This Act may be cited as the Gisborne Harbour Board Empowering Act 1970.

This Act shall be deemed to be a special Act within the meaning of the Harbours Act 1950.

In this Act, unless the context otherwise requires,—

(1) Notwithstanding anything in section 12 of the Gisborne Harbour Act 1905, the Board, with the consent of the Minister of Marine and subject to such terms and conditions as he thinks fit (including, but not by way of limitation, terms of deferred payment which may provide for the transfer of the land and the securing of the unpaid purchase money by way of mortgage of the land sold), may sell the whole or any part of the land described in the Schedule to this Act (being part of the land set apart as an endowment for the Board by section 12 of the Gisborne Harbour Act 1905 and part of the land subject to the Gisborne Harbour Board Empowering Act 1953).

(2) On registration of any transfer that completes a sale made pursuant to subsection (1) of this section the land comprised in the transfer shall cease to be subject to the Gisborne Harbour Act 1905 and to the Gisborne Harbour Board Empowering Act 1953.

(1) Where any land is sold pursuant to subsection (1) of section 4 of this Act or where any money is received on the surrender of a lease of the whole or any part of the land described in the Schedule to this Act, the net proceeds of the sale and any money so received shall be paid by the Board into a special account and may be invested by the Board in accordance with section 53 of the Harbours Act 1950.

(2) The capital of that special account together with any interest on that capital or any part thereof may from time to time be applied by the Board in carrying out the powers conferred on it by section 4 of the Gisborne Harbour Board Empowering Act 1953.