The Short Title of this Act is the Otago University Reserves Act 1904.

(1) From and after the passing of this Act all endowment reserves vested in or under the control of the Council of the University of Otago (other than reserves situate in the City of Dunedin) shall be subject to the provisions of the Land Act 1892, and may be disposed of by way of lease under that Act by the Land Board of the district wherein they are situate.

(2) The provisions of Part 7 of the Land Act 1892, relating to licenses for cutting, felling, or removing timber, and the cutting or removing flax, shall extend and apply to all such reserves.

(3) Nothing herein shall affect any existing lease or the rights of any person thereunder: Provided that the rent reserved by any such lease shall (as from the day fixed by the lease for the payment of rent occurring next after the passing of this Act) be payable to the Receiver of Land Revenue, whose receipt shall be a sufficient discharge to the tenant for the same.

Where under any existing lease any sum is payable by the Council to an outgoing tenant as valuation for improvements such sum shall, without further appropriation than this Act, be paid by the Colonial Treasurer out of the ordinary land revenues, and the amount so paid shall be repaid by the incoming tenant or tenants in the manner provided by The Land Act 1892: