The Short Title of this Act shall be “The Taranaki Waste Lands Act 1874 Amendment Act, 1875.”

The words “the said Act,” shall be deemed to mean “The Taranaki Waste Lands Act, 1874.”

Before the Board shall give notice of the sale of any land, as directed by section twenty-five of the said Act, the Board shall reserve allotments equal in area to one-twentieth of the land so to be offered for sale as an endowment for education, and such reserves when so made shall be deemed to be public reserves within the meaning of “The Public Reserves Act, 1854.”

It shall be lawful for the Board from time to time to set apart waste lands having any special value from the growth of timber, or from having an available water power thereon, and to dispose of such waste land by lease, with or without a pre-emptive right to purchase, to any person or company who will undertake to establish a saw-mill or other special industry, or apply the water power to any manufacturing purpose, upon such terms as the Board may think fit, subject however to the following conditions:—

The land so disposed of for any such purpose to any person or company shall not exceed five hundred acres in each case.

No lease shall he given for a period exceeding seven years, and the rent shall not be less than two shillings per acre: Provided that it shall be in the discretion of the Board to charge a royalty of not less than sixpence per hundred superficial feet of sawn timber in lieu of rent.

No land shall be sold or agreed to be sold under this section at a less price than twenty shillings per acre.

It shall be a condition in every lease or agreement to sell that if the saw-mill or other special industry or manufactory to be established is not so established within the period of one year, or such less period as the Board shall determine, the lease and the agreement to sell shall become void, and the land shall then revert to the Board, and shall then be subject to be dealt with as waste lands under the said Act.

Such lease or agreement shall be sold by public auction in the mode prescribed for the sale of other waste lands of the province.

No greater quantity than one thousand acres shall be set aside in any one year under this clause.

The word “thirteenth” in the thirteenth section of the said Act is hereby repealed, and the word “fourteenth” substituted in lieu thereof; the words “three hundred” in subsection three of section thirty-four are hereby repealed, and the words “three hundred and twenty” substituted in lieu thereof.

It shall be lawful for the Board to reserve any land of special value and offer the same for sale by public auction at a minimum price of not less than forty shillings per acre.

Section sixty-eight of “The Taranaki Waste Lands Act 1874” is hereby repealed.

This Act shall be read with and be deemed to be a portion of “The Taranaki Waste Lands Act, 1874.”