This Act may be cited as the Auckland Harbour Board Loan and Empowering Act, 1919.

It shall be lawful for the Board from time to time, as it may require, to borrow by debentures in the form or to the effect in the Second Schedule hereto, for a period of not exceeding twenty years from the issue thereof, the sum of one million pounds, at a rate of interest not exceeding five pounds ten shillings per centum per annum.

No money shall be borrowed under the authority of this Act which shall produce to the lender a higher rate of interest than five pounds ten shillings per centum per annum.

The said sum of one million pounds, or so much thereof as may be required for the purpose, shall be applied and expended in the construction of the several harbour-works specified in the First Schedule hereto, or such of them and with such modifications or amendments as to the Board may seem meet:

Provided that nothing in this Act shall authorize the construction of any breakwater or reclamation, or any harbour-work, except in conformity with the provisions of the Harbours Act, 1908.

Debentures issued under the authority of this Act, together with the interest payable in respect thereof, shall, subject to the existing charges thereon, be a charge on the lands and hereditaments mentioned in the Third Schedule hereto, and the present and future rents thereof, and the dues chargeable and receivable by the Board in respect of the said lands, and the harbour-works now or hereafter constructed thereon, and on the Auckland Harbour Fund.

For the purpose of providing for the repayment of the moneys hereby authorized to be borrowed the Board shall permanently appropriate and set apart as a sinking fund a sum equal to one pound per centum per annum on the aggregate amount of debentures which shall be issued under this Act, and the same shall be paid to Commissioners appointed or to be appointed pursuant to the provisions of the Auckland Harbour Board Loan and Empowering Act, 1908, and the provisions of such last-mentioned Act relating to such Commissioners shall, mutatis mutandis, be deemed to be incorporated in this Act.

The provisions of the Harbours Act, 1908, and the amendments thereof as to the raising and repayment of loans, the remedies of debenture-holders, and such further provisions of such last-mentioned Act and the amendments thereof as are applicable for the protection of lenders of moneys to Harbour Boards shall, where not inconsistent with the provisions of this Act, be deemed to be incorporated herein.

Pending the raising of any moneys authorized by this Act to be raised, the Board or, as the case may be, the agents raising the same may borrow any sum or sums of money, not exceeding the whole amount so authorized to be raised, by the hypothecation, pledge, or mortgage of any debentures hereby authorized to be issued, but all moneys so borrowed shall be a first charge upon and shall be repaid out of the loan when raised.

Debentures to be issued under the authority of this Act and signed by the agent or agents appointed for raising or managing the loan authorized under this Act shall be as valid and effectual as if issued under the seal of the Board.

It shall be lawful for the Board, notwithstanding any provisions of law to the contrary, to borrow at a rate of interest not exceeding, and which shall produce to the lender not more than, five pounds five shillings per centum per annum any money not yet raised the borrowing of which was authorized by the Auckland Harbour Board Loan and Empowering Act, 1908.

The Board may quarry and sell quarry-stone and road-metal or other material for roadmaking on such terms as it thinks fit.

Section seven of the Auckland Harbour Board, Devonport Borough Council, and Devonport Domain Board Empowering Act, 1918, is hereby amended by omitting the word “The” in the first line of such section, and substituting therefor the word “No.”