• Preamble

  WHEREAS, by an Ordinance of the Superintendent and Provincial Council of Otago, made and passed in the thirty-seventh year of the reign of Her present Majesty (Session XXXIII, No 422), shortly intituled The Otago Harbour Board Ordinance 1874, it was enacted that, for the purpose of constructing such works as are specified in the said Ordinance, the Board (meaning thereby the Otago Harbour Board) might borrow, on the security of the lands described in Schedule 1 to the said Ordinance, and of all other lands which might for the time being be vested in the said Board, and of the rents thereof, and of the dues chargeable or receivable by the said Board under the said Ordinance, any sums of money not exceeding in the aggregate the sum of five hundred thousand dollars, at any rate not exceeding six dollars per centum per annum, payable half-yearly, and so often as such sum should be repaid the said Board might re-borrow the same or any less sum: And whereas, in exercise of the powers conferred in and by the said Ordinance, the said Board has from time to time borrowed upon the security aforesaid various sums of money amounting in the aggregate to the said sum of five hundred thousand dollars, and in order to secure the repayment thereof has from time to time issued, or caused to be issued, mortgages in the form prescribed by the said Ordinance: And whereas, in pursuance of the provisions of the said Ordinance, certain of the moneys so authorized to be borrowed have been repaid, but the mortgages in respect of the unpaid balance are still outstanding: And whereas, by an Act of the General Assembly of New Zealand passed in the forty-fourth year of the reign of Her present Majesty (No 23, Local), shortly intituled The Otago Harbour Board Empowering Act 1880, the Board was authorized to raise and borrow from time to time, in addition to the money then already borrowed, a sum or sums of money not exceeding in the whole two hundred thousand dollars: And whereas the said Board has, in exercise of the powers conferred upon it by the said Act, from time to time borrowed in the manner directed by and subject to the conditions of The Harbours Act 1878, various sums of money, amounting in the aggregate to the said sum of two hundred thousand dollars, and in order to secure the repayment thereof has from time to time issued, or caused to be issued, debentures in the form provided by The Harbours Act 1878, and such debentures are still outstanding: And whereas, by an Act of the General Assembly of New Zealand, passed in the forty-sixth year of the reign of Her present Majesty (No 24, Local), shortly intituled The Otago Harbour Board Further Empowering Act 1882, the said Board was authorized to raise and borrow from time to time, in addition to any money then already borrowed, a sum or sums of money not exceeding in the whole four hundred thousand dollars: And whereas the said Board has, in exercise of the powers conferred upon it by the said Otago Harbour Board Further Empowering Act 1882, borrowed in the manner directed by and subject to the conditions of The Harbours Act 1878, sums of money amounting in the aggregate to the said sum of four hundred thousand dollars, and in order to secure the repayment thereof has issued debentures in the form provided by The Harbours Act 1878, and such debentures are still outstanding: And whereas doubts have arisen as to the status of the holders of the debentures which have been issued as aforesaid, and the Otago Harbour Board is desirous of having power to borrow as hereinafter mentioned moneys not exceeding in the whole the sum of one million four hundred thousand dollars, necessary for paying off and discharging all or any moneys raised by virtue of the said Ordinance, and The Otago Harbour Board Empowering Act 1880, and The Otago Harbour Board Further Empowering Act 1882, and for raising a sum or sums of money to be applied in improving the Otago Harbour: And whereas it is expedient that power should be given to the said Board for the purpose aforesaid:

  The words “five hundred thousand dollars”, “six dollars”, “two hundred thousand dollars”, “four hundred thousand dollars” and “one million four hundred thousand dollars” were substituted, as from 10 July 1967, for the words “two hundred and fifty thousand pounds”, “six pounds”, “one hundred thousand pounds”, “two hundred thousand pounds” and “seven hundred thousand pounds” respectively, pursuant to section 7(1) and (2) Decimal Currency Act 1964 (1964 No 27).

BE IT THEREFORE ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—