The provisions of section sixteen of the Local Bodies Loans Act 1926, relating to the lapse of authority for loans shall not apply to the following loans of the Wellington City Council authorized by a poll of the ratepayers taken on the fifteenth day of September, nineteen hundred and twenty, namely:—
(a) Loan for Tramways: Kelburn, Karori, and Northland tramway extension—namely Willis Street, Aro Street, and Raroa Road: extension to Northland, $133,972:
but if no part of such loans is borrowed within twenty-three years after taking of the poll aforesaid the authority therefor shall lapse, and no proceedings shall thereafter be taken for borrowing the money except under the authority of another poll of the ratepayers.
Section 14 was amended, as from 1 November 1929, by substituting the words
“within fifteen years after taking of the poll aforesaid” for the words
“within ten years after the taking of the poll aforesaid” pursuant to section 10 Wellington City Empowering and Amendment Act 1929 (1929 No 12(L)).
Section 14 was substituted, as from 26 October 1935, by section 5 Wellington High Levels Tramway Amendment and Empowering Act 1935 (1935 No 18(L)).
Section 14 was amended, as from 11 December 1937, by substituting the words
“within twenty-three years after taking of the poll aforesaid” for the words
“within eighteen years after taking of the poll aforesaid” pursuant to section 4 Wellington City Empowering and Amendment 1937 (1937 No 17(L)).
“$25,800” were substituted, as from 10 July 1967, for the expressions
“£12,900” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).