Esquire, of Winchester House, and Jeremiali Pilcher Esquire of Morgan's Lane, to be held by them in trust for the said Company in the Three per cent. Consolidated Bank Annuities, in order to satisfy the amount applicable by the said Company under the said terms to the purposes in question; but the total amount so applicable had not been ascertained, and was then and still is in dispute between the said Company and the said purchasers of land at Nelson; and the hands of the Company that provision should be made to enable Her Majesty to ascertain the amount of the sum so applicable, and to entrust the administration of the Fund, when so ascertained, to certain persons who have been nominated for that purpose or on behalf of the said Company and the said purchasers of land at Nelson: Be it enacted, That it shall be lawful for the Commissioners of Her Majesty's Treasury and they are hereby directed to ascertain the sum (if any) which remained due and applicable by the New Zealand Company, and which the said Company were bound to apply to the purposes above mentioned, on the fourth day of July in the year one thousand eight hundred and fifty aforesaid, and that the said sum of twenty-five thousand Pounds, with the Interest which shall have accrued on the same, shall be vested in the Commissioners of the Treasury as a Fund for the public purposes of the settlement of Nelson; and that the said Henry Aglionby Aglionby, Alexander Currie, James Robert Gowen, George Lyall, and Jeremiah Pilcher, shall and they are hereby authorized to transfer the said sum and Interest into the names of the Commissioners of the Treasury, or such person or persons as the said Commissioners shall nominate for that purpose, and that the same shall be disposed of by the said Commissioners in the manner hereinafter provided; and that if the amount which may be found by the Commissioners of the Treasury to be due and applicable to the said purposes shall exceed the said sum of twenty-five thousand Pounds, with Interest as aforesaid, the surplus necessary to complete such amount shall remain a liability attaching on Her Majesty with reference to the settlement of Nelson in manner as in the said Act of the Tenth and Eleventh of Victoria is expressed; but that if the amount so due and applicable shall be found to fall short of the said sum of twenty-five thousand Pounds, with Interest as aforesaid, then the balance shall remain in the hands of the Commissioners of the Treasury for the purpose of discharging other liabilities of the New Zealand Company which Her Majesty may have become bound to satisfy under the said last mentioned Act.

Board of Trustees at Nelson appointed to administer the said Fund.

3. That a board of seven Trustees shall be and the same is hereby appointed for the administration of the said Fund, including such surplus (if any) as aforesaid, three of whom shall form at any time a quorum for the despatch of business; and that it shall be lawful for the Commissioners of the Treasury, in such manner as they shall appoint, to pay over or cause to be paid over the said sum of twenty-five thousand Pounds, with such Interest as aforesaid, or so much thereof as may be found due and applicable as aforesaid, and any additional sums which may be found due and applicable as aforesaid, to the said Trustees; and that when such sum or sums shall have been so paid over as aforesaid all further liability of Her Majesty or of the New Zealand Company in respect of such Fund and of the amount applicable as aforesaid by the Company shall cease.

Powers of the Trustees to dispose of the Funds for public purposes.

4. That the said Trustees shall have power to dispose of the said Fund for the benefit of the settlement of Nelson to the purposes of emigration and the supply of labour, of religious and educational uses, of Steam Navigation, and of the construction and maintenance of Public Works, in such proportions, as to each of the said purposes, as to them shall seem expedient.

Mode of conducting Business by the said Trustees.

5. That the first meeting of the said Trustees shall be fixed at a time and place to be appointed by Proclamation by the Governor of New Zealand, or by the Lieutenant Governor of the Province in which Nelson is or shall be situate, being authorized thereto by the said Governor, and that such Trustees may from time to time pass resolutions for appointing the time and place of holding further meetings for the despatch of business, and for making rules and regulations for the conduct of such business, and for other necessary purposes towards enabling them to dispose of and distribute the said Fund according to the purposes of this Act: Provided always, that the Legislature of New Zealand shall have power to alter such regulations, by Laws to be made from time to time, subject to the conditions by Law required in respect of the Acts and Ordinances of such Legislature.

Names of the first Trustees.

6. That Doctor David Monro, Samuel Stephens, William Oldfield Cautley, Francis Dillon Bell, Francis Jollie, Alfred Fell, and John Waring Saxton, Esquires, being the persons already nominated for this purpose by or on behalf of the land purchasers of Nelson and the New Zealand Company, shall be and the same are hereby appointed the first Trustees for the administration of the said Fund.

Duration of their Office.

7. That the said Trustees shall remain in Office (subject to the provisions hereinafter contained as to the filling up of Vacancies) until the first day of January One thousand eight hundred and fifty-five.

Provisions for filling up Vacancies, establishing an Audit, and continuing the Trust.

8. That it shall be lawful for the Legislature of New Zealand, by Laws to be made from time to time, subject to such conditions as aforesaid, to provide for the filling up of Vacancies which may have occurred or may occur by the death or resignation of either of the Trustees named in this Act, by election to be made by the new Auditors and occupiers, of land in the settlement of Nelson, with such qualification or restriction as may in such Laws be specified, and to provide in like manner for the annual election of two or more Auditors to audit the accounts of the said Trustees, and for the due publication from time to time of such accounts, and for the discharge of the Trustees from any personal liability in respect of the said Funds; and in case the said Fund shall not have been wholly disposed of before the first day of January in the year One thousand eight hundred and fifty-five, to provide in like manner for the election of seven new Trustees, to continue in office for three years, subject to the like power as hereinbefore contained as to the filling up of Vacancies, and so on from time to time until the said Fund shall be wholly expended for the purposes above mentioned.

Authority to Legislature of the Province in which Nelson is situated to exercise any of the Powers hereby granted to it.

9. That it shall be lawful for the Legislature of