WHEREAS by the Napier Harbour Board Amendment and Improvement Act 1887 (hereinafter called the said 1887 Act), the Napier Harbour Board was authorized to fill up and reclaim the whole or any part of the reserve known as Te Whare-o-Maraenui Reserve, being the land described in Schedule 3 to such Act, and such part of the Ahuriri Lagoon as lies to the east of the public road leading from Napier to Taradale, and for such purpose to construct and maintain such works as might be necessary: And whereas by section four of the Napier Harbour Board Amendment and Endowment Improvement Act 1899 (hereinafter called the said 1899 Act), the Napier Harbour Board was empowered to sell and dispose of the whole or any part of the land described in the Schedule thereto (which land is part of the land described in Schedules 3 and 4 to the said 1887 Act); and by the now-reciting Act provision was also made that the purchase-moneys to be received upon any such sale or sales should be applied in or towards the reclamation or improvement of the whole or any part of the lands described in Schedules 3 and 4 to the said 1887 Act, other than any part thereof so sold as aforesaid; and that in addition to, and not by way of substitution for, the leasing-powers already vested in the said Board by law, the said Board might from time to time let the whole or any part or parts of the lands described in Schedules 3 and 4 to the said 1887 Act, subject to the terms and conditions by the now-reciting Act provided; and that the said Board might combine a sale with a lease; and that the said Board might make such provisions as it thought fit in any such sale or lease for the taking-over by the said Board of part or parts of the land reclaimed or improved in lieu of the whole or any part of the purchase-money or rent; and that, in order to provide moneys for the purpose of paying to the lessee any sum for improvements in case of determination of any lease or otherwise, the said Board might borrow, on the security of the whole or any part of the lands described in Schedules 3 and 4 to the said 1887 Act, such sum or sums of money as it should think fit, not exceeding in the whole the sum of twenty-six thousand dollars: And whereas by deed of lease, bearing date the tenth day of December, nineteen hundred, made between the Napier Harbour Board of the one part and William Langlands and Charles Dugald Kennedy (therein called the lessees) of the other part, the said Board did demise and lease unto the lessees, first, all that piece of land containing by admeasurement fourteen hundred and ninety acres, more or less, therein called Block A, and, secondly, all that piece of land containing three hundred acres, more or less, therein called Block B, which two pieces of land together constitute nearly the whole area described in Schedule 3 and in the second paragraph of Schedule 4 to the said 1887 Act, and which piece of land, called Block B, is the piece of land described in the Schedule to the said 1899 Act, to hold the said premises unto the lessees for the term of twenty-one years from the sixteenth day of February, nineteen hundred, at the rents and upon and subject to the terms and conditions therein set out; and in the now-reciting deed of lease the lessees were put under obligation to completely reclaim Block B as therein mentioned, and to undertake and complete reclamation works for reclaiming Block A by doing certain works therein specified: And whereas the said Block B has been completely reclaimed by the lessees, and has, in terms of the said recited deed of lease and in accordance with the powers conferred by the said 1899 Act, been vested in fee-simple as to part thereof in the lessees, the remainder thereof being vested in fee-simple in the Board, subject, as to an area of twenty acres or thereabouts, to the same being vested in the Mayor, Councillors, and Burgesses of the Borough of Napier, as authorized by section four of the said 1899 Act: And whereas the said Board and the lessees subdivided Block B into about seven hundred town allotments, and laid off, formed, and made numerous roads through and over Block B, giving access to such allotments, which roads have been dedicated to the public by the said Board: And whereas the portion of the said Block B now vested in the said Board for an estate in fee-simple is partly within the Borough of Napier and partly within the Town District of Napier South, and constitutes a valuable endowment of the said Board for revenue-producing purposes: And whereas the reclamation of the said Block A to the extent to which the lessees were compellable to perform the same in terms of the said recited deed of lease has been effected by the said lessees, but the said Block A has only thereby been partially reclaimed, and the said Board has been advised that if the reclamation of the said Block A and the remaining unreclaimed portion of the land described in Schedule 3 to the said 1887 Act be completed the said lands will become a valuable endowment of the said Board for revenue-producing purposes: And whereas it is expedient, in the interests of the said Board, that the reclamation of such lands as last aforesaid should be completed as soon as possible: And whereas the land described in Schedule 1 hereto is the balance of the land described in Schedule 3 to the said 1887 Act and in the second paragraph of Schedule 4 to that Act, after deducting the portion of such lands which has been completely reclaimed by the said lessees as before recited: And whereas the said Board, in exercise of its legal powers in that behalf, and after having had proper valuations and estimates made by persons qualified to make the same, has agreed to accept from the said lessees a surrender of the said recited deed of lease and to pay to the said lessees a consideration therefor of thirty-four thousand dollars, whereof the sum of eight thousand dollars is to be paid in cash within the period of one year from the first day of March, nineteen hundred and twelve, and the balance of twenty-six thousand dollars is to be secured by mortgage debentures issued upon the security authorized by section ten of the said 1899 Act, with the exception of the land described in the Schedule to such last-mentioned Act (being the said Block B): And whereas it is also expedient that reclamation and improvement works should be effected in and upon the lands described in Schedule 2 hereto (being the land described in the first paragraph of the said Schedule 4 to the said 1887 Act), and also in and upon the lands described in Schedule 3 hereto (being the unreclaimed portions of the Port Ahuriri Lagoon, situate in the immediate neighbourhood of that part of the Borough of Napier known as Port Ahuriri), in order that by such reclamation and improvement works the said lands respectively may be rendered valuable as revenue-producing endowments of the said Board: And whereas it is necessary and expedient that in order to enable or assist the said Board to carry out reclamation and improvement works as aforesaid, and for the other purposes hereinafter mentioned, the said Board should have increased borrowing-powers; and also that the powers of the said Board in other respects should be enlarged or more particularly defined as hereinafter appearing:
“twenty-six thousand dollars”,
“thirty-four thousand dollars” and the words
“eight thousand dollars” were substituted, as from 10 July 1967, for the words
“thirteen thousand pounds”,
“seventeen thousand pounds” and the words
“four thousand pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).