Whereas the Institute for the Care of Backward Children Incorporated (in this section referred to as the Institute) raised funds (in this section referred to as the funds) partly by means of subscriptions from members but principally by means of grants from art unions and charitable trusts and by donations from the public for the purpose of erecting in Auckland a hostel for backward children; but the funds are insufficient to enable the Institute to carry out that purpose:
And whereas the Institute desires that the funds should be applied as soon as practicable in or towards some purpose in connection with any home, school, or institution for intellectually handicapped children established by the Department of Health in or near the City of Auckland, and that the funds shall be held in trust in the meantime:
And whereas the Institute has no power under its rules to dispose of the funds in that manner.
Be it therefore enacted as follows:
(3) Notwithstanding anything in any Act or rule of law, until the funds are disbursed by the Public Trustee in the manner hereinafter provided all interest arising therefrom shall be accumulated and added to the capital thereof.
(4) Upon the establishment by the Department of Health of a home, school, or institution for intellectually handicapped children in or near the City of Auckland, the Public Trustee shall, as soon as may be thereafter, apply the funds and the accumulations of income in or towards the provision, as part of that home, school, or institution, or as an adjunct thereof, or otherwise in connection therewith, of a building, structure, or other work or amenity that will contribute towards the physical, mental, or recreational welfare of the children for the time being in or attending the home, school, or institution or will otherwise be for their benefit, and in a manner that as far as may be practicable will enable the building, structure, work, or amenity to possess such distinctive features or characteristics as will identify it with and commemorate the source from which the funds came.