Whereas on 25 May 1936 and 7 February 1938 certain goldfield revenues derived from lands in the Hauraki Mining District, amounting in the aggregate to 1,154 pounds 17 shillings and 10 pence or thereabouts, were, pursuant to section 544 of the principal Act, paid to the Waikato-Maniapoto District Maori Land Board:
And whereas, in respect of certain of the said revenues, the persons entitled thereto cannot be ascertained:
And whereas other persons known to be entitled, being members of Ngatimaru, Ngatiwhanaunga, Ngatitamatera, and associated Maori tribes (hereinafter in this section collectively referred to as the said tribes), have, personally or by their representatives, generally expressed a desire that their shares of the said revenues should not be distributed to them, but should be devoted to general tribal purposes:
And whereas it is desirable to make the following provisions in respect of the said revenues:
Be it therefore enacted as follows:
(1) The said sum of 1,154 pounds 17 shillings and 10 pence is hereby declared to be a common fund which shall be separately accounted for in the books of the said Board and be held and administered in accordance with the provisions of this section.
(2) With the consent of the persons entitled thereto or upon the order of the court, there may be paid into the fund any moneys which may hereafter become payable to Maoris under the provisions of the Mining Act 1926, or any other moneys that may be payable to Maoris, and upon payment of any such moneys into the fund the said Board shall be discharged from liability to the individual persons entitled to receive such moneys.
(3) For the purpose of administering the fund the court may, by order, appoint a committee consisting of not less than 6 nor more than 10 persons, who shall be members of 1 or more of the said tribes. The court may from time to time, and for any reason it thinks sufficient, remove members of the committee and appoint new members of the committee, and may make rules regulating the proceedings of the committee.
(4) Subject to the approval of the court, the committee may expend the moneys in the fund for any purpose having for its object the advancement of the interests and general welfare, or for the general benefit of 1 or more of the said tribes or of any particular section or sections of the said tribes. It shall be within the power of the court to determine what may be a proper object for which payment may be made out of the fund.