The Short Title of this Act shall be “The Wellington Hospital Loan Act, 1874.”

The Trustees for the time being in office under the said Act (hereafter referred to as “the Trustees”) may, for the purpose of erecting and maintaining in or near the City of Wellington, suitable buildings as and for a Hospital for the cure of the wounded and diseased, and other persons in need of surgical and medical treatment, borrow at interest any sum of money not exceeding in the whole twelve thousand pounds, and may expend and apply the same accordingly.

In respect of the moneys to be borrowed or taken up under this Act, the Trustees may grant to the person or persons lending the same one or more mortgages upon all or any part of the lands respectively described in the Crown grant dated the fifth day of November, one thousand eight hundred and fifty-one, referred to in the preamble to the said Act and in the Third Schedule to “The Wellington City Reserves Act, 1872,” in such form and subject to such conditions, and with such powers and provisions, as the said Trustees may think fit and expedient.

If at the time appointed by any mortgage for the payment of the principal money secured thereby, the Trustees are unable to pay off the same, they may, if they shall think fit, borrow such sum of money as may be necessary for the purpose of paying off the whole or any part of such principal money, and may secure the repayment of the same and the interest to be paid thereon in manner hereinbefore authorized in regard to the moneys originally borrowed under this Act.

The Trustees may from time to time sell or lease, upon such terms and conditions as they think fit, any of the said lands, and the proceeds of such sale or lease shall be applied to the purposes mentioned in the second section of this Act, or in the payment of any principal or interest due in respect of any moneys borrowed under this Act.