Whereas William John Cameron Bond and George Ernest John Hutcherson, both of Kaeo, company directors (in this section referred to as the vendors) have offered to sell to the Whangaroa County Council (in this section referred to as the Corporation) their interests in the land described in subsection (7) on a system of payment over a period of time longer than that which may be approved under section 185 of the Counties Act 1956 by the Minister of Local Government:
And whereas it is desirable that the Corporation be authorised and empowered to accept the offer and to purchase the land:
Be it therefore enacted as follows:
(1) The Corporation is hereby authorised and empowered to purchase the land described in subsection (7) from the vendors and to execute a memorandum of mortgage of that land as mortgagor in favour of the vendors as mortgagees to secure the purchase price.
(2) Notwithstanding section 185 of the Counties Act 1956 or section 3 of the Local Authorities Loans Act 1956, the Corporation is hereby authorised to pay as the purchase price for the said land the sum of $125,757.23 (which sum includes capitalised interest at a rate of 6% on a principal sum of $52,550, computed from 1 January 1973 for a period of 35 years with half-yearly rests) by successive half-yearly payments each of $1,800 until the expiry of a period of 35 years, or until the death of the last to survive of the vendors and Mary Froude Bond, whichever event be the sooner.
(3) The payments of purchase money shall be made to the vendors in equal shares and, on the death of one of the vendors, to the surviving vendor.
(4) For the purposes of subsection (3), the payments of purchase money shall, from the date of death of William John Cameron Bond, be made to Mary Froude Bond (if she is then living) to the same extent as if she were a vendor instead of the said William John Cameron Bond.
(5) Where any memorandum of mortgage is executed pursuant to subsection (1) and is registered, and where the payments of the purchase price for the land cease before the expiry of a period of 35 years as is provided in subsection (2), then, on giving proof to the satisfaction of the Registrar of the land registration district in which the mortgage is registered that the vendors and, as the case may require, Mary Froude Bond, are deceased, the Corporation may execute a release of the mortgage and that Registrar shall register that release as if it were executed by the mortgagees.
(6) The Corporation is hereby further authorised to pay to the respective personal representatives of the vendors and Mary Froude Bond the amount (if any) by which estate or other duties assessed in respect of the dutiable estate of each of the vendors and Mary Froude Bond shall be increased by virtue of the terms of the sale of the land.
(7) The land to which this section relates is described as follows:
All that parcel of land containing 2.2602 hectares, more or less, being part Lot 1 on Deposited Plan 54531, being part Allotment 2, Parish of Mahinepua, and being all the land comprised and described in certificate of title Volume 26B, folio 334, North Auckland Land Registry.
Section 21: amended, on 1 April 1978, pursuant to section 9(7) of the Local Government Amendment Act (No 3) 1977 (1977 No 122).
Section 21(5): amended, on 1 June 2002, pursuant to section 38(2) of the Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002 (2002 No 11).