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6. The Governor may select, out of the land so to be set apart, one or more block
   or blocks of land, not exceeding in all one thousand acres, having totara timber growing
   thereon, which shall not be subject to sale or lease under any Regulations made in
   pursuance of this agreement until all the totara timber shall have been cut and removed
   therefrom, when the Corporation shall have the right to purchase the same on payment
   of fifteen shillings per acre, but shall in the meantime remain land of Crown, subject only
   a right in the Corporation to make public roads through the same where necessary for
   public convenience and the convenience of the Corporation, and, for the purposes of constructing repairing such roads and the works incidental thereto, and to cut and take timber
   from such land: Provided, however, that no timber on any such land shall be cut by the
   Government of the said Colony, or by their license, except for use by the Government
   for public purposes.

7. The Honorable William Henry Adelbert Feilding shall, on the execution hereof,
   for and in the name of the Corporation, sign and deliver to the Colonial Treasurer
   seventy-five promissory notes, each binding the Corporation to pay to the Colonial
   Treasurer, or his order, the sum of one thousand pounds, on a day and at a Bank in New
   Zealand to be therein stated. The said notes are herein called "The Principal Notes."
   They shall be numbered in consecutive order, and classified as series A, B, and C, and
   set forth in the Second Schedule hereto.

8. The said William Henry Adelbert Feilding shall also, for and in the name of the
   Corporation, sign and deliver to the Colonial Treasurer the several promissory notes
   mentioned in the same Schedule for the amounts and due at the dates therein mentioned,
   and numbered as therein stated. All such notes to be payable at a Bank in New Zealand
   to be therein mentioned. The said notes are herein called "The Interest Notes." The
   said William Henry Adelbert Feilding shall not be personally responsible in respect
   of any of the said Principal Notes or Interest Notes.

9. One-third in amount of the said Principal Notes shall be payable on the first day
   of April, one thousand eight hundred and seventy-seven; one-third on the first day of
   April, one thousand eight hundred and seventy-nine; and one third on the first day of
   April, one thousand eight hundred and eighty-two.

10. The Corporation shall have the right to pay, from time to time, all or any such
    Principal Notes on the first day of April or the first day of October in any year, upon
    giving six calendar months’ written notice to the Governor, specifying the amount
    intended to be paid: Provided that, after notice is so given, the Corporation shall be
    bound to pay the amount therein mentioned at the expiration thereof, in the same
    manner as if Principal Notes to that amount had then fallen due. Such payments shall
    be made at the place where the Principal Notes are made payable.

11. When any Principal note is paid in pursuance of notice as aforesaid, the Interest
    Notes, bearing numbers corresponding with the number of such Principal Note, and not
    then due, shall be cancelled.

12. When the Corporation shall have paid any of the said Principal Notes, either
    upon giving notice as aforesaid, or upon or after the due date thereof, the amount
    of principal paid shall be taken as a payment in advance of the purchase money thereafter
    payable for land sold under the said Regulations; and thenceforth, upon sale of any such
    land, the Colonial Treasurer shall take, in lieu of cash payment, an order of the
    Corporation, or their Agent, requiring a Crown Grant to be issued to a purchaser therein
    named, and shall debit the Corporation with the amount against the purchase money
    so paid in advance, and so on until the same is exhausted, when payment in cash shall
    again be required, and so toties quoties.

13. As often as any of the said land is sold in accordance with the said Regulations,
    and the purchase money is paid otherwise than by such order as in the last preceding
    clause mentioned, one or more Principal Note or Notes shall be cancelled either wholly
    or in part as the case may require; and as and when the subsequent Interest Notes fall
    due, the Colonial Treasurer shall provide for payment of a part of such notes at the
    Bank where they fall due, equal to interest on the amount so paid off, calculated from
    the time of payment of the purchase money at the rate of seven per cent. interest per
    annum for the year ending April first, one thousand eight hundred and seventy-seven,
    and afterwards at the rate of seven and a half per centum per annum.

14. Whenever any Principal Note or Interest Note is required to be cancelled
    wholly or in part, and is not in the possession of the Colonial Treasurer, it shall be
    sufficient if an undertaking by the Colonial Treasurer to cancel such note, wholly or in
    part as the case may require, or to provide for paying the same wholly or in part as the
    case may be, be delivered to the Corporation or their Agent. The Principal Notes to be
    cancelled shall be selected from such class as the Corporation shall think fit.

15. The said land shall be surveyed internally by and at the cost of the Corporation.