It shall be lawful for the Superintendent of the Province of Otago from time to time to offer for lease by public auction to the highest bidder at an annual rental, for any term not exceeding 99 years the land mentioned and described in the Schedule to this Ordinance annexed being part of the land comprised in the said recited Grant in such allotments as he shall think fit and to execute all necessary deeds for demising and leasing the land so let as aforesaid to the purchaser thereof, his executors, administrators, and assigns for the term for which the same shall be so let.