The Short Title of this Act is “The Local Bodies’ Finance and Powers Act 1885 Amendment Act, 1886.”

Section two of “The Local Bodies’ Finance and Powers Act, 1885” (herein referred to as “the said Act”), is hereby repealed.

There shall be paid to the Council or Board of each county, road district, town district, and borough, with respect to the general rates described in the Schedule to the said Act levied for the year ending the thirty-first day of March, one thousand eight hundred and eighty-seven, and actually collected on or before the thirtieth day of June ensuing next after the said thirty-first day of March, half the amounts to which they would be entitled under the plan of distribution described in the Schedule to the said Act:

Provided that seventy-five per centum, and no more, of the amount which it is estimated by the Property-tax Commissioner may become payable to any local body may be advanced to such local body within the year ending the thirty-first day of March, one thousand eight hundred and eighty-seven:

Provided also that on receipt by the Property-tax Commissioner of returns, duly verified by the declaration of the Chairman or Treasurer of a local body, showing the amount of the rates aforesaid actually collected to the thirtieth day of June, one thousand eight hundred and eighty-seven, the amount of subsidy found to be payable in respect of such rates, less the amount (if any) advanced as aforesaid, shall be paid to such local body; and any sum advanced in excess of the amount so found to be payable shall be repaid by the local body to the Public Account or be recovered by the Colonial Treasurer out of any moneys payable to such local body.

In case any doubt arises as to the several payments to be made under this section and the Schedule to the said Act, or as to payments to be made in respect of newly-formed districts wherein the Board has not had sufficient time to levy and collect rates, the Governor in Council may authoritatively decide the amounts of such payments.

Half of the aforesaid payments shall be issued and paid by the Colonial Treasurer out of the Public Works Fund, and half shall be paid and issued by the Colonial Treasurer out of the Consolidated Fund.

The Schedule to the said Act is hereby amended by the omission therefrom of the words “during each financial year,” and the substitution of “1887” for “1886” in the first paragraph of the said Schedule.