The Short Title of this Act shall be “The Oamaru Harbour Board Act, 1876.”

The parcels of land described in the Schedule hereto are hereby set apart as an endowment for the Board for the purposes of this Act and the said Ordinance.

If any lands reserved under this Act are subject to any license or lease for pastoral or other purposes, such lands shall be dealt with under “The Otago Waste Lands Act, 1872,” and any Act amending the same, subject to such license or lease; and such license or lease shall not be affected thereby, but the rents license fees or other moneys payable under or in respect of such license or lease shall be paid to the said Board for the purposes thereof until a Receiver is appointed as by section forty-eight of the said Ordinance provided, and after such appointment shall have been made shall be paid to such Receiver, to be applied by him as hereinafter mentioned.

It shall be lawful for the Governor, by Proclamation, to declare that any such lands set aside under this Act as endowments as aforesaid shall be open for sale or lease under any provisions of “The Otago Waste Lands Act, 1872,” and any Acts amending the same, or under “The Gold Fields Act, 1866,” and any other Acts amending the same; and from and after the time fixed for the purpose in such Proclamation, such lands may be leased or sold accordingly: Provided always that all moneys received from the sale of any such lands shall be paid and accounted for as by section six is provided, and all moneys received from the lease thereof shall be paid and accounted for by the Receiver of Land Revenue to the said Board until the Receiver is appointed, as provided for by section forty-eight of the said Ordinance, and thereafter shall be paid to the Receiver, to be applied by him as hereinafter directed.

The rents paid to the said Board or to the Receiver, as directed by the third and fourth sections, or so much thereof as shall be necessary, shall be paid by them towards satisfying the annual charges on the mortgages issued under the provisions of the said Ordinance, and the balance (if any) shall be applied for the general purposes of the Board.

The moneys realized from the sale of the lands aforesaid shall be paid to trustees to be appointed by the Governor, not being less in number than three, and shall be invested by them in such securities as the Board shall approve of, and the proceeds and such part of the principal as shall be necessary and shall be required by the Board for the purpose of paying the annual charges arising out of the mortgages given by the said Board previously to the sale of the said lands shall be paid to the Board for that purpose; and if the amount of interest shall exceed the said annual charges, the excess shall be applied to the general purposes of the said Board; and after the said mortgages shall have been fully paid, the principal money, or the balance thereof (if any), shall be paid over to the said Board, to be by them applied to the general purposes of the said Board.

The present members of the Oamaru Harbour Board, constituted under “The Oamaru Harbour Board Ordinance, 1874,” shall hold office till the first day of January, one thousand eight hundred and eighty, and no longer.

No member of the Board shall receive any remuneration other than travelling expenses.