WHEREAS the land described in the First Schedule hereto is vested in the Board: And whereas by grant from the Crown, dated the twenty-fourth day of June, one thousand eight hundred and seventy-four, the land described therein was vested in the Corporation upon trust for reclamation, and for purposes of public utility: And whereas by an Act of the General Assembly of New Zealand entitled The Reclamation within the Harbour of Wellington Act 1887, the Corporation was prohibited from reclaiming from the sea any part of the land comprised in the said grant lying to the seaward side of the line described in Schedule 1 to the said Act (therein and herein referred to as the defined line), and such part of the said land is the land described in the Fourth and Fifteenth Schedules hereto: And whereas the Corporation has reclaimed from the sea portions only of the land described in the said grant: And whereas by the said recited Act certain land, being portion of the land described in the said grant, and being the land described in the Thirteenth Schedule hereto, was, together with other land contiguous thereto, vested in the Board to be used for a graving-dock and slip, and for other purposes of a like nature or ancillary thereto, subject to a proviso that if at the expiration of fifteen years from the passing of the said Act the said land or any part thereof should not have been used for any of the purposes aforesaid, then the said land or such part thereof as should not have been so used should, upon repayment by the Corporation to the Board (which repayment the Corporation was authorised to make) of the actual cost of the reclamation of so much of such land not used as aforesaid as should have been reclaimed, revest without conveyance in the Corporation: And whereas the said Act was passed on the tenth day of June, one thousand eight hundred and eighty-seven, and the said period of fifteen years expires on the tenth day of June, one thousand nine hundred and two: And whereas it is desirable for the improvement of the Harbour of Wellington that the land described in the said grant now remaining unreclaimed within the defined line should be reclaimed from the sea: And whereas, by an Act of the General Assembly of New Zealand intituled The Wellington Harbour Board Loans Consolidation and Empowering Act 1884, the Board was empowered, subject to the provisions of The Harbours Act 1878, and the several Acts amending the same, to construct within the Harbour of Wellington a basin, graving-dock, wet-dock, or slip, and also all works necessary for the convenient, proper, and efficient working of any such basin, graving-dock, wet-dock, or slip, as and when the Board should deem it expedient and proper so to do: And whereas it has been ascertained that owing to the recent increase in the size and number of the vessels trading to the Port of Wellington the land described in the Thirteenth Schedule is insufficient in area for the purposes for which the same is vested in the Board: And whereas, with a view of obtaining a sufficient area of land for the construction thereon of the said works, and of other harbour-works, the Board proposed to acquire from the Corporation the land described in the Second, Fifth, and Eighth Schedules hereto, being portions of the land described in the said grant, upon the basis that the Corporation should take the land described in the First Schedule hereto in exchange for the land described in the Second, Fifth, and Eighth Schedules hereto, and that any surplus in value should be paid by the Corporation to the Board, or the Board to the Corporation, as the nature of the case might require, to which the Corporation agreed, and the Board also proposed to acquire from the Corporation the land described in the Fourth and Fifteenth Schedules hereto, and the Corporation agreed to transfer the said land to the Board upon the terms and conditions hereinafter appearing: And whereas, on valuations being taken, it was found that the land described in the First Schedule hereto exceeded in value the land described in the Second, Fifth, and Eighth Schedules hereto by the sum of thirty-three thousand dollars ($33,000): And whereas it was ultimately agreed between the Board and the Corporation that the Board should transfer to the Corporation the land described in the First Schedule hereto, and that the Corporation should transfer to the Board the land described in the Second, Fifth, and Eighth Schedules hereto, and pay to the Board the sum of thirty-three thousand dollars ($33,000): And it was further agreed that the Board and the Corporation should enter into the following agreement: Now, in pursuance of the said agreement, it is hereby agreed and declared:—
The references to
“thirty-three thousand dollars”,
“eight dollars”, and
“ten thousand four hundred and thirty-seven dollars sixty-six and two-thirds cents” were substituted, as from 10 July 1967, for references to
“sixteen thousand five hundred pounds stirlling”,
“four pounds”, and
“five thousand two hundred and eighteen pounds sixteen shillings and eightpence” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).