The Short Title of this Act is “The Oamaru Harbour Board Act, 1881.”

Sections four and five of “The Oamaru Harbour Board Act, 1876,” are and shall be deemed from the date hereof to be hereby repealed, but so that nothing heretofore done under the authority of such sections shall be affected by this repeal.

Except as hereinafter mentioned, the land comprised in the Schedule to this Act shall be and remain subject in all respects to the provisions of “The Land Act, 1877,” and the Schedules thereto, so far as the said Act and Schedules are applicable or in force within the Otago Land District, and also to all the Acts relating to gold fields and gold-mining now in force in the said land district.

The Land Board of the Otago Land District shall cease to exercise or perform any powers, duties, or functions in or over the said block of land; but the Oamaru Harbour Board shall hereafter exercise and perform the same over the said block of land in all respects as though the Oamaru Harbour Board had been in the said Act and Schedules designated and named, instead of the said Land Board.

The rents paid in respect of the lands aforesaid, or so much thereof as shall be necessary, shall be applied towards first satisfying the annual charges on the mortgages issued by the Board prior to the passing of “The Oamaru Harbour Board Ordinance Amendment Act, 1878;” secondly, towards satisfying the annual charges on mortgages or debentures thereafter issued by the Board; and the balance (if any) shall be applied for the conservation and improvement of the Harbour of Oamaru.