The Short Title of this Act shall be “The Wellington Education Reserves Act, 1875.”

It shall be lawful for the Governor in the name of Her Majesty, to grant to the Education Board of the Province of Wellington, the lands described in the Schedule hereto, and no payment whatever shall be required from the Board in respect of any such grant, except such fees as are payable in respect of grants from the Crown, and the registration of such grants.

The Board shall hold the said pieces of land upon the trusts and with the powers following:—

To use the same or any part thereof as a site for a school-house and a teacher’s residence or either of such purposes, established under any Education Act or Ordinance in force in the Province of Wellington.

To let the same or any part thereof for such term not exceeding twenty-one years, and upon such conditions as the Board shall deem fit.

To exchange the same or any part thereof for other land, when in the opinion of the Board any such exchange may be deemed advantageous: Provided that the land for which the same or any part thereof may he so exchanged be held by the Board upon the same trusts and with the same powers as are herein mentioned with regard to the lands in the Schedule hereto.

The Board shall apply all the rents and profits of the said lands, after paying the expenses of managing the same, and shall also apply any money received by the Board for equality of exchange, in or towards the maintenance or encouragement of schools established under any Education Acts in force in the said province, or of schools not so established which the Board may in pursuance of any such Acts think fit to assist, and may apply such part thereof as the Board shall think fit as prizes or scholarships for the encouragement of learning in any of the said schools.