Purchase, acquire, sell, or otherwise dispose of or deal with any lands or any interest therein which are to be or have been vested in the Trustees for the purposes and on behalf of that Congregation, and any such transaction may be either by public auction or private contract, and either together or in parcels, and at one time or at different times:

Exchange any of the lands so vested in the Trustees or any part thereof, for any other lands of a like tenure in or near the place where the same are situated, and may receive any money by way of equality of exchange, and out of any money in their hands applicable for such a purpose may give any money by way of equality of exchange.

In investments authorised for the investment of trust funds by the provisions of Part II of the Trustee Act 1956 or any amendment thereof:

On first mortgage of the interest of the lessee under any lease in perpetuity, or lease with the right of perpetual renewal, or any other lease for an unexpired term (including any right of renewal thereof) in excess of 21 years, of any land, including in each case land of which the Trustees are the lessors, where all conditions of improvement required under the lease have been complied with, and the lease is not liable to forfeiture in respect of default in complying with the aforesaid conditions, and the lessee is entitled under his lease to compensation or adequate protection in respect of all improvements on the land which are made by him or in which he has an interest:

In the purchase or subscription of fully paid ordinary or preferred shares, stocks, bonds, or debentures, or notes, whether registered or unregistered, and whether conveying the right of conversion to shares or not, or of any other securities of any company or other incorporated body, which are at the time of the acquisition listed on the official list of the Stock Exchange in New Zealand, or in the Commonwealth of Australia or any State thereof, or in the United Kingdom, or in respect of which application for such listing has been made, and, without restricting the meaning of the term “fully paid” it is hereby declared that for the purposes of this paragraph shares, stocks, bonds, debentures, notes, or other securities as aforesaid, shall be deemed to be fully paid if the calls on them are payable by instalments on such terms that all calls shall be paid within a period of two years from the date of initial allotment:

“Provided that nothing contained or implied in this paragraph shall authorise the investment of any part of the said Beneficiary Fund in the shares or other securities of any company the principal business or source of income of which is the business of brewers, distillers, licensed hotel proprietors, or wine and spirit merchants:

In the purchase or acquisition of any freehold or leasehold interest in land, including any buildings or other improvements on any such land, or in the execution of any works connected with the subdivision, development, improvement, or maintenance of any such property held by the Trustees for the said Beneficiary Fund, including (without in any way limiting the generality of the foregoing) the construction, alteration, repair, renovation, demolition, or reconstruction of, or addition to any buildings or other improvements erected or intended to be erected thereon:

On advance to any congregation, on such terms as the Trustees shall think fit, of moneys to be expended in the subdivision of any land vested in the Trustees for the purposes and on behalf of such congregation:

“Provided that the amount of any advance shall not exceed two thirds of the estimated value of the land following completion of the subdivision, and also that any such advance shall be treated in all respects as a registered mortgage over the land:

On deposit with any of the bodies referred to in paragraphs (c), (d), (e), and (i) of subsection (1) of section 4 of the Trustee Act 1956, or any amendment thereof, or on deposit with any dealer in the short term money market who has been approved by the Reserve Bank of New Zealand, or on deposit with such further or other bodies corporate as the General Assembly of the Presbyterian Church of New Zealand may from time to time by resolution authorise:

“Provided that, in respect of investments or advances proposed to be made under the provisions of paragraphs (c), (d), and (e) of this section the Trustees shall first obtain written advice of a person or persons who are reasonably believed by the Trustees to be qualified to advise on the investment or advance.