The Short Title of this Act shall be “The Wellington College Act, 1872.”

The Governors of the Wellington College shall consist of the Superintendent for the time being of the Province of Wellington, the Speaker for the time being of the Provincial Council of the Province of Wellington, the Mayor of the City of Wellington for the time being, and five other persons, two to be appointed by the Governor and three to be appointed by the said Superintendent, with the advice of his Executive Council if there is for the time being under the laws of the said Province an Executive Council of the Province, and if there be none, then without such advice; and every person so appointed shall, subject to the provisions hereinafter contained, continue in office for the term of ten years from his appointment.

If any of the said Governors so appointed by the said Superintendent or by the Governor shall die, or by writing under his hand addressed to the Superintendent for the time being of the said Province resign his office, or hold or be directly or indirectly interested in any office of profit or contract with the Governors of the Wellington College, or cease by lapse of time to be a Governor, or cease for six calendar months to reside in the Province of Wellington, or become bankrupt, or make any arrangement or composition with his creditors under the provisions of any law for the time being in force relating to bankruptcy or insolvency, or be convicted of any treason felony or indictable misdemeanour, he shall immediately cease to be a Governor, and the Governor or the said Superintendent, whichever appointed the Governor whose office has become vacant, shall, in the manner hereinbefore mentioned, appoint some fit person to be a Governor in his place, but the number of Governors for the time being in office shall never exceed eight: Provided that if any such Governor shall be resident out of the Province of Wellington with the permission in writing of the said Superintendent, then any period for which such permission is expressed to be granted shall not be included in the computation of the said period of six calendar months, and fresh permissions may be granted from time to time.

The said Governors for the time being shall be a body corporate by the name of “The Governors of the Wellington College,” and shall have a common seal, with power to break alter and renew the same. The said body corporate is hereinafter referred to as “the said Governors.”

The said Governors shall meet for the first time at such time and place as the said Superintendent shall appoint, and shall forthwith proceed to elect a Chairman, who shall preside at all meetings of the Governors at which he is present held during the year next after his election, and when so presiding shall have a deliberative and casting vote, and until other provision shall be made by the said Governors he shall have the custody of the common seal.

The said Governors shall make, and may from time to time vary add to suspend revoke and make afresh, regulations for the conduct of business at their meetings, for determining how meetings shall be convened and what number shall be a quorum thereat, for the custody of their common seal, for the appointment of committees, and for other like purposes.

The said Governors shall keep exact minutes of all their proceedings in fit books. Extracts from such books shall be primâ facie evidence of the matters therein stated, and of the meetings to which the same relate having been duly and regularly convened and held.

The said Governors shall keep full and accurate accounts of all their receipts disbursements assets liabilities and engagements, and shall in the month of January in every year submit the same, with all necessary vouchers, to be audited by the Provincial Auditor of the Province of Wellington.

All things by this Act required to be done by the said Governors shall be done in pursuance of or in accordance with a resolution passed at a meeting of the said Governors; and no act of the Governors shall be invalid or liable to be questioned on the ground that any one or more of the said Governors was or were incapacitated or had ceased to hold the office of Governor.

Immediately upon the appointment of the first Governors of the Wellington College under this Act, all the estate right title and interest of James Coutts Crawford, Joe Dransfield, Alfred de Bathe Brandon, William Lyon, and Edward Pearce in the lands and hereditaments described in the Schedule hereto, shall become vested without any conveyance in the said Governors and their successors.

All real and personal estate which shall under the provisions of this Act become vested in the said Governors, and all real and personal estate which shall be purchased by or granted devised bequeathed or given to the said Governors for the benefit of the Wellington College without any declaration of trusts of a different nature, shall be held by the said Governors upon trust for the purposes of this Act.

The said Governors may expend out of such moneys as shall come to their hands under this Act or otherwise for the benefit of the Wellington College any sum not exceeding seven thousand pounds in erecting suitable buildings and premises for use as a college.

The said Governors shall have power, with respect to all lands which may be vested in them upon trust for the purposes of this Act to manage and deal with the same as they may deem fit, and from time to time to let the same or any part thereof for any term not exceeding forty-two years from the date of the lease thereof, at such rent and on such terms and conditions as they shall think fit, but so that no fine premium or foregift be taken: Provided that nothing herein contained shall be construed to authorize the letting or leasing of any part of the land vested or to be vested in the said Governors which now is or shall have been part of the Town Belt of the City of Wellington.

With respect to any moneys not being part of the rents profits and annual income of the trust property herein mentioned, the said Governors shall invest the same from time to time in the purchase of land in New Zealand, or in any stocks funds bonds bills or debentures of the Government of the Colony of New Zealand, or of the Province of Wellington, or of any Municipal Corporation established or to be established within such Province.

The rents profits and annual income of the said trust property shall be applied by the said Governors for the maintenance of the Wellington College, and the payment of salaries and expenses connected therewith, and for prizes exhibitions scholarships and other rewards for the students therein: Provided that the said Governors shall have power, if they think fit, to set apart out of the said rents profits and annual income such part as they shall think fit, either as an addition to the capital fund which shall then be invested and dealt with as part of such capital, or as a reserve fund to meet extraordinary expenses, which shall be invested and dealt with in such manner as the said Governors shall direct.

The whole control and management of the Wellington College shall be vested in the said Governors, who shall have power to appoint, and from time to time to remove, all masters lecturers examiners and other officers and servants for the management of the said College.

The said Governors shall with all convenient speed make regulations for defining the course of education in the said College, the examinations to be held, the discipline to be used, the conditions under which students shall be admitted therein, the fees to be paid, and for all other purposes for which regulations shall be needed, and they may from time to time vary add to revoke and make afresh all or any such regulations.