8. The Governors shall manage the property of the Foundation not occupied for the purposes thereof according to the general law applicable to the management of property by Trustees of charitable foundations.
Repairs and Insurance.
9. The Governors shall keep in repair and insure against fire all the buildings of the Foundation not required to be kept in repair and insured by the lessees or tenants thereof.
Allotments Extension Act, 1882.
10. The Governors may set apart and let in allotments under the Allotments Extension Act, 1882, any portions of the land belonging to the Foundation other than buildings and appurtenances of buildings.
Letting of Property.
11. The Governors shall give public notice of the intention to let any property in such manner as they shall consider most effectual for insuring full publicity. The Governors shall not create any tenancy in reversion, or for more than 21 years certain, or for less than the improved annual value at rackrent, without the sanction of the Board of Education or a competent Court.
Leases.
12. The Governors shall provide that on the grant by them of any lease the lessee shall execute a counterpart; and every lease shall contain a covenant on the part of the lessee for the payment of rent, and all other usual and proper covenants applicable to the property comprised therein, and a proviso for re-entry on non-payment of the rent, or non-performance of the covenants.
Timber and Minerals.—Surplus Cash.