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one of Her Majesty’s Principal Secretaries of State may, by writing under his hand, declare, as hereinafter provided, the said Association shall have power, by instrument under their common seal, to dispose of and convey all or any part of the lands described in the said Schedule, either by way of absolute sale to purchasers for estates in fee simple, or by granting licences for the pasturage of the same, but subject to the conditions following, and to the terms of purchase now or at any time existing respecting the same as hereinafter mentioned:

1. That, with the exception of such land as has already been or may hereafter be selected by the agent of the Association for the site of the capital town, and of harbour and port towns, and of such land as may be reserved by the Association for works of public utility under the terms of purchase herein-before mentioned, all the lands shall be open for purchase as rural land.

2. That the extent of a Rural Allotment shall not be less than Fifty Acres, and the Extent of a Town Allotment in the Capital Town shall be One Half Acre, and in other Towns One Quarter of an Acre.

3. That the Land shall be sold at not less than the following Sums; that is to say,
   Rural Land at not less than Three Pounds per Acre, including the Sums contributed for special Purposes; an Half Acre Allotment in the Capital at not less than Twenty-four Pounds, and a Quarter Acre of Allotment in other Towns at not less than Twelve Pounds, including such Sums as aforesaid.

4. That all Land for the Time being remaining unsold shall be open, under Licence, for Pasturage Purposes, at the Rate of Twenty Shillings per Annum for every Hundred Acres.

5. That One Sixth part of the whole Produce of such Sales, and of the Sums received for Licences for Pasturage, be paid by the said Association to Her Majesty, Her Heirs and Successors, such Payments to be made at such Times and to such Persons as one of Her Majesty’s Principal Secretaries of State shall by Writing under his Hand determine, (saving nevertheless all such Rights as the New Zealand Company may possess, as herein-after mentioned, under the said recited Act of the Tenth and Eleventh Years of Her Majesty’s Reign, to any Payments out of Sales of Demesne Land of the Crown in New Zealand) and the Receipt of any One of Her Majesty’s Principal Secretaries of State shall be a complete discharge to the said Association for the moneys paid to him.

6. That during the said term of ten years, or further extended term as aforesaid, the said Association shall make Sale of Land in the said Settlement to the value in each year from the First Day of March One thousand eight hundred and fifty of such sum as, taken together with all sums paid previously thereto, shall yield an average yearly sum of not less than fifty thousand pounds, until the whole of the said tract be sold, or the said period of ten years, or such extended term as aforesaid, expire.

III. And be it enacted, That for the more convenient carrying on of their business in the said Settlement it shall be lawful for the said Association during the continuance of such term, or extended term as aforesaid, by any deed or instrument in writing under their common seal, from time to time to constitute and appoint any persons to be while actually within the said Settlement, and for such period, if any, as the Association may think fit, the Attorneys of the said Association, to make and execute in the Name and on the Behalf of the said Association any such Conveyances, Deeds, or Instruments as the said Association are empowered to make and execute of any of the Lands of the said Settlement, and over and in respect of which the said Association may at any Time have any disposing or other Power or Authority whatsoever, subject to the Provisions of this Act, and from Time to Time as Occasion may require, and as to the said Association may seem meet, but not otherwise, and further to revoke any such Deed or Instrument if the said Association think expedient, and to make any other Deed or Instrument in lieu thereof, all which Conveyances, Deeds, and Instruments whatsoever to be made and executed by such Attorneys shall be under the Signature of such Attorneys, and under such Duplicate Seal as hereinafter mentioned:

IV. And be it enacted, That the said Association shall and may have their Common Seal, executed in Duplicate, with Power to alter, vary, break, and renew such Duplicate, and that it shall be lawful for the said Association to commit the same to the Custody of the Attorneys for the Time being constituted and appointed as aforesaid for the purpose of making and executing all such Conveyances, Deeds, and Instruments whatsoever; and every Conveyance, Deed, and Instrument made and executed by such Attorneys, shall be as valid and effectual in Law to all Intents and Purposes whatsoever as if the same had been duly made and executed by the said Association, without the Intervention of such Attorneys.

V. And be it enacted, That all Conveyances, Deeds, and Instruments whatsoever, signed or purporting to be signed by such Attorneys as aforesaid, and under the Seal for the Time being committed to such Attorneys, shall be prima facie Evidence, not only of the Appointment and Continuance in office of such Attorneys, but also of their Signatures thereto, and the due sealing thereof with the Seal committed to such Attorneys, and that it shall be the Duty of all Courts of Justice, Justices, and others, as well within as without any of Her Majesty’s Colonies, to receive the same as such prima facie Evidence.

VI. Provided nevertheless, and be it enacted,