Rules And Regulations
Native Land Court.
Division II., Part II., Of "The Native Land Court Act, 1894."
Extract from New Zealand Gazette, 4th April, 1895.
By Authority: Samuel Costall, Government Printer.
Rules and Regulations under Division II., Part II., of
"The Native Land Court Act, 1894."
Order In Council.
At the Government Buildings, at Wellington, this first day of April, 1895.
Present: The Honourable the Premier presiding in Council.
Whereas it is expedient to make rules and regulations for the purpose of giving full effect to the provisions of Division II., Part II., of "The Native Land Court Act, 1894," relating to Native land administration:
Now, therefore, His Excellency the Governor of the Colony of New Zealand, acting with the advice and consent of the Executive Council of the said colony, and in exercise of the powers conferred upon him by sections one hundred and twenty-six, one hundred and twenty-nine, and one hundred and thirty of the said Act, and of all other powers in and by the said Act him hereto enabling, doth hereby make the rules and regulations set forth in the Schedule hereto.
1. In these Rules and Regulations, if not inconsistent with the context,—
"Alienation" means any sale, lease, contract, or other disposition, absolute or limited, mortgage, charge, lien, or encumbrance:
"Court" means the Native Land Court:
"Committee " means the Committee to be nominated and appointed pursuant to "The Native Land Court Act, 1894":
"Minister" means the Minister of Native Affairs:
"Mortgage" includes charge, lien, or encumbrance:page 4
"Owner" includes a grantee named in a Crown grant, a person registered as proprietor under "The Land Transfer Act, 1885", a person named as owner in any memorial of ownership or certificate of title or order issued by the Court, a person registered in the Court under the provisions of the seventeenth section of "The Native Land Act, 1867," a person found by any Court of competent jurisdiction to be beneficially interested under any trust, and any person holding under a will or declared to be the successor to a deceased owner:
"Proprietor" means a corporate owner:
"Resolution" means any resolution passed by a majority in number of the proprietors present personally or by proxy at any general meeting and voting on such resolution.
Incorporation of Owners.
Application for incorporation shall be made to the Court by petition, signed by all or not less than seven of the owners of the land.
Such petition shall set out the acreage and boundaries of the land, and the names of all the owners.
|3.||The prescribed consent of the majority of the owners may be given by memorandum in writing, attested as hereinafter provided.|
|4.||Where the Crown has acquired a right or interest in a block of land in respect of which the owners desire to petition for incorporation the owners may apply to the Minister to ascertain and separate the right or interest of the Crown to the intent that the residue of the block may be made the subject of a petition for incorporation.|
|5.||The order of the Court constituting the owners of any land a body corporate shall set forth the acreage and boundaries of the land and the names of the proprietors.|
|6.||Such order shall be published in the Gazette and Kahiti by the Registrar of the Court making the order, and such publication shall be conclusive evidence that the prescribed consent has been duly given, and that the incorporation is valid.|
|7.||Upon payment of all Court fees owing in respect of the land or any part thereof the Registrar shall forward such order, or a sealed duplicate thereof, to the District Land Registrar of the district in which is situate the land affected thereby; and the District Land Registrar shall register the same, and issue a certificate of title for the land in favour of page 5the corporation, and shall (where necessary) call in and cancel all existing Crown grants, certificates, or instruments of title. All fees theretofore owing or then payable in respect of the land or any part thereof shall be paid by the Committee, who shall charge the same against the shares of the proprietors for whom such payments are made.|
Nomination of Committee.
In and by the aforesaid order of incorporation the Court shall direct a general meeting of proprietors to be held at a time and place to be therein named, for the purpose of nomination a Committee and fixing the number of its members.
The time for the holding of such general meeting shall be not sooner than twenty-eight nor later than forty-two days after the day of the making of the order.
|9.||The Committee shall consist of not less than three nor more than seven persons, the majority of whom must be proprietors.|
|10.||Candidates for nomination shall be proposed by one or more proprietors in writing, in the form following—that is to say:—
|11.||No proposal-paper shall contain the names of more than seven candidates, and every signature thereto of a proprietor shall be attested as hereinafter provided.|
|12.||Every proposal-paper shall be lodged with the Court at least fourteen days before the day appointed for the general meeting; and every proposal-paper not complying with these regulations shall be informal and void.|
|13.||So soon as the last day for lodging proposal-papers has expired, the Court or the Registrar thereof shall prepare and publish in the Gazette and Kahiti a list containing the names of all the candidates so proposed for nomination.page 6|
|14.||At the said general meeting the proprietors present in person or by proxy shall appoint one of their number to be Chairman, who shall conduct the business of the meeting, and have a deliberative as well as a casting-vote.|
|15.||Every proprietor shall have one vote, and all questions shall be determined by a majority of the votes of the proprietors present in person or by proxy at the meeting.|
|16.||The said meeting shall, in manner aforesaid, determine the number of members to constitute the Committee, and shall then nominate the requisite number from the aforesaid list.|
|17.||For the purpose of such nomination, each proprietor so present as aforesaid shall be supplied with a voting-paper containing the full names of all the candidates, and shall vote by striking out the names of all the candidates for whom he does not desire to vote.|
|18.||He may strike out any number of names, and must strike out all in excess of the total number to be nominated, or his voting-paper will be invalid.|
|19.||The valid votes shall then be counted by the Chairman and two scrutineers appointed in that behalf by the meeting, and the candidates receiving the largest number of votes shall be deemed to be nominated.|
|20.||A list of the persons so nominated as aforesaid shall be forthwith prepared and lodged in the Court by the Chairman, and the Court shall by order appoint them as the Committee.|
|21.||Every order appointing a Committee or any member thereof shall be published in the Gazette and Kahiti, and such publication shall be conclusive evidence of the validity of the appointment.|
|22.||The foregoing regulations numbered 10 to 21 shall apply to every nomination of a Committee or of any member thereof by the proprietors in general meeting.|
Remuneration of Committee.
23. The remuneration of the members of the Committee shall be determined by the proprietors in general meeting, but shall in no case exceed one guinea per day with actual traveling-expenses whilst engaged solely on the business of the Committee: Provided that if, in the opinion of the Public Trustee, the amount so charged or determined is excessive, he may reduce it to such sum as he deems reasonable.
Powers of Committee.
|24.||Subject to these regulations and the Act under which they are made, the Committee shall manage the business of the corporation and administer its property.|
|24A.||The continuing members of the Committee may act notwithstanding any vacancy in their body, provided that the number of continuing members be not less than three.|
Disqualification of Members of Committee.
25. The office of a member of the Committee shall be vacated,—
(1.) If he holds any other office or place of profit under the corporation;
(2.) If he becomes bankrupt or insolvent;
(3.) If he is concerned in or participates in the profits of any contract with the corporation;
(4.) If he fails to attend four consecutive meetings of the Committee without leave granted.
A member of Committee shall not be deemed to be concerned in or to participate in the profits of the corporation by reason only of his tendering for or taking a lease of land, but he shall not vote on any question relating to such lease or the tenders therefore.
Rotation of Members of the Committee.
|26.||At the first ordinary general meeting to be held in every year after the appointment of the Committee, one-third of the members of the Committee for the time being, or, if their number be not a multiple of three, then the number nearest to one-third, shall retire from office.|
|27.||The one-third or other nearest number to retire during the first and second years ensuing the first ordinary meeting of proprietors shall, unless the members of the Committee agree among themselves, be determined by ballot.|
|28.||In any subsequent year the one-third or other nearest number who have been longest in office shall retire.|
|29.||A retiring member of the Committee shall be eligible for re-election.|
|30.||The proprietors at the general meeting at which any members of the Committee retire in manner aforesaid shall fill up the vacant office by nominating a like number of members.|
|31.||If, at any meeting at which the nomination of members of the Committee ought to take place, the places of the vacating members are not filled up, the meeting shall stand page 8adjourned till the same day in the next week at the same time and place; and if at any such adjourned meeting such places are not filled up, the vacating members of the Committee or such of them as have not had their places filled up shall continue in office until the ordinary meeting in the next year, and so on from time to time until their places are filled up.|
|32.||Nomination to any casual vacancy occurring in the Committee may be made by the Committee at a meeting thereof specially called for the purpose, and the Court shall appoint accordingly; but any person so appointed shall retain office so long only as the vacating member of the Committee would have retained the same if no vacancy had occurred.|
|33.||The proprietors in general meeting may, by resolution, remove any member of the Committee before the expiration of his period of office, and may nominate another person in his stead. The person so nominated shall, when appointed by the Court, hold office during such time only as the member of the Committee in whose place he is appointed would have held the same if he had not been removed.|
Proceedings of Committee.
|34.||The members of the Committee may meet together for the dispatch of business, adjourn, and otherwise regulate their meetings as they think fit. The quorum shall be three.|
|35.||Questions arising at any meeting shall be decided by a majority of the votes. In the case of an equality of votes, the Chairman, in addition to his original vote, shall have a second or casting vote.|
|36.||All meetings of the Committee shall be called by the Secretary, but a member of the Committee may at any time require the Secretary to summon a meeting.|
|37.||The members of the Committee may elect a Chairman of their meetings and determine the period for which he is to hold office; but if no such Chairman is elected, or if at any meeting the Chairman is not present at the time appointed for holding the same, the members of the Committee present shall choose some one of their number to be Chairman of such meeting.|
|38.||All acts done by any meeting of the Committee shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any member thereof, or that any of them were disqualified, be as valid as if every page 9person had been duly appointed and was qualified to be a member of the Committee.|
|39.||The Committee shall meet for the transaction of business at least once in every two months, and as often in the meantime as may be necessary, and as the Committee may determine.|
General Meetings of Proprietors.
|40.||The general meeting of the proprietors convened in and by the aforesaid order of incorporation shall be the first annual meeting, and a general meeting shall be held annually thereafter at such hour and place as the Committee may determine.|
|41.||The above-mentioned annual general meetings shall be called ordinary. All other general meetings shall be called extraordinary meetings.|
|42.||The Committee may meet whenever they think fit, and they shall, upon a requisition made in writing by not less than one-fifth in number of the proprietors, convene an extraordinary general meeting.|
|43.||Any requisition made by the proprietors shall express the object of the meeting proposed to be called, and shall be left at the office of the corporation.|
|44.||Upon receipt of such requisition, the Committee shall forthwith proceed to convene an extraordinary general meeting. If the Committee do not proceed to convene the same within twenty-one days from the date of the requisition, the Minister, the Commissioner of Crown Lands, or the Public Trustee shall convene such meeeting at the request of the requisitionists.|
|45.||Seven days' notice at the least, specifying the place, the day, and the hour of the meeting, and in the case of special business the general nature of such business, shall be given to the proprietors in manner hereinafter mentioned, but the non-receipt of such notice by any proprietor shall not invalidate the proceedings at any general meeting.|
|46.||All business shall be deemed special that is transacted at an extraordinary meeting, and all that is transacted at an ordinary meeting, with the exception of the consideration of the accounts, balance-sheet, and the ordinary report of the Committee, and the nomination of the new members of the Committee.|
Proceedings at General Meetings.
|47.||No business shall be transacted at any general meeting unless a quorum of proprietors is present at the time when page 10the meeting proceed to business, and such quorum shall consist of one-tenth at least of the total number of the proprietors.|
If within one hour of the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of proprietors, shall be dissolved.
In any other case it shall stand adjourned to the same day in the next week, at the same time and place; and if at such adjourned meeting a quorum is not present, it shall be adjourned sine die.
|49.||The Chairman (if any) of the Committee shall preside as Chairman at every general meeting of the proprietors.|
|50.||If there is no such Chairman, or if at any meeting he is not present within fifteen minutes after the time appointed for holding the meeting, the proprietors present shall choose one of their number to be Chairman.|
|51.||The Chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place; but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.|
|52.||At any general meeting, unless a poll is demanded by at least two proprietors, a declaration by the Chairman that a resolution has been carried, and an entry to that effect in the book of proceedings of the corporate body, shall be sufficient evidence of the fact, without proof of the number or proportion of the votes recorded in favour or against such resolution.|
|53.||If a poll is demanded by two or more proprietors, it shall be taken in such manner as the Chairman directs, and the result of such poll shall be deemed to be the resolution of the proprietors in general meeting. In the case of an equality of votes at any general meeting, the Chairman shall be entitled to a second or casting vote.|
|54.||A copy of every resolution passed by the proprietors in general meeting shall be forthwith forwarded by the committee to the Public Trustee.|
Votes of Proprietors.
|55.||Every proprietor shall have one vote, and no more.|
|56.||Votes may be given either personally or by proxy.|
|57.||The instrument appointing a proxy shall be in writing under the hand of the appointer, and shall be attested as hereinafter provided.|
|58.||No person shall be appointed a proxy who is not a proprietor; and the instrument appointing him shall be page 11deposited at the aforesaid office not less than forty-eight hours before the time of holding the meeting at which he proposes to vote.|
|59.||Any instrument appointing a proxy shall be in the following form, or to the same effect:—|
"I, being a proprietor in the corporate body styled 'The Proprietors of,' hereby appoint, of, as my proxy to vote for me and on my behalf at the ordinary [or extraordinary, as the case may be] general meeting of the proprietors, to be held on the day of, and at any adjournments thereof [or at any meeting of the proprietors that may be held in the year]. "As witness my hand, this day of, 18.
"Signed by the said,
in the presence of."
|60.||For the purposes of the corporation the Committee shall have an office, to which all communications and notices shall be addressed.|
|61.||The Committee shall notify the Minister and the Public Trustee of the situation of the said office, and of every change of the situation thereof.|
|62.||The Committee shall paint or affix, and keep painted or affixed, the name of the corporation—to wit, "The Proprietors of"—on the outside of the said office in a conspicuous position, in letters easily legible.|
|63.||The name of the corporation shall be engraven in legible characters on its seal, and shall be mentioned in legible characters in all notices, advertisements, and other official publications of the corporation. The Committee shall have the custody of the seal.|
64. The Committee shall keep at the said office a register containing the names, addresses, and occupations of the proprietors, and showing their respective interests, where ascertained; and such register shall at all times be open for inspection by the proprietors, and also by the Public Trustee. The Committee shall forthwith report to the Public Trustee every fresh entry of proprietorship or interest made in the register, and shall also forward to him under the hand of the Chairman, not later than the second Monday in October in every year, a certified list of proprietors, with their respective interests, as recorded in the register on that day.
|65.||The Committee and the Public Trustee shall cause true accounts to he kept,—
|66.||The books of accounts, including copies of the Public Trustee's accounts, shall be kept at the office of the corporation, and, subject to any resolution as to the time and manner of inspecting the same that may be imposed by the proprietors in general meeting, shall be open to the inspection of the proprietors during the hours of business.|
|67.||Once at least in every year the Committee and the Public Trustee shall lay before the proprietors in general meeting a statement of the income and expenditure for the past year, made up to a date not more than three months before such meeting.|
|68.||The statement so made shall show, arranged under the most convenient heads, the amount of gross income, distinguishing the several sources from which it has been derived, and the amount of gross expenditure, distinguishing the expenses of administration and management, salaries, and other like matters.|
|69.||Every item of expenditure fairly chargeable against the year's income shall be brought into account, so that a just balance may be laid before the meeting; and in case where any item of expenditure which may in fairness be distributed over several years has been incurred in any one year, the whole amount of such item shall be stated, with the addition of the reasons why only a portion of such expenditure is charged against the income of the year.|
|70.||A balance-sheet shall be made out in every year and laid before the proprietors in general meeting, and such balance-sheet shall contain a summary of the property and liabilities of the corporation, arranged under their proper heads.|
71. Once at least in every year the accounts of the corporation shall be examined, and the correctness of the balance-sheet ascertained, by the Controller and Auditor-General, who shall present a report each year to Parliament stating the result of such audit.
|72.||A notice may be served by the corporation upon any proprietor either personally or by sending it through the post in a prepaid letter, addressed to such owner at his usual or last-known place of abode. Every such notice shall be in both Maori and English, and, if posted, shall be deemed to be served on the day next following that on which it would be delivered in due course of post.|
|73.||Any summons, notice, or other document required to be served upon the corporation may be served by leaving the same, or sending it through the post in a prepaid and registered letter addressed to the corporation, at its said office, and any document so posted shall be deemed to be served on the day next following that on which it would be delivered in due course of post.|
|74.||Contracts on behalf of the corporation may be made as follows, and shall be subject to the following conditions; that is to say:—
|75.||All contracts made according to the provisions contained in the foregoing regulations may in the same way be varied or discharged.|
|76.||For the purpose of providing funds wherewith to road, survey, and generally open up for sale, lease, or settlement the lands of the corporation, and also to cultivate, improve, and stock the same, it shall be lawful for the Public Trustee, out of any moneys standing to the credit of the Public Trustee's Account or otherwise, to raise from time to time such sums as the Committee, with the consent of a majority of the proprietors in general meeting, may recommend, or such less sums as he may think fit, by way of mortgage over the lands of the corporation, or the present and future rents, issues, and profits of the said lands, and the proceeds of sales thereof.|
|77.||All such loans shall be raised from such sources, in such manner, and on such terms as to interest sinking fund, and otherwise, as the Public Trustee may think fit.|
|78.||With the consent of the Public Trustee, but not otherwise, the repayment of the capital sums so raised as aforesaid may be spread over several years, pursuant to clause 69 of these regulations. In such case, the portion repaid in any year shall be determined by the Committee with the consent of the Public Trustee, and, when so determined, shall be treated as an item of expenditure for that year; and the residue of the rents, issues, profits and proceeds aforesaid of that year shall thenceforth be deemed to be released from the aforesaid mortgage, which shall nevertheless continue to bind all future rents, issues, profits, and proceeds according to its tenor until the whole of the sums so raised as aforesaid, with the interest thereon, have been fully repaid. All sinking funds shall be held and invested by the Public Trustee.|
|79.||Lands may be leased either by tender or public auction, as the Committee, with the consent referred to in clause 87 of these regulations, may think fit for any term not exceeding thirty years.page 15|
|80.||All leases made by the Committee on behalf of the corporation shall be made as nearly as may be, in accordance with the regulations in force from time to time in regard to Crown lands, provided that residence shall not be compulsory. No payment for surveys shall be claimed in advance, and the individual areas of holdings in special settlements may be increased by one-half.|
|81.||With respect to every lease,—
|82.||Plans according to Survey regulations shall be prepared of all lands proposed to be leased, as also the terms and conditions of the leases. Such plans, terms, and conditions shall be exhibited at the office of the corporation during at least one month before the auction is to be held or tenders are to be received.|
|83.||Notice of such plans, terms, and conditions being open for inspection, and of the date upon which the auction will be held, or until which the tenders will be received, as the case may be, shall be published in two successive numbers of the Gazette and Kahiti, and once in each of two consecutive weeks in a newspaper published or circulating in the district, the first of such publications to take place prior to the exhibition of such plans and conditions. Copies of all such plans, terms, and conditions, as and when prepared, shall be forwarded to the Minister.|
|84.||The Committee, with the consent of a majority of the proprietors in general meeting, may set apart one or more portions of land as sites for special settlements, on the terms specified in "The Land Act, 1892," and regulations made thereunder, and may call for applications for such land from associations.|
|85.||The Committee, with the consent of a majority of the proprietors in general meeting, shall have power to include in any lease a covenant by the corporation for page 16payment in full of valuations of improvements at the expiration of such lease; and the Public Trustee may set apart each year such portion of the yearly rental as he thinks necessary as sinking funds for the purpose of providing a fund to pay for such improvements. All such sinking funds shall be held and invested by the Public Trustee.|
86. The Committee, with the consent referred to in the next-succeeding clause of these regulations shall have power to sell land in such blocks, at such prices, and on such terms as may be agreed on.
|87.||The Committee shall not have power to alienate any land without the consent of the Commissioner of Crown Lands for the district, or of such other person as the Governor may from time to time appoint as Native Lands Administration Officer for any Crown lands district.|
|88.||The dealings of the Committee shall be strictly in accordance with the directions of the proprietor, as laid down by them and passed in general meeting, and all matters resolved on by the proprietors in general meeting shall be faithfully recorded in a minute-book to be specially provided by the Committee for that purpose.|
|89.||The Committee shall have full power 'to withhold any land from sale for the purpose of using the same for a farm or farms for the proprietors, under conditions and directions to be imposed by the proprietors in general meeting. The Committee shall manage such farms.|
|90.||Such conditions and directions may authorise the Committee to manage, cultivate, and stock such farms, and expend such sum as they may think necessary in so doing.|
|91.||The Committee shall keep and make out true and just accounts of all moneys expended in improving, Cultivating, and stocking every such farm; and also of all profits and revenues received therefrom, and such accounts shall be open at all times to the inspection of the proprietors|
|92.||The profits and revenue of such farms shall be paid over to the Public Trustee.|
|93.||If any hapu or other section of the proprietors desire to have a particular block of land surveyed for their use, and shall signify such desire in writing to the Committee, it shall be for the Committee to consent to the survey being made or not.page 17|
|94.||Pending disposal of land by way of sale or lease, the Committee shall permit the proprietors to use and enjoy the same in such manner and on such terms as the proprietors in general meeting may decide, and for that purpose specific portions of the land may be allocated to specific proprietors, but without fixity of tenure.|
|95.||In cases where the relative proportions of the respective interests of two or more proprietors have not been determined, it shall be lawful for the Committee to make investigation, and decide what, in the opinion of the Committee, the respective proportions equitably should be; but no lawyer or paid agent shall be employed, and no law or other costs shall be incurred, in or about such investigation.|
|96.||Such decision when arrived at shall be submitted to the proprietors whose shares are thereby affected; and if all such proprietors are of full age, and consent thereto in writing attested as hereinafter provided, such decision shall be binding on the proprietors so consenting, and the Committee may apply to the Court to make an order in terms thereof.|
|97.||The Court shall have jurisdiction to deal with the matter; and the costs of the Committee of and incidental to the application shall be a charge against such proprietors' shares.|
|98.||In cases where any such proprietors as aforesaid are not of full age, or are unable or unwilling to consent as aforesaid, the Court, on the application of the Committee or of any of such proprietors, shall have jurisdiction to investigate and determine the relative proportions of their respective interests, and to make all incidental orders, including orders appointing trustees for proprietors under disability.|
|99.||Wherever throughout these regulations it is provided that any document signed by a proprietor is to be attested it shall be attested by a Judge or Registrar of the Native Land Court, a Justice of the Peace, a Commissioner of Crown Lands, or a Native Lands Administration Officer.|
|100.||Any proprietor being of full age may sell his share or interest m the corporation to another proprietor with the consent of the Committee, who before granting such consent shall satisfy themselves that the proposed dealing is fair and equitable; but no such sale shall be made to a member of the Committee.page 18|
|101.||Any proprietor may sell his share or interest in the corporation to the Crown.|
|102.||Any proprietor may sell his share or interest in the corporation to a Native (other than a proprietor) with the consent of the Minister and the Committee, both of whom before granting such consent shall satisfy themselves that the proposed dealing is fair and equitable, and will not be objectionable to the other proprietors.|
|103.||The purchase-money must in every instance be paid by the purchaser to the Public Trustee.|
|104.||Save as aforesaid it shall not be lawful for a proprietor to alienate his share or interest in the corporation.|
|105.||Every sale by a proprietor shall be by transfer in the following form, which shall be executed by both transferror and transferee, and shall be attested as hereinbefore provided:—
|106.||The instrument of transfer shall be presented to the Committee accompanied by such evidence as they may require to prove the title of the transferror, the due granting of all prescribed consents, and the due payment of the purchase-money to the Public Trustee; and the Committee, upon being satisfied on all points, shall register the transferee as a proprietor.|
|107.||The Public Trustee shall hold all such purchase-money as aforesaid in trust, to invest the same, and apply the income thereof in such manner as he may think proper for the benefit of the vendor: Provided that in cases where the Public Trustee is satisfied that the vendor possesses sufficient land or other property whereon to fittingly support himself, he may pay over such purchase-money to such vendor instead of retaining and investing it.|
|108.||Any person who becomes entitled to the share or interest of a proprietor by death or any other means than page 19transfer may be registered as a proprietor upon such evidence being produced as the Committee and the Public Trustee may require.|
|109.||If the name of any person is, without sufficient cause, entered in or omitted from the register of proprietors, or if default is made or unnecessary delay takes place in entering on the register any change of proprietorship or any other matter that should be entered, the person aggrieved, or any proprietor, or the Public Trustee may apply to the Court, and the Court shall have jurisdiction to make such order for the rectification of the register, or otherwise in the premises as the justice of the matter may require.|
|110.||The register shall be prima facie evidence of any matter by these regulations directed or authorised to be inserted therein.|
|111.||The register shall be closed for seven days before the Public Trustee makes any distribution of the net proceeds of alienations as hereinafter provided.|
Proceeds of Alienations.
|112.||During every year the net proceeds of sales of land of the corporation shall be applied by the Public Trustee—
|113.||The rents, issues, and profits of the corporation (other than proceeds of sales of land, but including interest from investments) he shall treat as income.|
|114.||The income for each year shall be applied by the Public Trustee—
|115.||The distribution shall be made at such intervals and in such manner as the Public Trustee and the Committee may think fit.|
Clerk of the Executive Council.