The Short Title of this Act shall be “The Presbyterian Church of Otago Lands Act 1866 Amendment Act, 1874.”

It shall be lawful for the Trustees for the time being, acting under “The Presbyterian Church of Otago Lands Act, 1866,” (hereinafter referred to as “the said Act,”) to sell and convey to Her Majesty the Queen, her successors and assigns, all that parcel of land mentioned and described in the First Schedule hereto, and for that purpose to execute all proper conveyances; and thereupon all the trusts and provisions in the said Act declared in reference to such land purporting to be conveyed shall cease and determine.

It shall be lawful for the said Trustees, notwithstanding anything to the contrary in the said Act, to convey and assure, by way of sale gift or otherwise, ten acres (more or less) of the piece of land mentioned and described in the Second Schedule hereto unto the Superintendent of the Province of Otago, for the purpose of a school and schoolmaster’s house, and also six acres of the said piece of land unto the said Superintendent for the purposes of a public cemetery, and unto the members for the time being of the Deacons’ Court of the East Taieri Presbyterian Congregation, in the Province of Otago, seven acres (more or less) of the said piece of land for the purpose of a church manse and glebe there in connection with the Presbyterian Church of Otago, upon and subject to such powers and provisions as may be declared by the said Trustees in the conveyance thereof, and for the purposes aforesaid the said Trustees may execute all necessary conveyances and other assurances.

It shall be lawful for the said Trustees from time to time to invest all or any of the moneys which may be derived from the sale of lands under the provisions of the said Act or this Act, or which may be received as compensation for lands given or taken for railways or road lines, in the purchase of lands, or in any bonds debentures or other securities issued by the Government of the colony or of any province therein, or any Municipal Corporation or other body, under any Act of the General Assembly, or by the Government of any province under any Act of the Legislature of such province, or in or upon mortgage of real securities in the said colony and being freehold; and the said Trustees respectively may from time to time vary or transpose the said investments or any of them into or for others of the same or a like nature, and the income arising from such investments shall be applied or disposed of in the manner provided by the said Act for the rents issues profits and other sums mentioned or referred to in section five thereof; and the receipts reconveyance or discharge of any two of the Trustees acting for the time being under the said Act shall be deemed and taken to be as valid at law and in equity to all intents and purposes as if the same had been made and executed by all the Trustees acting for the time being under the said Act, or by the two Trustees in whose names the moneys had been invested and the security taken respectively.

After the figures “24” occurring in paragraph numbered 47, Schedule “A” of the said Act, there shall be read the words “Irregular Block;” and in lieu of the words and figures “2 of 37, 2 of 36, Block II., on the record map of the said district,” occurring in paragraph numbered 85, Schedule B aforesaid, there shall henceforth be read the words and figures “2 of 27 and 2 of 36, Block II., on the record map of the said district.”