The Short Title of this Act shall be “The University Endowment Act 1868.”

The reservation of the parcels of land respectively mentioned and described in the Schedule hereto shall be and be deemed to be valid to all intents and purposes and such parcels of land are hereby declared to be reserves for the purposes hereinafter mentioned.

It shall be lawful for the Governor in Council at any time and from time to time after communication with the Superintendent of any Province to except from sale and to reserve any of the waste lands of the Crown for the purposes hereinafter mentioned and all such exceptions and reservations of land situate within any Province shall be deemed to have been made whenever the Governor by writing under his hand shall have notified to the Superintendent of the Province in which any land so excepted and reserved is situate that the same is required for the purposes of this Act and such notification shall have been published in the New Zealand Gazette and all such exceptions and reservations of land not within any Province shall be deemed to have been made on the date of the Order in Council excepting and reserving the same Provided that the maximum quantity shall not exceed in any Province ten thousand acres.

It shall be lawful for the Superintendent of every Province on the recommendation of the Provincial Council of such Province to except from sale and to reserve any of the waste lands of the Crown in such Province for the purposes hereinafter mentioned And every such exception and reservation shall be deemed to have been made whenever it shall be notified by the Superintendent in the Government Gazette of the Province in which the land so excepted is situated that the same is excepted from sale and reserved for the purposes of this Act.

All reserves of waste lands of the Crown within any part of New Zealand heretofore or hereafter to be made as sites for schools school-houses or buildings for other educational purposes or for the endowment of colleges schools or other educational institutions shall be deemed to have been and be reserved for purposes of public utility within the meaning of any Act regulating the management of waste lands of the Crown but such reserves shall not be deemed to have been reserved under this Act or to be subject to the sixth and subsequent sections of this Act unless expressly reserved for a Colonial University Provided that nothing herein contained shall be deemed to authorize the making of reserves of waste lands of the Crown for the benefit of educational institutions in exclusive connection with any particular religious denomination.

The several parcels of land described in the Schedule hereto and all lands excepted and reserved from sale under the provisions of this Act hereinbefore contained shall be reserves for the endowment of such university institution or body corporate or collegiate as shall by any Act of the General Assembly of New Zealand be declared to be the Colonial University for the endowment whereof the lands described in the Schedule and other lands reserved under the provisions of this Act shall be deemed to have been made.

All lands hitherto reserved or which under the provisions of this Act may be reserved for the endowment of a Colonial University shall remain vested in the Crown until the application of the same shall be determined by an Act of the General Assembly as aforesaid and it shall not be lawful for the Governor or for the Superintendent and Provincial Council of any Province or either of them to change the specific purpose for which such lands or any of them are or may be reserved as aforesaid and no such lands shall be alienated except as herein mentioned nor for any term exceeding fourteen years Provided always that nothing in this section contained shall be taken to apply to any other lands reserved in any Province under due authority of law for any local educational purposes whatsoever.

The management and administration of all such lands reserved for the purposes aforesaid or which may be reserved under the provisions of this Act shall be vested in the Governor and shall be carried on and conducted by the Governor with the advice of the Executive Council of the Colony And it shall be lawful for the Governor from time to time to grant leases of any such reserves for any term not exceeding fourteen years at such rent and subject to such terms and conditions as may seem meet.

All the net rents issues profits and proceeds arising from such lands and remaining after payment thereout of all necessary expenses attendant on the management and administration of such lands and all dividends and interest on such rents issues profits and proceeds shall be paid from time to time as the same shall arise into the branch of the Public Account called “The Special Fund” to the credit of an account to be called “The Colonial University Account” and all sums standing to the credit of the said last-mentioned account may be paid from time to time on the warrant of the Governor to the Trustees of the Colonial University Fund to be appointed as hereinafter mentioned.

It shall be lawful for the Governor with the advice and consent of the Executive Council to appoint three fit and proper persons to be Trustees of the Colonial University Fund and all moneys choses in action stocks funds shares and securities belonging to the Colonial University Fund aforesaid shall upon such appointment vest without any assignment or other assurance thereof in the said Trustees jointly And it shall be lawful for the Governor with such advice and consent as aforesaid from time to time to remove any such Trustee and upon any such removal or upon the death resignation or absence from the Colony of any Trustee to appoint any other fit and proper person or persons to be a Trustee or Trustees of the Colonial University Fund and so often as any new Trustee or Trustees shall be so appointed as aforesaid all the trust property including all moneys choses in action stocks funds shares and securities belonging to the Colonial University Fund which for the time being shall be vested in the surviving or continuing Trustee or Trustees or in the executors or administrators of such Trustee or Trustees shall immediately thereupon become divested and shall vest without any assignment or other assurance thereof in the continuing or other Trustees or Trustee and such new Trustees or Trustee their executors and administrators or if there be no continuing or other Trustees or Trustee then in the new Trustees their executors administrators and assigns And all the provisions of any law now or hereafter to be in force relating to the appointment of Trustees their powers duties liabilities and obligations shall be deemed and taken to apply to all Trustees appointed under this Act and to the trust created hereby in the same manner as if such Trustees had been or were appointed and such trust had been created by any deed or will.

The Trustees to be appointed under the authority of this Act shall from time to time invest any moneys belonging to or standing to the credit of the Colonial University Fund in such manner as the Governor by and with the advice and consent of the Executive Council shall from time to time direct.