164

Election to take
place on 1st January

4. On the first day of January 1855 seven of the electors duly
   qualified and registered as aforesaid shall be elected Trustees to
   continue in office for the period of three years next ensuing such
   election and the present or any other retiring Trustees or Trustee
   who shall be duly qualified and registered as aforesaid shall be eli-
   gible for re-election.

Trustees may resign.

5. Every Trustee elected under the provisions of this Act may
   by writing under his hand addressed to the Secretary for the time
   being resign his seat which shall thereupon become vacant.

Seats how to be va-
cated.

6. If any Trustee shall for six months fail to give his attend-
   ance at the Board without leave of absence or shall cease to be
   qualified as an elector or shall become a bankrupt or an insolvent
   debtor within the meaning of any law which may hereafter be in
   force within the Colony of New Zealand relating to bankrupts or
   shall become a public defaulter or be attainted of treason or con-
   victed of felony or any infamous crime his seat at the Board shall
   thereby become vacant Provided always that it shall not be lawful
   for any such leave of absence to be granted for more than two years
   nor to more than two Trustees at the same time so that under no
   circumstances shall there be less than five Trustees resident in the
   Province of Nelson.

Superintendent to
notify vacancy in the
board.

7. When and so often as any vacancy shall occur in the
   Board of Trustees the remaining or continuing Trustees shall sig-
   nify the same to the Superintendent and the Superintendent shall
   by Proclamation in the Government Gazette.of the said Province of
   Nelson appoint some day (not being less than thirty nor more than
   sixty days after the date of such notice) on which day some person
   or persons duly qualified and registered as aforesaid shall be elected
   to fill up such vacancy.

Trustees to make
rules and regulations
for the conduct of
business.

8. For the purpose of managing and conducting the affairs and
   business of the said Trust it shall be lawful for the said Board of Trus-
   tees at any time and from time to time after the passing of this Act to
   make rules and regulations for such of the purposes set forth in the
   Schedule marked A to this Act annexed is the nature and busi-
   ness of the said Trust may require and either with or without pro-
   vision for such other purposes (not inconsistent with law or with
   the provisions of this Act) as the said Board of Trustees shall think
   proper and such rules and regulations from time to time to revoke
   alter vary and amend as the said Board of Trustees shall think fit
   and such rules and regulations and every revocation variation alter-
   ation and amendment thereof shall be signed by at least three of the
   said Trustees and shall be certified by them in writing in the form
   set forth in the Schedule marked B to this Act annexed and shall
   immediately after the making thereof be published in the Govern-
   ment Gazette of the Province of Nelson.

To administer the
funds for the benefit
of the Province of
Nelson.

9. Subject to the provisions of this Act the Trustees to be
   elected as aforesaid shall and may dispose of the said Trust Funds
   for the benefit of the said Province of Nelson to the purposes men-