The Minister shall have power to purchase land or to take land on lease by agreement and to equip and hold land for the purpose of utilising the land as demonstration farms conducted on an economic basis under the management and control, as agents for the Minister, of local authorities, universities, agricultural colleges, or other bodies, or of any persons who, in the opinion of the Minister, are qualified to manage and control such farms and to give instruction in agricultural subjects:

Provided that no farm conducted under the powers conferred by this section shall exceed two hundred and fifty acres in extent unless the annual value thereof was at the date of the acquisition of the land by the Minister assessed for the purposes of income tax under Schedule A of the [8 & 9 Geo. 5. c. 40.] Income Tax Act, 1918, at an amount which did not exceed two hundred and fifty pounds.

The Minister shall make to Parliament not later than the first day of May an annual report as to the operations conducted under this section, including the annual accounts of each demonstration farm carried on thereunder, and such accounts shall include a profit-and-loss account for each farm and a valuation made at the end of each financial year.