In order to raise the moneys necessary for completing the purchase of the said bridge and wharf, it shall be lawful for the Corporation to issue debentures under the common seal of the Corporation, in the form set forth in the First Schedule to this Act, and to sell the same, together or in separate lots, in such manner as the Corporation shall think fit.

Every such debenture shall be for the sum of not less than fifty nor more than five hundred pounds, payable as to the principal sum thereby secured at the expiration of seven years from the date thereof, and all such debentures shall bear date on the same day.

Every such debenture shall be payable, both as to principal and interest, at such place as shall be therein mentioned for that purpose, and shall bear interest at a rate not exceeding eight pounds per centum per annum from the date thereof, payable half-yearly at the same place as the principal money secured by such debenture, and separate coupons for each half-year’s interest, in the form in the said First Schedule, shall be attached to every such debenture, and each coupon shall be signed by the Mayor for the time being of the said Borough of Wanganui, and countersigned by the Clerk of the Borough Council.

The said debentures and coupons shall respectively be transferable by delivery; and payment to any person having possession of any such debenture, of the principal sum thereby secured, shall discharge the Corporation and their successors from all liability in respect of the said principal sum; and payment to any person having possession of any such coupon, shall discharge the Corporation from all liability in respect of the interest in such coupon expressed to be payable.

The principal and interest secured by the said debentures, and the payments to sinking fund hereby provided for, shall be a first charge on the said bridge, and on the rents tolls and profits thereof, and also on the said wharf, and on the tolls profits and rents thereof.

The Corporation shall in every year set aside out of so much of the several rents tolls and profits mentioned in the last preceding section as shall remain after paying the interest on all debentures issued under this Act, a sum equal to two pounds per centum on the amount of all debentures issued under this Act, and shall pay the said sum to the Trustees hereinafter named; and it shall be the duty of the said Trustees from time to time to invest all sums paid to them, and all accumulations of interest arising therefrom, in the purchase of bonds bills or debentures issued by the General Government of New Zealand, or by the Government of any part of the British dominions, or of debentures issued under this Act; and when the principal money secured by the debentures issued under this Act becomes payable, the whole accumulation of the said sinking fund shall be applied in payment of the said principal money.

The following persons shall be the Trustees for the purposes of the preceding section; that is to say, the Superintendent for the time being of the said Province, and the Provincial Auditor for the time being of the said Province, and their respective successors in office.

Subject to the provisions hereinafter contained, the interest on every debenture issued under this Act shall cease at the expiration of seven years from the date thereof.

If any person holding a debenture issued under this Act shall tender the same for payment of the principal thereby secured at the place at which such principal is payable, at the time when such principal is payable or at any time thereafter, and such principal shall not be paid in full,—or if any person holding a coupon for payment of interest on any debenture issued under this Act shall tender the same for payment at the place at which such interest is payable, and at the time when such interest is payable or at any time thereafter, and such interest shall not be paid in full,—it shall be lawful for such person to apply to the Judge of the Supreme Court of New Zealand to whom the Judicial District comprising the Borough of Wanganui has been assigned, by petition in a summary way, for relief under this Act, and thereupon such Judge, upon being satisfied of the truth of the matters alleged in such petition, may order that the said bridge and the said wharf be sold in such manner and at such time or times as such Judge shall direct, and that the proceeds of the sale thereof shall be applied in payment, first, of the expenses of such application and order and of the proceedings thereon and of the sale in pursuance thereof, next in payment of the principal moneys secured by the said debentures, with interest thereon respectively at the rate aforesaid until all such principal moneys shall have been paid, and that the residue (if any) shall be paid to the Corporation for the use of the said borough; and such Judge may from time to time appoint a Receiver of the rents tolls or profits of the said bridge and wharf until the same shall be sold, or he may from time to time appoint a Receiver of all or any of the said rents tolls or profits without directing a sale, and may direct that such Receiver shall be paid out of the said rents tolls or profits such remuneration as to the said Judge shall seem fit.

The Mayor of the Borough of Wanganui shall issue debentures under this Act to the extent of twenty thousand pounds and no more, and such debentures shall be issued within ninety days from the passing of this Act, and not afterwards.

The principal moneys secured by every debenture issued under this Act shall, when the same become payable, be a debt of the Corporation to the holder for the time being of such debenture; and the interest secured by every such debenture shall, when the same becomes payable, be a debt of the Corporation to the holder for the time being of the coupon for such interest; and every sum of money due by the Corporation under this provision shall be recoverable by action against the Corporation, and payable out of any moneys from time to time applicable by. law for the general purposes of the Corporation.

No holder of any debenture issued under this Act shall have any claim upon the Ordinary or other Revenue of the Province of Wellington or the Colony of New Zealand for the payment or satisfaction of the principal moneys or interest secured by such debenture.

Notwithstanding anything contained in any Act relating to Building or any other Benefit Societies in New Zealand, or in the rules of any such society, to the contrary, it shall be lawful for the governing body of any such society to invest in any debentures to be issued under the provisions of this Act any accumulated funds which under the provisions of any Act relating to Building or other Benefit Societies, or any rules thereof, may be invested in real or Government securities.

The said Act of the said Superintendent and Provincial Council, shortly intituled “The Wanganui Bridge Act Amendment Act, 1869,” is hereby repealed.

Immediately upon the coming into operation of this Part, the said bridge, and the toll-houses and toll-gates belonging thereto, shall vest without any conveyance in the Corporation, and the limits of the Borough of Wanganui shall be extended so as to include the whole of the said bridge and the said toll-houses and gates. And the Corporation shall hold the same as part of the corporate property of the Borough of Wanganui, and subject to the laws and rules for the time being in force respecting the disposal and management of the corporate property of the said borough, and the application and expenditure of the moneys and revenues arising therefrom.

All the tolls rents and profits collected on the said bridge, as well for traffic over the same as for charges on vessels passing through the same, on and after the day on which this Part comes into operation, and all charges and tolls collected at or on the said wharf on and after that day, shall be paid to the Corporation, and, after providing for the interest and payments to sinking fund mentioned in the First Part of this Act, the surplus (if any) shall form part of the ordinary revenue of the Corporation.

It shall be the duty of the Corporation to keep the said bridge toll-houses and gates and the said wharf in repair.

The Corporation shall have power to let the tolls to be received at the said bridge for any term not exceeding three years, at such rent and upon such terms and conditions as they shall think fit.

The Corporation shall have power to let the said wharf, and the charges and tolls to be received thereat, for any term not exceeding three years, at such rent and upon such terms and conditions as they shall think fit.

The tolls which under the several Acts of the said Superintendent and Provincial Council relating to the said bridge now in force are now chargeable in respect of vehicles animals and persons passing over the said bridge, shall continue to be charged thereat until altered as herein provided.

The Council of the Borough of Wanganui may, by special order made under the three hundred and first section of “The Municipal Corporations Act, 1867,” from time to time increase alter or abolish the tolls to be paid for vehicles animals and persons passing over, and for vessels passing through the said bridge, and by the like special order appoint other rates of toll, subject to such limitations and conditions as in the said section mentioned; and all rates of toll so to be appointed shall be collected and recovered as and shall for all the purposes of the said “Municipal Corporations Act, 1867,” be deemed to be rates of toll appointed under the said section; and for the purposes of this Act the said section shall be read as if persons and vessels had been mentioned therein as well as animals and vehicles: Provided that no such special order shall extend to render liable to any toll the Governor or any of his family or attendants, or any person vehicle animal or vessel for the time being exempt from toll by virtue of any Act of the Imperial Parliament extending to New Zealand, or of any Act of the General Assembly of New Zealand for the time being in force.

The Corporation alone shall have power to appoint and remove such Collectors and other officers for the collection of the tolls on the said bridge as under any Act of the said Superintendent and Provincial Council now in force, or under this Act or otherwise, are required to be or may be appointed or removed.

Whenever the said bridge shall be opened to allow any vessel to pass through, and shall have remained open for thirty minutes, the same shall forthwith be closed; and if such vessel shall not have passed through during that period, the bridge shall not be opened again on the same day to allow such vessel alone to pass through, except upon payment of the sum of ten shillings by the master or person in charge of such vessel to the person employed by the Corporation to open the bridge.

And with regard to the said wharf, be it enacted, for the purposes of this Act, the term “the wharf” shall mean and include all the foreshore of the Wanganui River between Victoria Avenue and Churton Street, containing three acres three roods and thirty-eight perches, more or less, being a portion of the right side of the River Wanganui lying between the production of the north side of Victoria Avenue and the production of the south side of Churton Street, and bounded towards the South-east by a line of three feet in depth at low-water spring tides, and towards the North-west by the line of high-water spring tides and all erections and works for the time being standing upon such foreshore.

The regulations set forth in the Second Schedule hereto shall have the same force and effect as if enacted herein, and every person committing any offence mentioned in the said Schedule shall be liable to pay, upon conviction thereof, such penalty as is herein specified with respect to such offence: Provided that if the Third Part of the Thirteenth Schedule to “The Municipal Corporations Act, 1867,” or any by-laws for the purposes mentioned in that Part, shall be brought into force within the Borough of Wanganui, the regulations herein contained may be repealed or varied by the Council of the said borough in the same manner as if they were by-laws of the borough made under the said Municipal Corporations Act.

The Corporation may from time to time appoint and remove such one or more person or persons to manage the said wharf and to carry out the said regulations as they shall think fit, and at such salary as the Corporation shall fix. The term “Wharfinger” in the said regulations shall mean and include such person or persons.

The said regulations shall be printed in a separate form, and copies thereof shall be kept at some place in the Town of Wanganui to be from time to time appointed by the Corporation; and every person shall be entitled to inspect a copy of the said regulations without charge on application at such place between the hours of ten in the morning and three in the afternoon on every day not being a Sunday or holiday, and on the like application a copy of such regulations shall be delivered to every person requiring the same on payment of one shilling.

A table of all tolls chargeable under this Act or otherwise at the said wharf shall at all times be conspicuously posted on or near to the said wharf.

It shall be lawful for the Governor to cause to be prepared and issued to the Corporation a grant from the Crown of the said wharf as defined by this Act, and such grant shall vest in the Corporation all the estate and interest of Her Majesty the Queen in the said wharf, and shall also confer upon the Corporation the right, with the previous sanction of the Governor in Council, to construct works obstructing all public rights of navigation over so much of the said wharf as is now covered by the water at high tide, without being liable to any action suit information indictment or proceeding by the Crown or by any subject: Provided that plans and descriptions of all works intended to be constructed by the Corporation, which shall obstruct or tend to obstruct such rights, shall be submitted by the Corporation to the Governor in Council, who shall declare whether be sanctions the construction thereof or not.

All matters and things to be done by the Corporation in pursuance of the rights powers and duties conferred or imposed upon them by this Act, shall be done by the Council of the Borough of Wanganui, or by a Committee thereof, in the same manner as the ordinary business of the Corporation.

The term “The Municipal Corporations Act, 1867,” shall be taken to include the several Acts now in force amending the same.

The sum of twenty thousand pounds, to be paid by the Corporation to the Superintendent, shall be applied for the purposes following (that is to say)—

And if after completing all the aforesaid works there shall remain any surplus, the same shall form part of the ordinary revenue of the Province of Wellington, and be subject to appropriation by the Provincial Council thereof for public works only.