The Short Title of this Act is “The High Schools Reserves Act Amendment Act, 1906”; and it shall form part of and be read together with “The High Schools Reserves Act, 1880” (hereinafter referred to as “the principal Act”).

The Trustees of any high school may from time to time, with the sanction of the Governor, borrow money on the security of the rents and profits of the lands vested in them, or of any part thereof.

No money shall be borrowed as aforesaid at a higher rate of interest than five per centum per annum.

The lender of any money borrowed under this section shall not be concerned to see that the sanction of the Governor as aforesaid had been obtained.

This section is in substitution for section twelve of the principal Act, which section is hereby accordingly repealed.

Section fourteen of the principal Act is hereby amended by repealing the words “one-eighth part,” and substituting in lieu thereof the words “one-fifth part.”