The Short Title of this Act is “The Invercargill Corporation Reserve Exchange Act, 1895.”

In this Act, if not inconsistent with the context,—

It shall be lawful for the Corporation to exchange the parcel of land described in the First Schedule hereto for the parcel of land described in the Second Schedule hereto, and to receive such sum for equality of exchange as may be agreed upon between the Council and the owners in fee-simple of the said last-mentioned parcel of land, and, in default of such agreement, as may be fixed by arbitration between the Council and such owners, and to execute such assurances and instruments as may be necessary or expedient for effectuating such exchange: Provided that it shall be a condition of such exchange that such owners shall pay to the Corporation all costs and expenses which shall have been incurred by the Corporation of and incidental to such exchange, including the cost of obtaining this Act.

The Corporation shall, on the completion of the said exchange, thenceforth hold the parcel of land described in the Second Schedule hereto in trust as an endowment for the improvement and benefit of the Town of Invercargill.

All money received by the Corporation for equality of exchange shall be expended by the Council in the purchase of other land in the Town of Invercargill, to be held by the Corporation as an endowment for the improvement and benefit of the Town of Invercargill.