All the Revenue and Receipts which have arisen from the sale, letting, disposal, and occupation of the Waste Lands of the Crown from the 1st day of July, 1856, to the 31st day of December, 1857, inclusive, shall be deemed and taken to have been Revenue belonging to the several Provinces of New Zealand in which the same shall respectively have arisen, and to have been subject to the appropriation of the respective Provincial Councils thereof accordingly.

All such Revenue and Receipts as shall have arisen from the said 31st day of December, 1857, until the coming into operation of this Act, shall be disposed of in the same manner as is herein provided in respect of such Revenue and Receipts as shall hereafter arise.

The Governor in the name and on behalf of Her Majesty, shall from time to time appoint a sufficient number of fit persons throughout the Colony to be Receivers of Land Revenue, and such Receivers in each Province shall be paid out of such Revenue arising therein respectively such salaries as may be a reasonable remuneration for their services.

All Revenue and Receipts arising from the sale, letting, disposal, and occupation of the Waste Lands of the Crown within the Colony shall be paid to such Receivers and to no other persons, and no Crown Grant of any Land shall be issued, unless and until a Receiver of Land Revenue shall have certified, in a form to be from time to time prescribed by the Governor for that purpose, to the effect that such Land has been disposed of in conformity with a Law (to be specified in such certificate) for the time being in force for the disposal of the Waste Lands of the Crown, and that all money then due in respect of such Land has been received by him in cash.

There shall be paid by the Receivers of Land Revenue to the Colonial Treasurer, out of the gross Revenue and Receipts arising as aforesaid within the several Provinces of Auckland, Wellington, and New Plymouth, one-sixth part of the said Revenue and Receipts to be expended as hereinafter provided.

The one sixth part of the gross land revenue so to be paid out of the land revenue of the several Provinces of Auckland, New Plymouth, and Wellington, shall be expended in the extinguishment of the Native title over lands situate in each of the said Provinces respectively, and for no other purpose whatever; and the said one-sixth shall be payable so long as there shall be lands in the said Provinces respectively, over which it shall be deemed desirable that the Native title should be extinguished: Provided always, that until any such money shall be required, it shall be lawful for the Governor to invest the same, or any part thereof, in such manner and upon such security as he shall think fit for the benefit of the Province in respect of which the same shall be received.

After and subject to the payments to be made under the provisions hereinbefore contained, all the Revenue arising from the disposal of the Waste Lands of the Crown in the several Provinces of the Colony, shall, in pursuance of warrants to be from time to time granted by the Governor, be paid over by the Receivers of Land Revenue to the respective Treasuries of such Provinces for the public uses thereof, subject to the appropriation of the respective Provincial Councils.

Provided always that nothing in this Act contained shall prejudice or interfere with the operation of an Act of the General Assembly intituled “The New Zealand Loan Act, 1856.”

The Short Title of this Act shall be “The Land Revenue Appropriation Act, 1858.”