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[Collected Rules and Regulations of the Native Land Court, in English and Māori]

Proceeds of Alienations

Proceeds of Alienations.

112.During every year the net proceeds of sales of land of the corporation shall be applied by the Public Trustee—
(1.)In defraying the current expenses and outgoings to the extent to which the incomings from rents, issues, and profits (other than sales of land) may prove insufficient during the year;

In applying such portion thereof as he may think fit in reduction of mortgages or increase of sinking funds:

And the residue he shall treat as capital, and invest at interest for the benefit of the corporation, in such securities as he thinks fit.

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—
(1.)In defraying all expenses and outgoings for the year;

In replacing the proceeds of sales of land expended during the year under subclause (1) of clause 112 of these regulations:

And the residue (hereinbefore termed the net proceeds of alienations) he shall distribute amongst the proprietors in page 20sums proportionate to their shares, as shown by the register.

115.The distribution shall be made at such intervals and in such manner as the Public Trustee and the Committee may think fit.

Alex. Willis,

Clerk of the Executive Council.