• Preamble

  WHEREAS by the Otago Harbour Board Empowering Act 1926 (hereinafter called the principal Act), the Otago Harbour Board (hereinafter called the Harbour 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 Otago Harbour in carrying out the works specified in the Schedule to the said Act: And whereas the objects upon which the said loan-moneys were to be expended were partly altered by the Otago Harbour Board Empowering Act 1929 (hereinafter called the Amendment Act): And whereas the Harbour Board has reclaimed from the sea a part of its endowment including the area in the vicinity of the mouth of the Water of Leith, all as shown in the plan deposited in the office of the Marine Department at Wellington as Number MD 7041; and in connection with and for the purpose of such reclamation has constructed a channel or canal for the purpose of disposing of the waters of the Water of Leith (which channel or canal is hereinafter referred to as the said canal): And whereas it is deemed expedient for the purpose of providing additional flood protection to increase the capacity of the said canal partly by increasing its size, partly by a new and additional channel or canal, and partly by other works: And whereas for the purposes of the said new and additional channel or canal it is necessary to occupy and use part of the area occupied by a street alongside the said canal and called Laurel Bank: And whereas, for the purpose of replacing in part the said street, part of the proposed works consists of the acquisition and laying-off and construction as a public street in manner hereinafter mentioned of the land described in the Schedule hereto, which land is vested in the Harbour Board, and is under lease from the Harbour Board to certain lessees: And whereas it is considered by the Harbour Board that the provision of such additional flood protection is more urgent than some of the objects mentioned in the principal Act and the Amendment Act: And whereas it has been found that the actual cost of acquiring or completing respectively some of the said objects is or will be greater than the estimated cost: And whereas of the total amount authorized to be borrowed by the principal Act three several issues have been made amounting to two hundred thousand dollars, two hundred and fifty thousand dollars, and fifty thousand dollars respectively: And whereas part of the said issues was made at a discount, which discount and the brokerage paid in connection therewith amount together to the sum of fourteen thousand three hundred and twelve dollars: And whereas it is deemed expedient to empower the Harbour Board to apply twenty thousand dollars, part of the loan authorized to be borrowed as aforesaid, towards the cost of such additional flood protection and the works in connection therewith, and to make such consequential alterations in the principal Act and the Amendment Act as are hereinafter specified: And whereas it is also deemed expedient to increase the amount authorized to be expended on certain of the objects specified in the principal Act and the Amendment Act, and to reduce the amount authorized to be expended on certain others of those objects in manner hereinafter appearing: And whereas all those lands comprising Sections numbered Fifteen (15), Sixteen (16), and Seventeen (17), Block Seventy-three (LXXIII), on the plan deposited in the Lands Registry Office at Dunedin as Number 2086, and being part of the land included in certificate of title, Volume 177, folio 97, Otago Lands Registry, are vested in the Harbour Board, subject to the provisions of the Otago Harbour Board Empowering Act 1875: And whereas the said lands or part thereof are or may be required by the Dunedin Drainage and Sewerage Board (hereinafter called the Drainage Board) in connection with the operations of that Board: And whereas certain loans raised by the Harbour Board become due and payable in nineteen hundred and thirty-four: And whereas debentures issued by the Harbour Board in respect of loans maturing in nineteen hundred and thirty-four are payable either in London or New Zealand at the option of the holders and for various reasons, but principally owing to the present high rate of exchange, it is desirable that the said Board should have power to purchase debentures issued in respect of such loans respectively: And whereas doubts have been raised as to whether the Board has such power:

  The words “seven hundred thousand dollars”, “two hundred thousand dollars”, “two hundred and fifty thousand dollars”, “fifty thousand dollars”, “fourteen thousand three hundred and twelve dollars” and “twenty thousand dollars” were substituted, as from 10 July 1967, for the words “three hundred and fifty thousand pounds”, “one hundred thousand pounds”, “one hundred and twenty-five thousand pounds”, “twenty-five thousand pounds”, “seven thousand one hundred and fifty-six pounds” and “ten thousand pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

BE IT THEREFORE ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—