There is hereby established for the purposes of this Act a Board, to be called the Taranaki Scholarships Trust Board.

The Board shall consist of—

The Board shall be a body corporate with perpetual succession and a common seal, and shall be capable of holding real and personal property, and of suing and being sued, and of doing and suffering all that bodies corporate may do and suffer.

The Board shall be deemed to be a local authority for the purposes of the National Provident Fund Act 1950 (as continued in certain respects by the National Provident Fund Restructuring Act 1990), and section 6 of the Finance Act (No 2) 1941.

Except as provided in section 5, every appointed or elected member of the Board shall hold office for a term of 3 years, but may from time to time be reappointed or re-elected.

The first appointments and elections of members of the Board shall in every case be made or held not later than 31 December 1957.

The following provisions shall apply in respect of the appointment of members under paragraph (e) of subsection (2) of section 3 by the governing bodies of post-primary schools:

Elections under paragraph (a) of subsection (2) of section 3 shall be held at such times and in such manner as may from time to time be prescribed by the Minister of Education.

The first appointments and election of members of the Board shall in each case be notified in writing to the Vice-Chancellor of the University of New Zealand by the body making the appointment or the person conducting the election.

If any person, while an appointed or elected member of the Board,—

his office shall be thereby vacated, and the vacancy thereby created shall be deemed to be a casual vacancy.

Every such casual vacancy shall be filled by the appointment or election of a new member in the manner in which the appointment or election to the vacant office was originally made. Every person so appointed or elected shall be appointed or elected for the residue of the term for which his predecessor was appointed or elected.

If on 1 March in any year the number of full-time post-primary pupils on the roll of any school in respect of which a member of the Board has been appointed or elected under paragraph (e) of subsection (2) of section 3 is less than 500, that member shall vacate his office on 31 December next following or upon the earlier expiry of his term of office, and shall not be replaced until the governing body of the school again acquires a right to appoint a member in respect of the school in accordance with paragraph (a) of subsection (2) of section 4.

Unless he sooner vacates his office as provided in the foregoing provisions of this section, every member of the Board shall continue in office until his successor comes into office, notwithstanding anything to the contrary in this Act.

The powers of the Board shall not be affected by any vacancy in the membership thereof.

The Board shall from time to time elect one of its members to be Chairman of the Board.

The Chairman of the Board shall preside at all meetings of the Board at which he is present. If at any meeting of the Board the Chairman for the time being is not present or there is no Chairman, the Board shall appoint some member present to act as Chairman in respect of that meeting.

At any meeting of the Board the Chairman of that meeting shall have a deliberative vote; and, in the case of an equality of votes, he shall also have a casting vote.

The first meeting of the Board shall be held at a time and place of which notice shall be given by the Vice-Chancellor of the University of New Zealand to the members, and meetings shall be held thereafter at such times and places as the Board or the Chairman shall decide.

At every meeting of the Board 5 members shall form a quorum.

Every matter before the Board shall be determined by a majority of votes of the members present at a meeting of the Board.

Except as expressly provided in this Act, the Board may regulate its procedure in such manner as it thinks fit.

The Board may from time to time appoint Committees consisting of 2 or more persons, being members of the Board or other persons; and may refer to any such Committee any matters for consideration or inquiry or management or regulation; and may delegate to any such Committee any of the Board’s powers and duties, except—

The Board may at any time and from time to time discharge or reconstitute or continue any committee; and may remove from office any member of a Committee and (if it thinks fit) appoint another member in his place.

The reserve described in the Schedule, which reserve is vested in the Crown, shall on and after 1 January 1958, be held by the Crown in trust as an endowment for the purposes of this Act:

The said reserve shall be administered and dealt with by the Commissioner of Crown Lands appointed under section 12A of the Survey Act 1986, and with respect to any of the land in the reserve that Commissioner may either—

Nothing in this section shall deprive any lessee of any right of renewal now vested in him.

The revenue derived from the said reserve shall (after deducting such sum as may for the time being be approved by the Minister of Finance for the administration of the reserve and without further appropriation than this section) be paid to the Taranaki Scholarships Trust Board.

On 1 January 1958, the Public Trustee shall pay to the Board all money then held by him pursuant to section 22 of the New Zealand University Amendment Act 1914.

All such money, and all other property for the time being owned by the Board, shall be held and administered by it for the purposes of this Act:

The Board shall apply such part as it thinks fit of its income (including income accumulated by it after the commencement of this Part but not including income received by the Board as trustee under subsection (2) of section 16 and not including income to which section 16A applies) in payment of all proper expenditure of the Board, and subject thereto for the following purposes:

For the purposes of this Act, 3,500 pounds of the money paid to the Board by the Public Trustee pursuant to section 10 shall be deemed to be income, and the balance of that money shall be deemed to be capital.

For the purposes of bringing higher education within the reach of deserving scholars within the Provincial District of Taranaki, there shall be awarded, in accordance with this section, scholarships to be called Taranaki Scholarships.

The Board may award 1 or more Taranaki Scholarships annually, as its income permits.

No candidate shall be awarded a Taranaki Scholarship unless he has—

No candidate shall be awarded a Taranaki Scholarship unless, for a continuous period of at least 2 years, he either was enrolled at a school situated within the Provincial District of Taranaki, or was resident in that District and enrolled at a distance school established by the Minister of Education, and—

Notwithstanding subsection (4)(b), where the Board is satisfied that special reasons exist for doing so, it may award a Taranaki Scholarship to a candidate who is qualified under subsection (3)(b) and who for any continuous period of at least 2 years either was enrolled at a secondary school situated in the Provincial District of Taranaki or was resident in that District and enrolled at a distance school established by the Minister of Education.

A Taranaki Scholarship is tenable—

A Taranaki Scholarship (other than a scholarship without emoluments) shall not be tenable with a University Junior Scholarship awarded by the Universities Entrance Board.

Subject to subsection (7), the value and conditions of tenure of Taranaki Scholarships shall be specified by bylaws from time to time made by the Board.

The Universities Entrance Board shall, as soon as practicable in each year, transmit to the Taranaki Scholarships Trust Board the results of the Entrance Scholarships Examination and the Universities Bursaries Examination.

Holders of Taranaki Scholarships granted before the commencement of this Part and current thereafter shall continue to be entitled to all the benefits of the scholarships during the currency thereof, except that those scholarships shall be held by them on the same terms and conditions as to the amount thereof and as to any allowances relating thereto as shall for the time being apply to Taranaki Scholarships awarded under this Act:

In the year 1958, and in each year thereafter during the currency of the scholarships, the Board shall pay to, or for the benefit of, the holders of Taranaki Scholarships to whom this section applies such amounts as may from time to time be payable in respect thereof pursuant to subsection (1).

For the purpose of assisting post-graduate studies of graduates of any University in New Zealand who have resided in the Provincial District of Taranaki there are hereby established scholarships to be called Taranaki Post-graduate Scholarships; and with respect thereto the following provisions shall apply:

In exercising its powers, duties, and functions under this Act, the Board shall have the following powers:

The Board may be appointed as trustee of any real or personal property for any educational purpose.

The Board may charge a due proportion of its proper expenditure against real and personal property to which subsection (2) or section 16A applies.

Where under paragraph (g) of subsection (1) of section 16 the Board has accepted any devise, bequest, gift, or donation that has been given to the Board absolutely or for its general purposes, unless otherwise directed by the donor or by the instrument providing for the gift, the Board shall have power to apply both the income and capital so given for the purpose of bringing University education within the reach of deserving scholars within the Provincial District of Taranaki.

Without limiting the generality of subsection (1), it is hereby declared that the Board shall have power to apply income and capital to which that subsection applies for all or any of the following purposes:

In exercising its powers, duties, and functions under this Act, the Board shall have power to borrow money either with or without giving security over any assets vested in it and either by way of overdraft or otherwise:

The Board, and any Committee appointed under section 8, are hereby declared to be statutory Boards within the meaning of the Fees and Travelling Allowances Act 1951.

The Board may pay to its Chairman remuneration by way of fees, salary, or allowances in accordance with the Fees and Travelling Allowances Act 1951, and the provisions of that Act shall apply accordingly.

The Board may pay to its Chairman, and to members of the Board or of any Committee thereof appointed under section 8, travelling allowances and expenses in accordance with the Fees and Travelling Allowances Act 1951, and the provisions of that Act shall apply accordingly.

The Board may from time to time make bylaws, not inconsistent with this Act, for all or any of the following purposes:

All money belonging to the Board amounting to 5 pounds and upwards shall, within 7 days after it has come into the hands of any member or servant or agent of the Board, be paid into the account of the Board at such bank as the Board from time to time appoints.

No money shall be withdrawn from any such account, except by authority of the Board and by cheque signed by such person or persons as the Board from time to time, subject to any requirements of the Auditor-General, may authorise.

The Board must ensure that there are kept at all times accounting records that—

The Board must establish and maintain a satisfactory system of control of those accounting records.

The accounting records must be kept—

The Board must ensure that, within 5 months after the end of the financial year, financial statements that comply with generally accepted accounting practice are—

The financial year of the Board ends on the date that the Board may from time to time determine.

The Board must ensure that the financial statements of the Board are audited.

The Board is a public entity as defined in section 4 of the Public Audit Act 2001 and, in accordance with that Act, the Auditor-General is its auditor.

The Board must, within 1 month after the receipt of the audit report on the financial statements, provide to the Minister of Education a report of its proceedings and operations for its preceding financial year, a copy of its financial statements for that year, and a copy of the audit report.