It shall be lawful for the Superintendent to lease the said lands now included in the Crown Grants mentioned in the Schedule hereto to the persons, their executors, administrators or assigns respectively who at the time such reserves were made were the holders of the depasturing licences under the said Waste Lands Regulations upon the same terms and conditions as the same were held under the provisions of the said Waste Lands Regulations and also hereafter further to lease the same upon such terms as may by law be fixed as the terms upon which depasturing licences shall be held from the year 1880.

The Superintendent shall in all such leases respectively reserve the rights if any of all mortgagees or other persons who may for the time being be beneficially interested by transfer or otherwise in the right to depasture stock on such lands under the provisions of the said Waste Lands Regulations aforesaid.

When and as soon its the leases of the said lands shall have been duly signed and executed it shall be lawful for the Superintendent to convey and assure the said lands included in Reserves numbered respectively 1357 and l577 unto the Canterbury College incorporated under and by virtue of the Canterbury College Ordinance 1873 subject to the leases thereof so to be granted as aforesaid to be held by the said College upon trust for the several purposes respectively referred to in the Crown Grants of the said Reserves 1357 and 1577:

This Ordinance shall be intituled and may be cited as the Educational Reserves Leasing Ordinance (No 2) 1875