This Act may be cited as the Masterton Trust Lands Amendment Act, 1930, and shall be read together with and deemed part of the Masterton Trust Lands Act, 1889 (hereinafter referred to as the principal Act).

The Trustees are hereby empowered, and shall be deemed at all times heretofore to have had power, whether out of the net revenues derived from the leasing of town acres numbered forty-two, one hundred and six, and one hundred and eleven or out of the revenues derived from other lands vested in them, to make to students resident in the district or who have at some time been resident in the district (whether such students are holders of scholarships or not) such grants as in their discretion the Trustees think fit for the purpose of assisting such students in their post-primary education; and also out of the same revenues to found and endow scholarships tenable at any public educational institution within the district irrespective of the ordinary place of residence of the holders of such scholarships, or tenable elsewhere (whether at an educational institution or not) by students who are or have at some time been resident within the district.