The Short Title of this Act shall be “The Taranaki Education Reserves Act 1871.”

It shall be lawful for the Governor in the name of Her Majesty and at the request of the Superintendent of the Province of Taranaki for the time being to grant to the Board of Education of the said Province one or more blocks of land being Crown lands or lands taken under the provisions of “The New Zealand Settlements Act 1863” and “The New Zealand Settlements Act Amendment and Continuance Act 1865” or either of them within the said Province and not sold or agreed to he sold and not reserved for public purposes and not exceeding in the whole ten thousand acres to hold to the said Board their successors and assigns for ever on trust for the purpose of this Act and no payment whatever shall he required of the Board in respect of any such grant except such fees and other such payment as shall for the time being be payable by law in respect of grants from the Crown and the registration thereof and the registration of the grantee.

It shall be lawful for the Governor in like manner to grant the lands described in the First Schedule to this Act to the said Board upon the same trusts without any payment whatever save of the like fees and payments as are in the next preceding section mentioned.

As to such of the parcels of land described in the Second Schedule of this Act being Waste Lands of the Crown reserved from sale as have not yet been granted by the Crown it shall be lawful for the Governor in like manner to grant the same to the said Board upon the same trusts without any payment whatever save of the like fees and payments as are mentioned in section two of this Act.

The Board shall hold the several pieces of land hereinbefore mentioned subject to any lease or agreement for a lease which shall be subsisting in respect thereof at the time of coming into operation of this Act or any other agreement which may have been entered into with respect to the land in the Schedules hereto upon the trusts following:—

To use any parts thereof as sites for schoolhouses and residences for teachers of schools established under any Education Act or Ordinance in force in the said Province.

To let the same or any part thereof for such term not exceeding twenty-one years and upon such conditions as the Board shall think fit.

The Board shall apply all the rents and profits of the said lands after paying the expenses of obtaining and managing the same in or towards the maintenance or encouragement of schools established under any Education Act or Ordinance in force in the said Province or of schools not so established which the Board may in pursuance of the said Act or Ordinance think fit to assist and may apply such part thereof as the Board shall think fit as prizes for the encouragement of learning in any of the said schools and such prizes may be given in money or in books or other suitable rewards.