WHEREAS by the Otago Harbour Board Empowering Act 1926 (hereinafter called the said Empowering Act of 1926), the Otago Harbour Board (hereinafter called the Board) was authorized to borrow any sums of money not exceeding in the whole seven hundred thousand dollars, and it was provided that the moneys borrowed under the authority of the said Act should be applied for the general improvement of the Otago Harbour in carrying out the works specified in the Schedule thereto: And whereas one of the works so specified was a harbour warehouse, for which the sum of fifty thousand dollars was allocated: And whereas it is now considered by the Board that the objects hereinafter mentioned are more urgent than a harbour warehouse: And whereas section one hundred and eighty-nine of the Reserves and other Lands Disposal and Public Bodies Empowering Act 1924 (hereinafter called the Reserves Act), provided that it should be lawful for the Board and the Mayor, Councillors, and Citizens of the City of Dunedin (hereinafter called the Dunedin Corporation) to enter into and carry into effect an agreement for the grant by the Board to the Corporation of a lease of any part of the land comprised in certificate of title, Register-book, Volume 189, folio 132, in the Lands Registry Office at Dunedin, in manner in the said Act mentioned: And whereas subsequent to the passing of the Reserves Act the Board alienated to His Majesty the King part of the land included in the said certificate of title in exchange for other land which is included in certificate of title, Register-book, Volume 218, folio 69, of the said Lands Registry Office: And whereas it is desired that the authority to lease hereinbefore mentioned shall extend to the land acquired by the Board as last aforesaid: And whereas by section three of the Otago Harbour Board Empowering Act 1911, the Board was empowered to grant to the Mayor, Councillors, and Burgesses of the Borough of West Harbour (hereinafter called the West Harbour Corporation) and its assigns a lease of the lands therein mentioned in manner therein provided: And whereas pursuant to the said section three the Board duly executed a memorandum of lease, dated the thirtieth day of May, nineteen hundred and twelve, in favour of the West Harbour Corporation, of the lands authorized to be leased as aforesaid, for the term of fifty years from the first day of May, nineteen hundred and twelve, with, upon, and subject to the terms and conditions in the said lease contained: And whereas it is desired that the West Harbour Corporation shall have power to surrender to the Board part of the lands included in the said memorandum of lease in exchange for certain other lands belonging to the Board: And whereas it is desired that the Board shall have power to accept the surrender of the whole or part of the land situated in the City of Dunedin, being Section Number 1, Block LXXII, on the plan deposited in the Lands Registry Office at Dunedin as Number 1470, included in memorandum of lease dated the thirtieth day of June, nineteen hundred and twenty-two, Registered Number 5423, from the Board to Alexander Gillies, of Dunedin, Painter, for the purpose of dedicating part of the said land as a public street:
“seven hundred thousand” and
“fifty thousand dollars” were substituted, as from 10 July 1967, for the words
“three hundred and fifty thousand pounds” and
“twenty-five thousand pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).