(1) In addition to the powers and authorities conferred on it by the principal Act, the governing body is hereby empowered, in its discretion, to amalgamate all funds, investments, and lands which now are or may at any time hereafter be vested in the College in trust for or for the benefit of the College, and whether held for the general purposes of the College or for the foundation or maintenance of any scholarships, professorships, exhibitions, bursaries, or prizes, or otherwise for the benefit of or in connection with the College, save and except the funds, investments, and lands specified in the following four subparagraphs, namely:—
(b) Any funds, investments, or lands which may hereafter be given, devised, or bequeathed to the College by any donor or testator upon terms which expressly forbid the inclusion in such Amalgamated Fund of such funds, investments, or lands:
(c) Any funds, investments, or lands which may hereafter be given, devised, or bequeathed by any donor or testator which the governing body do not wish to include in the Amalgamated Fund in accordance with the powers contained in subsection eleven hereof:
(d) All dividends, interest, and income uncollected at date of amalgamation, including interest capitalized or otherwise in arrear, and including income accrued to date of amalgamation.
(2) The funds, investments, and lands which are hereinbefore authorized to be amalgamated shall be amalgamated in one investment fund, to be called in the books of the College the Christ's College Investments and Lands Amalgamated Account.
(a) Upon amalgamation the capital share of each trust in the Amalgamated Fund shall be ascertained as follows—that is to say, the capital of each trust which is to be amalgamated shall be adjusted in the books of the College by altering the value at which land and its improvements stands in such books to an amount equal to the last Government valuation prior to the thirty-first day of January, nineteen hundred and forty-five, and by altering the value at which Government and local-body stocks stand in such books to market value as at the thirty-first day of January, nineteen hundred and forty-five, as determined by the governing body, and the capital share of each trust in the said Amalgamated Fund shall be the amount of such adjusted capital account.
(d) The Amalgamated Fund capital shall be the total of the capital accounts of the amalgamated trusts adjusted as above, and on any expenditure of the capital or addition to the capital of any one trust pursuant to any power of the governing body in that behalf the capital account of the Amalgamated Fund and the amount on which the share of the trust in question is based shall both be reduced or increased (as the case may be) by the amount of such expenditure or addition.
(4) All income derived from the said Amalgamated Fund and the investments included therein shall be brought into one income account under the name of the Christ's College Investments and Lands Amalgamated Account Income Account.
(5) In each year there shall be credited out of the Amalgamated Fund Income Account to each trust represented in the Amalgamated Fund in proportion to such trust's share of capital in such fund interest at such uniform rate as may from time to time be determined by the governing body:
Provided that in no case shall the rate determined be lower than one-half per centum below the average net rate of interest from the whole of the investments comprised in the Amalgamated Fund taken together after allowing for expenses of management.
(6) The governing body shall also after amalgamation of the said funds, investments, and lands establish and maintain a reserve fund for the purposes hereinafter mentioned.
(7) The governing body shall at the end of each year after amalgamation pay or transfer from the Amalgamated Fund Income Account into such reserve fund all moneys which shall not have been paid or credited to the several trusts under subsection five hereof.
(8) The reserve fund shall be kept separate from all other trust funds and shall be invested by the governing body in New Zealand Government securities and in such local-body debentures or other securities as are trustee investments.
(9) The annual income derived from the reserve fund shall be applied at the discretion of the governing body in any one or more of the ways following, that is to say:—
(10) The capital of the reserve fund or any part thereof may at the discretion of the governing body be applied in one or more of the ways following, that is to say:—
(11) Nothing in this Act shall prevent any donor or testator from expressly providing in his gift or trust that the funds, investments, or lands given or devised or bequeathed by him shall not be included in the Amalgamated Fund or shall compel the governing body to include in the Amalgamated Fund any funds, investments, or lands given, devised, or bequeathed to the College by any donor or testator which the governing body does not wish to include therein:
Provided always that, unless expressly forbidden by any donor or testator as aforesaid, the governing body may include in the Amalgamated Fund all capital moneys received from the payment or other realization of the funds, investments, or lands which the governing body may have declined to include in the Amalgamated Fund as aforesaid.