This Act may be cited as the New Plymouth Borough and New Plymouth Harbour Board Exchange Act, 1924.

In this Act—

The land described in the First Schedule hereto (being land heretofore vested in the Corporation of the borough) is hereby vested in the New Plymouth Harbour Board in fee-simple (subject to any existing leases or other interests affecting the same), and shall be held by the Harbour Board upon the like trusts and for the same purposes as those upon or for which the lands described in the Second Schedule hereto were held by it immediately prior to the passing of this Act; and the land described in the Second Schedule hereto (being land heretofore vested in the Harbour Board) is hereby vested in the Corporation of the Borough of New Plymouth in fee-simple (subject to any existing leases or other interests affecting the same), and shall be held by the said Corporation upon the like trusts and for the same purposes as those upon or for which the lands described in the First Schedule hereto were held by it immediately prior to the passing of this Act.

The District Land Registrar of the Land Registration District of Taranaki shall, upon application under the seal of the Borough Council and the Harbour Board respectively, cancel any existing certificates of title of the lands described in the First and Second Schedules hereto, and shall issue certificates of title for the said lands to the Borough Council and the Harbour Board respectively in accordance with the provisions of the last preceding section.

Forthwith after the passing of this Act the Harbour Board shall pay to the Borough Council the sum of three hundred and sixty-seven pounds by way of equality of the exchange effected by this Act, and until paid the said sum shall be deemed to be a debt due by the Harbour Board to the Borough Council, and shall be recoverable in any Court of competent jurisdiction accordingly.

The said sum of three hundred and sixty-seven pounds may be expended by the Borough Council only for the purpose of effecting improvements upon the lands vested in it pursuant to this Act.

The Borough Council shall keep a separate account in its books showing the receipts and expenditure of all moneys received by it under the provisions of this Act.