(1) After the Board has set aside, out of the accumulations of income as shown by the books of the Porirua College Trust Board as at the commencement of this Act, such reserves as the Board may consider necessary to provide for the depreciation of its real and personal property, and for the stabilisation of its future income, the Board may apply the whole or any part of the remainder of those accumulations of income to augmenting the annual income available in any financial year or years for division under subsection (3).
(2) For the purposes of this section the net income of the Board for any financial year shall be deemed to be the income of the Board for that year after allowing for all expenses for that year and for the setting aside of such reasonable reserves as the Board may consider necessary, and shall be deemed to include any amount by which the income for that year is augmented under subsection (1).
(3) The Board shall appropriate two-thirds of its net income for each financial year to a fund to be called the Church of England Schools Scholarship Fund, which fund shall be available only for the purposes specified in paragraphs (a) and (b) of subsection (4). The remaining one-third of the net income of the Board for each financial year shall be available for all the purposes specified in the said subsection (4).
(4) Subject to the foregoing provisions of this section, the Board may from time to time apply its net income towards all or any of the following purposes:
(a) the provision of scholarships for the post-primary education of children of British subjects of all races, and for children of other persons being inhabitants of islands in the Pacific Ocean, but so that preference is given to boys and girls of the Ngatiraukawa, Ngatiawa, and Ngatitoa Tribes:
(b) the provision of books, clothing, and other equipment for the holders of such scholarships; and the making of grants for any such purpose and generally for the purpose of assisting the parents or guardians of any holders of such scholarships to provide for their education:
(c) the provision of books, clothing, and other equipment for any other such children; and the making of grants for any such purpose and generally for the purpose of assisting the parents or guardians of any such children to provide for their education:
(d) the provision, furnishing, maintenance, and management of residential accommodation for any such children in relation to their education:
(5) The Minister shall not consent to the making of any grant under paragraph (e) of subsection (4) unless the Raukawa Marae Trustees have first consented thereto. The fact that the Minister grants any consent as aforesaid shall be conclusive evidence that the provisions of this subsection have been duly complied with.
(6) With the consent of the Minister, the Board may from time to time apply any moneys belonging to it in or towards the establishment, furnishing, maintenance, and management of a school or schools at or near Otaki for such children as aforesaid, including provision for residential accommodation, so that in the admission of pupils preference is given as provided in paragraph (a) of subsection (4).
Section 12(4)(a): amended, on 1 November 1946, by section 6(a) of the Otaki and Porirua Trusts Amendment Act 1946 (1946 No 4 (P)).
Section 12(4)(a): amended, on 1 November 1946, by section 6(b) of the Otaki and Porirua Trusts Amendment Act 1946 (1946 No 4 (P)).
Section 12(5): amended, on 1 November 1946, by section 6(c) of the Otaki and Porirua Trusts Amendment Act 1946 (1946 No 4 (P)).
Section 12(5): amended, on 1 November 1946, by section 6(d) of the Otaki and Porirua Trusts Amendment Act 1946 (1946 No 4 (P)).