and in case the hereditaments and premises so insured or any part
thereof shall be destroyed or damaged by fire, the moneys received in respect of such insurance shall either
be out under the direction of the said Corporation in re-building or reinstating the hereditaments and
premises so destroyed or damaged by fire, or, upon the application of the person for the time being entitled
to and in the enjoyment of the said dignity of Baronet and with the consent of the Governor of Bombay in
Council, to be notified by a resolution of the Government of Bombay, may be laid out in the purchase of
other hereditaments in the Presidency of Bombay suitable for The support of the dignity of the said title, in
which last mentioned case the hereditaments so purchased shall immediately from and after the completion
of the purchase thereof be and become subject to the uses and trusts of this Act or such of them as shall
then be subsisting and capable of taking effect in the same manner and to the same effect as if such lastmentioned, hereditaments had expressly been named or described in the fifth section of this Act. Until such
insurance moneys shall have been so laid out, the Corporation may invest the same or any part thereof in
any of the Government securities specified in section 16.
