WHEREAS by section twenty-four of the Otago Presbyterian Church Board of Property Act, 1906 (hereinafter referred to as the principal Act), the moneys therein referred to as the Educational Fund were to be applied by the Otago Presbyterian Church Board of Property in the erection or endowment of a literary chair or chairs in any college or university erected or to be erected or in existence in the Provincial District of Otago, or for either or both of those purposes: And whereas for many years in pursuance thereof moneys from the Educational Fund were applied in paying or contributing towards the payment of the salaries payable to the holders of certain chairs at the University of Otago: And whereas the moneys from time to time coming into the Educational Fund being more than what were required for the objects or purposes set forth in the said section twenty-four, power was obtained by an amending Act of nineteen hundred and thirty to pay or apply all moneys over two thousand five hundred pounds in any one year coming into the Educational Fund in or towards certain other specified objects or purposes as in the amending Act provided: And whereas the provisions of the amending Act of nineteen hundred and thirty were varied and extended by a further amending Act of nineteen hundred and thirty-nine, but the provisions of this later amending Act referred or applied to moneys over two thousand five hundred pounds in any one year coming into the Educational Fund, and to no other part of that Fund: And whereas down to the year nineteen hundred and forty-six the moneys up to two thousand five hundred pounds in each year coming into the Educational Fund were applied in or towards the objects or purposes as in the said section twenty-four, but in the year nineteen hundred and forty-six, for certain reasons, the University of Otago intimated that it would no longer accept the moneys paid as in the said section twenty-four: And whereas, consequent upon such happening, the objects or purposes to or for which the Educational Fund may be applied have become most restricted and the moneys from time to time coming into that fund other than those able to be dealt with in accordance with the provisions of the amending Acts of nineteen hundred and thirty and nineteen hundred and thirty-nine have accumulated: And whereas it is desirable to alter the objects or purposes to or for which that part of the moneys coming into the Educational Fund up to two thousand five hundred pounds in each year as such objects or purposes are expressed in section twenty-four so that those moneys and the moneys which have already accumulated may be expended on objects or purposes in part similar to the objects or purposes set forth in section twenty-four, but taking account of the changed circumstances which now exist: