The Short Title of this Act is “The Masterton and Greytown Lands Management Act 1871 Amendment Act, 1881.”

The said Trustees may, upon having a conveyance executed to them of a fee-simple estate in possession, free from encumbrances, of and in the lands mentioned in the Second Schedule hereto (which the said Board is hereby authorized and empowered to execute), convey to the said Board the lands mentioned in the First Schedule hereto, in fee-simple in possession, free from encumbrances, and may also pay to the said Board the sum of four hundred pounds, to be raised as hereinafter appears.

The said Trustees may borrow and raise from any person whomsoever the said sum of four hundred pounds, bearing interest at a rate not exceeding ten pounds per centum per annum, and upon the terms that the said principal money shall be repaid within five years from the date of borrowing.

The said Trustees may convey and assure to the person lending the said sum of four hundred pounds the land mentioned in the Second Schedule hereto by way of mortgage for securing the repayment of the said sum of four hundred pounds and interest, as hereinbefore provided, which said mortgage shall contain a power of sale and any other provisions usually contained or implied in mortgages of freehold land in the colony.

The principal and interest payable under the said mortgage shall be, and it is hereby made, a first charge upon all rents and profits received by the said Trustees in respect of any lands vested in them as such Trustees.