This Act may be cited as the Waimakariri River Improvement Amendment Act, 1930, and shall be read together with and deemed part of the Waimakariri River Improvement Act, 1922 (hereinafter referred to as the principal Act).

The Waimakariri River Trust is hereby declared to be a River Board within the meaning of the River Boards Act, 1908, with the special powers and subject to the limitations conferred and imposed by the principal Act.

Notwithstanding anything to the contrary in the principal Act or any other Act, the Trust, with the precedent consent of the Governor-General in Council, may from time to time sell by public auction or tender any of the lands vested in it as reserves or as endowments, or for river-conservation purposes, or any part of any such lands, at such upset prices and subject to such terms and conditions as the Minister of Lands may approve.

The whole of the net proceeds of every such sale shall be paid into a special Account and shall be applied by the Trust, with the consent of the Minister of Lands, for the purchase of other land suitable for the purpose of the Trust, or shall be temporarily invested on deposit with any bank pending the acquisition of other land.

The Trust, with the precedent consent of the Governor-General, may exchange any lands vested in it as reserves or as endowments, or for river-conservation purposes, for the fee-simple of any other land which is more suitable for the purposes of the Trust, and on any such exchange may pay or receive by way of equality of exchange any sum not exceeding twenty-five per centum of the value of the land so exchanged. Any moneys received by way of equality of exchange shall be applied in the same manner as the net proceeds from the sale of any land under this Act are required to be applied.

The Trust may do all things necessary to effect any sale or exchange of land authorized by this Act, but no transfer or assurance by the Trust of any such land shall be registered, nor shall any certificate of title in respect of such land be issued, unless such transfer or assurance is accompanied by a copy of the consent of the Governor-General in Council to such sale or exchange.

All land sold or given by way of exchange by the Trust pursuant to the powers conferred by this Act shall on such sale or exchange being duly effected be no longer subject to any reservation or trust theretofore affecting it.

Any lands acquired by the Trust out of the proceeds of the sale of any reserves or endowments, or lands vested in it for river-conservation purposes, or by way of exchange or out of moneys received by the Trust by way of equality of exchange shall be held by the Trust as reserves for the same purposes and upon the same trusts (if any) as the lands sold or exchanged, or, as the case may require, shall be held as endowments or for river-conservation purposes.