The Short Title of this Act shall be “The Otago Road Boards Endowment Act 1868.”

Within the Province of Otago there shall be a branch of the Provincial Account called the “Roads Endowment Fund.” The Superintendent and Provincial Treasurer shall at the expiration of every month commencing from the thirtieth April one thousand eight hundred and sixty-nine pay into the Roads Endowment Fund a sum equal to forty per cent of all revenue received during the month as Her Majesty’s land revenue within the meaning of section six of “The Public Revenues Act 1867” (save and except revenue arising from “The Gold Duties Act 1858” and from “The Gold Fields Act 1866” excluding assessment on stock and rents for agricultural leases collected under the said Act) and the amount so paid into the said Fund shall be appropriated in manner following—

One fourth part shall from time to time be paid to a branch of the Provincial Account to be called the “Road Districts Special Fund” and shall be distributed among the Road Boards to be expended upon public works within their districts in such proportions and subject to such regulations as the Superintendent and Provincial Council shall from time to time by Ordinance direct in that behalf Provided that when a General Road Board shall be constituted the Road Districts Special Fund shall be appropriated by that Board.

One fourth part shall be from time to time paid to a branch of the Provincial Account to be called the “Road Boards Subsidy Fund” and shall be distributed among the Road Districts which are subject to the provisions of this Act in proportion to the rates raised by them on a rate not exceeding in the whole one shilling in the pound Provided that the subsidy shall in no case exceed fifty per cent of the Land Fund within such district And such distribution shall be made under such regulations as to the dates and mode of payment as the Superintendent and Provincial Council by Ordinance shall appoint in that behalf.

The residue of the Road Endowment Fund shall be subject to appropriation by the Provincial Council of the said Province for the construction and maintenance of main roads and bridges within the Province whether within or without a Road District.

The Road Districts and Boards at present in existence in the Province of Otago and any other that may hereafter be constituted by Ordinance of the Superintendent and Provincial Council thereof shall be deemed to be the Districts and Boards subject to the provisions of this Act.