This Act may be cited as the Auckland University College Reserves Amendment Act, 1928, and shall be read together with and deemed part of the Auckland University College Reserves Act, 1885.

The lands referred to in the Schedule to this Act as being closed roads are hereby vested in the Auckland University College Council to be held by it in trust for the purposes of the Auckland University College.

Notwithstanding anything to the contrary in the Auckland University College Reserves Act, 1885, or in any other Act, the Auckland University College Council may—

Provided that no such land shall be so sold or dedicated as a road without the consent of the lessee or lessees thereof for the time being.

The sale pursuant to the last preceding section of any of the said lands shall not confer on the purchaser thereof any rights to any minerals within the meaning of the Land Act, 1924; and all such minerals shall remain the property of the College Council, which shall have reserved to it and to all persons authorized by it in that behalf a right at all times of ingress, egress, and regress in respect of all such lands for the purpose of extracting such minerals.

The College Council may for such consideration on such terms and subject to such conditions as the Minister of Mines may approve grant to any person the right to extract such minerals from such lands.

All moneys received by the College Council in respect of the sale of any land pursuant to the powers conferred by this Act shall, after deducting therefrom any necessary costs or charges incurred in connection with such sale, be expended in the purchase of other lands or invested in such manner as trust funds may be lawfully invested under the Trustee Act, 1908, and all lands so purchased and all such investments shall be held in trust by the Council for the purposes of the Auckland University College.