The Short Title of this Act is “The Naval and Military Settlers’ and Volunteers’ Land Act, 1892.” It shall be deemed to be incorporated with the said Act.

The paragraphs following are hereby added to subsection two of section two of “The Naval and Military Settlers’ and Volunteers’ Land Act, 1889,” and shall be construed and take effect as if they had been originally enacted in the said subsection:—

Section eight of the last-mentioned Act is hereby repealed, and the following substituted:

Every Commissioner, after inquiry into any claim brought before him, shall transmit the papers in such claim, together with his recommendation thereon, to the Minister of Lands,

If, after examination, the said Minister shall dissent from the Commissioner’s recommendation upon any such claim, he may remit the papers in the claim for further consideration by the Commissioner; and if he shall approve any recommendation, and it be in favour of the claimant, the Minister shall report accordingly to the Governor, stating in such report that the claimant has proved his claim, according to the category in section two in respect whereof be claims, to a certificate entitling him, according to his rank on retirement or discharge from service, as the case may be, to the remission of money in the purchase of land in any part of the colony.

All such reports of the Minister shall be submitted by the Governor to Parliament at the session next after the receipt thereof.

Notwithstanding the expiration of the time limited for sending in claims to land under “The Naval and Military Settlers’ and Volunteers’ Land Act, 1889,” and “The Naval and Military Settlers’ and Volunteers’ Land Act, 1891,” any claims may be heard which are sent in on or before the thirty-first day of March, one thousand eight hundred and ninety-three; and the two Acts last aforesaid shall not be deemed to have lapsed in respect of any claim in con sequence of such expiration as aforesaid, but all the provisions thereof respectively shall continue in force and shall take effect and be read subject to the provisions of this section; and every claim under either of the aforesaid two Acts sent in to any Commissioner prior to the passing of this Act, and rejected by him according to law, shall be reopened by him, and be heard and determined by him by virtue of the authority of this Act.

All certificates of remission-money issued under the foregoing sections of this Act shall be deemed to be issued under this Act, and shall be subject to the provisions of sections six, seven, and nine thereof; but every such certificate shall be barred unless exercised on or before the thirty-first day of March, in the year one thousand eight hundred and ninety-five.

The two Acts herein last above mentioned shall henceforth be read and take effect subject to the insertions, alterations, and amendments thereof required by this Act.

The Governor may grant to the several persons mentioned in the Schedule to this Act, and to such persons as may, under the fore going sections of this Act, be reported to the Governor as having sub stantiated their claim thereto, certificates for the remission of money in the purchase of land in manner provided by section two of the said Act, and subject to all the provisions thereof, saving that every certificate which is issued under the authority of this section shall be barred unless exercised on or before the thirty-first day of March, in the year one thousand eight hundred and ninety-five.

All certificates for the remission of money, issued under this Act, shall be subject to the provisions following:

Every remission certificate shall be available for the purchase of land in any part of the colony, or for payment of any instalment due to the Crown in respect of any land.

The original grantee of any remission certificate shall be entitled to exercise such certificate to its full extent in the selection of land, notwithstanding any limitation as to area mentioned in any Land Act for the time being in force; but, if entitled to select less than two hundred acres under the original certificate, may exercise a transferred certificate up to that limit.

The transferee of any one or more such certificates shall not exercise such certificate or certificates in the selection of land in excess of two hundred acres inclusive of any land he may have selected as original grantee of a certificate, and subject in every case to all limitations of area mentioned in any such Land Act as aforesaid.

As soon as all the claims aforesaid within any land district are satisfied, if there remain any allotments of land set apart for the purposes of this Act which are not required for such purposes, the Governor may declare the same to be open for disposal under the Land Act in such manner as he may think fit.

Section eight of the said Act is hereby repealed.

When any block of land is declared open for settlement under the Land Act, the Governor may set apart as many allotments therein as there may be original applications from holders of remission certificates issued under the said Act or this Act desirous of settling together in such block to form a special settlement therein.

The original grantee of any unexercised remission certificate issued under the said Act or this Act may, upon application to the Commissioner of Crown Lands in any land district, and on surrender of such certificate, receive debentures to be issued under this Act for the amount of the remission money stated in the said certificate in lieu thereof; and

Any person named in the Schedule to this Act who has not received a remission certificate under this Act, upon application to the Commissioner of Crown Lands of the land district in respect whereof the remission certificate to which such person is entitled is authorised to be issued, may receive debentures to be issued under this Act in substitution of any such certificate to which he is entitled as aforesaid to an amount of the remission money to which he would be entitled under such certificate.

The Colonial Treasurer may, when so authorised by an Order in Council in that behalf, create and issue debentures from time to time, but for such amount only as may be necessary to effect the exchanges and substitutions authorised under the last preceding section.

Debentures shall—

Be in such form as shall be prescribed by the Colonial Treasurer, shall be signed by the Colonial Treasurer and by the Controller and Auditor-General, and be for not less than fifteen pounds nor more than one hundred pounds;

Be payable to bearer at such place or places within the colony as shall be named in the debenture, and shall bear interest at a rate not exceeding four pounds and ten shillings per centum per annum, payable half-yearly, and shall have a currency not exceeding seven years;

Be numbered consecutively throughout the whole series of debentures issued under this Act;

On presentation of a debenture at the prescribed times when any interest thereon is due, such interest shall be payable at any post-office money-order office within the colony, or at such other place or places within the colony, as the Colonial Treasurer may prescribe.

The sum of money named in any debenture issued under the authority of this Act, and all interest thereon, shall be a charge upon and paid out of the Consolidated Fund.

When any debentures issued under this Act become due, the Colonial Treasurer, if he think fit, and on being so authorised by an Order in Council in that behalf, may renew such debentures, or any of them, by the creation and issue of new debentures for the like amount, which shall have a currency not exceeding seven years from the date of their issue.

The Governor in Council may from time to time declare all or any of the debentures issued under this Act to be convertible into stock created or issued under “The New Zealand Consolidated Stock Act, 1877,” and “The Consolidated Stock Act, 1884.”