The Short Title of this Act is the Dunedin Southern Market Reserve Leasing Act 1882.

It shall be lawful for the Corporation of the Mayor, Councillors, and Burgesses of the City of Dunedin (hereinafter referred to as the Corporation), with the sanction and consent of the Governor of New Zealand, from time to time to lease by public auction at an upset rental to be fixed by the Corporation the Southern Market Reserve described in the Schedule, or any subdivisions of such reserve, for any term of years not exceeding 21 years, to take immediate effect in possession; and such leases (hereinafter called original leases) may, in addition to all such covenants, agreements, conditions, and provisions as are usual in such leases, at the option of the Corporation, contain provisions to the following effect—that is to say: That 3 months previous to the expiration of the respective terms of such original leases, 2 separate valuations shall be made by 3 indifferent persons, to be appointed in writing, as follows—one by the said Corporation, one by the lessee, his executors, administrators, or assigns, and the third by the 2 valuators, to be appointed as aforesaid: That the decision of such 3 valuators, or any 2 of them, shall be binding on all parties: That one of such valuations shall be made of all the buildings and improvements then on the land demised, and the other of the fair annual ground-rent of the said lands only, without any building or improvements, for a further term, not exceeding 21 years, from the expiration of the term granted by such original lease as aforesaid: That before the expiration of such original lease a new lease of the said land and premises for a further term not exceeding 21 years, containing similar covenants and provisions to those contained in such original lease as aforesaid, shall be put up to public auction at the upset price of the annual rent of the said land so valued as aforesaid, without buildings and improvements, subject to the payment by the purchaser of the value of the said buildings and improvements, so fixed by the valuators as aforesaid: That in the event of any person or persons other than the original lessee, his executors, administrators, or assigns, becoming entitled to such new lease, such person or persons shall forthwith pay in cash to the said Corporation for the benefit of the original lessee, his executors, administrators, or assigns, the amount of the value of the buildings and improvements so fixed as aforesaid: and, That the said Corporation shall pay over to the said original lessee, his executors, administrators, or assigns, the amount so paid to them by the purchaser of such new lease, without any deduction whatsoever, provided that the said original lessee, his executors, administrators, or assigns shall have previously paid all rent and other charges payable under the original lease.

Before the Governor shall give such sanction and consent to any such leases, plans of the buildings to be erected on the said reserve, both by lessees and by the Corporation, shall be submitted for his approval, and he shall prescribe such conditions as he shall think fit for the purpose of securing uniformity of design in such buildings, and shall require that such of the above-mentioned conditions as may be applicable to each lease shall be inserted in such lease and be made binding on the lessee and the Corporation; and also shall require the Corporation to enter into a contract under its corporate seal to observe the aforementioned conditions, which contract shall be as binding on the Corporation as any other contract it may lawfully enter into.

All rents reserved under the leases authorized by this Act shall, from time to time as they are received by or on behalf of the Corporation, be paid into such bank as the Council of the said borough shall appoint, to an account to be called The Southern Market Building and Maintenance Fund Account (hereinafter referred to as the said account), anything in the Municipal Corporations Act 1876, to the contrary notwithstanding.

The provisions contained in sections 126 to 138 of the Municipal Corporations Act 1876, inclusive, so far as they are applicable, shall apply to the said account in the same manner as if such account were a separate account, within the meaning of that Act.

All moneys belonging to the said account shall be held in trust for the purpose of providing a commodious market-place for the citizens of Dunedin, and shall from time to time be expended, subject to the conditions hereinbefore mentioned, in erecting, placing, and maintaining in good repair, upon such portions of the said Southern Market Reserve as shall not be leased under the provisions of this Act all such buildings, fences, appliances, and conveniences as shall be needful or expedient for such purpose, and not otherwise.

Provided always that if, after such suitable market-place shall have been erected and provided with all necessary buildings and appliances, in accordance with the plans sanctioned and approved by the Governor, as in section 3 of the said Act provided, and after reserving or setting apart from time to time out of the said moneys belonging to the said account a sum or sums sufficient to cover the probable cost of maintaining such market-place, buildings, and appliances in good repair during the then next ensuing 12 months, any clear surplus of such moneys shall be left, it shall be lawful for the Council of the City of Dunedin, with the sanction and consent of the Governor of New Zealand, to expend any apply such surplus moneys in the construction, erection, and maintenance of market-places, with all necessary buildings and appliances, in such other part or parts of the said city as the said Council shall think fit.

The Council may from time to time invest the whole or any part of the moneys standing to the credit of the said account in such securities as it directs, and may sell such securities:

provided that all interest accruing therefrom and all moneys arising out of the sale thereof shall be duly paid into the said account.

If any person into whose hands any portion of the moneys mentioned in section 4 shall at any time come fails to pay the same into the said account forthwith, or if any councillor or officer of the Council shall at any time, directly or indirectly, consent to or in any way authorize or sanction the payment or expenditure of the whole or any portion of the moneys standing to the credit of the said account for any purpose other than those hereinbefore mentioned, he shall be liable to be sued in any Court of competent jurisdiction; or if there be more than one such person, then they shall be liable to be sued jointly or severally, by any burgess of the said borough for any moneys which he or they shall have so failed to pay into the said account, or the payment or expenditure of which contrary to the provisions of this Act he or they shall have so consented to or in any way authorized or sanctioned, together with a penalty not exceeding $200 and all costs of the proceedings.

The amount recovered by a judgement in any such action as aforesaid, less the sum awarded by way of penalty and costs, shall be paid by the defendant into the said account, and unless so paid such judgment shall not be deemed to be satisfied. The residue of the amount so recovered shall be paid to the plaintiff.

In case the moneys recovered by a judgment in any such action be paid upon the issue of a writ of fieri facias, or warrant to seize property, the Sheriff or other officer of the Court receiving the same shall thereupon in the first place pay to the plaintiff the amount awarded as costs in the action, and secondly shall pay in to the credit of the said account the moneys which should have been paid by the defendant into, or which were so improperly paid or expended from, the said account. The balance remaining after deducting these amounts shall be paid to the plaintiff.