(1) Where a river district is abolished, the Audit Office, or such person as the Governor-General may appoint, shall hold an inquiry and make an award apportioning the property of the Board, and the debts, liabilities, and engagements thereof, amongst the districts of territorial authorities within the meaning of the Local Government Act 2002, or portions thereof respectively in the district so abolished.
(2) Any such award may provide for all or any of the matters included in the subject for inquiry, and may declare in whom any property shall be vested, and by whom any money shall be paid, including the payment of the whole or any part of the expenses of the inquiry; and the person making the award may make and give such directions generally as may be necessary for giving full effect to the objects of the inquiry.
(3) Every such award shall be final, and shall from the date thereof have the operation of and be enforceable as a judgment of the High Court.
(4) Nothing in this section shall in any way affect the rights or interests of any bondholder or other creditor of the Board, or shall relieve the ratepayers for the time being in the area comprised in the river district from their liability to pay any special rate made under the principal Act as a security for any loan.
Subsection (1) was amended, as from 1 April 1980, by section 8(3) Local Government Amendment Act 1979 (1979 No 59) by substituting the words
“districts of territorial authorities within the meaning of the Local Government Act 1974” for the words
“boroughs, counties, road districts, and town districts”.
Subsection (1) was amended, as from 1 July 2003, by section 262 Local Government Act 2002 (2002 No 84) by substituting the words
“districts of territorial authorities within the meaning of the Local Government Act 2002” for the words
“districts of territorial authorities within the meaning of the Local Government Act 1974”. See sections 273 to 314 of that Act as to the savings and transitional provisions.
In subsection (3) the words
“High Court” were substituted, as from 1 April 1980, for the words
“Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).