The Short Title of this Act is “The Patea Harbour Act, 1901.”

This Act shall be deemed to be a special Act within the meaning of “The Harbours Act, 1878” (hereinafter referred to as “the said Act”).

The Patea Harbour Board (hereinafter referred to as “the Board”), constituted under the said Act, shall have power from time to time to borrow, in the manner and subject to the conditions of the said Act, upon the security of all lands vested in the Board or set aside as endowments, and of any works constructed or being constructed under any Acts heretofore in force, and of all other property or income of the Board, all such sums of money as may be necessary for the purpose of constructing or repairing harbour-works within the Harbour or Port of Patea to the extent of the sum of ten thousand pounds, in addition to the sum of ten thousand pounds authorised under “The Patea Harbour Act, 1878,” and also in addition to the sum of five thousand pounds authorised under “The Patea Harbour Board Act, 1890,” whereof the sum of three thousand pounds has been borrowed. But no money shall be borrowed under the authority of this Act which shall produce to the lender a higher rate of interest than four pounds ten shillings per centum per annum.

Any mortgages, debentures, or other securities heretofore given by the Board in respect of the said sums of ten thousand pounds and three thousand pounds, or any part thereof, and still in force or unpaid, shall, as far as regards the land, moneys, or other property thereby pledged, have priority over any debenture, mortgage, or other security given under this Act: Provided that, if the Board shall borrow moneys for the purpose of paying off either of the said sums of ten thousand pounds and three thousand pounds, it shall be lawful for the Board to provide that the security for the moneys so borrowed for such purpose shall rank pari passu with and not in priority to the loan of ten thousand pounds hereby authorised.