• Preamble

  WHEREAS by a deed of foundation, dated the twenty-first day of May, one thousand eight hundred and fifty-five, the Church Property Trustees, incorporated under an ordinance of the Superintendent and Provincial Council of the Province of Canterbury, intituled The Church Property Trust Ordinance, Session II, No 3, founded a college by the name and style of Christ's College, Canterbury, and by the said deed declared that immediately upon the passing of an ordinance granting corporate powers to the Warden, Subwarden, and Fellows of Christ's College, certain lands set forth in the schedule to the said deed should be conveyed to the said corporate body, to be held by it upon trust for the endowment and maintenance of the said college, and that it should be lawful for the said corporate body to alienate so much of the said lands as might be necessary for the payment of a sum of eight hundred dollars, with which the same then stood charged, and also of such further sum, not exceeding one thousand dollars, as might be required for the erection of buildings at the said college; and further from time to time to alienate portions of the said lands, provided the proceeds of every such sale should be immediately reinvested in the purchase of lands of a like tenure, and to be held upon like trusts: And whereas by an ordinance of the Superintendent and Provincial Council of the Province of Canterbury, intituled Christ's College Ordinance, Session IV, No 4, certain persons therein described as the Warden, Subwarden, and Fellows, and their successors, were constituted a body politic and corporate under the name of Christ's College, Canterbury, able and capable in law to purchase, receive, and possess lands in the Colony of New Zealand and elsewhere: And whereas by a deed, dated the twenty-first day of March, one thousand eight hundred and fifty-seven, registered in the Deeds Registry for Canterbury as number one thousand five hundred and sixty-two, the Church Property Trustees conveyed to the said corporate body the lands described in the schedule annexed to the said deed of foundation, to be held upon the trusts by the said last-mentioned deed declared: And whereas the said corporate body has sold certain lands conveyed to it by the said last-mentioned deed, and has received the sum of seven thousand three hundred and ninety-seven dollars and ninety cents as the proceeds of such sales: And whereas such proceeds have not been reinvested in the purchase of lands as required by the said deed of foundation, but have been from time to time expended in necessary buildings and improvements for the said college: And whereas the said corporate body is desirous that the expenditure of the said sum of seven thousand three hundred and ninety-seven dollars and ninety cents should be validated, and that the said corporate body should not be required to account for the same, or to reinvest the said sum in land, as required by the said deed of foundation: And whereas the said corporate body has from time to time expended, upon buildings and other improvements for the use of the said college, other sums of money received by it from time to time from grants of the late Provincial Council of the then Province of Canterbury, and from voluntary gifts and subscriptions, and out of moneys received from endowments held by the said corporate body, and not comprised in or affected by the said deed of foundation or the said deed of conveyance: And whereas the said corporate body desires to expend further sums in buildings and improvements for the said college, and to raise such sums by sale or mortgage of portions of the said lands: And whereas the said corporate body is entitled to the possession of certain other lands specified in the Schedule to this Act, and which are now vested in Trustees appointed under the provisions of The Bishops in New Zealand Trusts Act 1871, and held by them upon trust for the endowment and maintenance of the said college, and for the establishing of exhibitions and scholarships at the said college; and also to the sum of fifteen thousand dollars now in the hands or under the control of the said Trustees, and held by them upon similar trusts: And whereas the said trusts have never been declared in and by the said deeds conveying the said lands to the said Trustees: And whereas it is expedient that the said lands should be conveyed, and that the said sum of fifteen thousand dollars should be paid to the said corporate body, and that the trusts and purposes upon which the said lands and the said sum of fifteen thousand dollars are held or intended to be held should be better defined and declared:

  The references to “eight hundred dollars”, “one thousand dollars”, “seven thousand and ninety-seven dollars and ninety cents”, and “fifteen thousand dollars” were substituted, as from 10 July 1967, for references to “four hundred pounds”, “five hundred pounds”, “three thousand six hundred and ninety-eight pounds nineteen shillings”, and “seven thousand five hundred pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

BE IT THEREFORE ENACTED by the General Assembly of New Zealand, in Parliament assembled, and by the authority of the same, as follows: