The Short Title of this Act shall be “The New Zealand Cross Endowment Act 1869.”

It shall be lawful for the Governor from time to time as he shall think fit by Proclamation in the New Zealand Gazette to reserve for the purposes of this Act out of the lands taken under “The New Zealand Settlements Act 1863” as amended by “The New Zealand Settlements Act 1864” and “The New Zealand Settlements Amendment and Continuance Act 1865” and “The New Zealand Settlements Acts Amendment Act 1866” or out of lands which by “The East Coast Land Titles Investigation Act 1866” and “The East Coast Land Titles Investigation Act Amendment Act 1867” or “The East Coast Act 1868” it is provided shall be deemed to be Crown Lands such lands as he shall think fit not exceeding in the whole five thousand acres and either in one block or in several blocks.

All lands so reserved shall remain vested in the Crown and the specific purpose for which the said lands shall have been reserved shall not be changed except by Act of the General Assembly.

The management and administration of all such lands reserved for the purposes aforesaid 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 lands for any term not exceeding twenty-one years at such rent and subject to such terms and conditions as may seem meet.

All the net rents issues profits and proceeds of all such lands so reserved after payment thereout of all necessary expenses attendant on the management and administration thereof 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 Public Account and placed to the credit of the Special Fund to an Account to be called “The New Zealand Cross Account” and all sums standing to the credit of the said Account shall be payable to the grantees of the pensions hereinafter mentioned and subject thereto the said moneys shall be invested from time to time in the Stock Debentures Bonds Treasury Bills and Securities of the General Government of New Zealand and payments out of the said Account for the purpose of investment shall be made from time to time by the Treasurer on the warrant of the Governor.

All investments made under the authority of the last preceding section may be made in the names of such Trustees as the Governor in Council shall from time to time appoint and such investments may from time to time be changed for any other investment hereby authorized and whenever it becomes necessary the said stocks debentures bonds bills and securities or any part thereof may be sold or converted into money and the proceeds or any part thereof applied in payment of the pensions aforesaid.

The Governor in Council may from time to time change the Trustees in whose names such investments shall be made and appoint new Trustees in their stead and thereupon all such stocks debentures bonds bills and securities shall vest in the new Trustees so appointed as aforesaid upon the trusts herein declared.

The Governor in Council may from time to time by warrant under his hand grant pensions of such amount as he shall think fit to be paid out of the said rents issues profits proceeds interest and dividends to persons whose names are for the time being on the roll of recipients of the said Distinction under the Regulations for the time being in force Such pensions shall be held by the grantees thereof for life if their names are not sooner removed from the said roll for any of the causes for which under the Regulations for the time being in force the names of recipients of the said Distinction are liable to be removed from the said roll Such pensions shall not be assignable at law or in equity by any act or deed nor by operation of law nor shall they be liable to be taken in execution or charged with any debt liability or judgment of or against any grantee.

The said pensions shall be paid by the Colonial Treasurer out of the moneys for the time being standing to the credit of the New Zealand Cross Account and if need be out of the proceeds of the sale and conversion of any such securities as aforesaid and the receipt of any grantee of a pension or of his agent appointed in writing for any moneys appearing to be payable to him under any warrant granting a pension shall be a sufficient discharge to the Colonial Treasurer for such moneys.

The Governor in Council may from time to time by Order in Council make and in like manner alter amend and revoke any regulations for securing evidence that any grantee of a pension is living and that his name is on the said roll and generally for carrying this Act into effect.