The Short Title of this Act is “The Local Bodies’ Loans Amendment Act, 1903”; and it shall form part of and be read together with “The Local Bodies’ Loans Act, 1901” (hereinafter referred to as “the principal Act”).

Section twelve of “The Municipal Corporations Amendment Act, 1902,” is hereby repealed.

The repeal of sections one hundred and twenty to one hundred and fifty-three, and the Fifth Schedule, of “The Municipal Corporations Act, 1900,” by section twelve of “The Local Bodies’ Loans Amendment-Act, 1902,” and by section twelve of “The Municipal Corporations Amendment Act, 1902,” shall not affect any special loan raised under the said repealed provisions, or any proceedings taken prior to the passing of “The Municipal Corporations Amendment Act, 1902,” for the purpose of raising any special loan under the said repealed provisions.

Any special loan the proceedings for the raising of which were commenced under the said repealed provisions shall be validly raised if such loan has been or shall be completed either under or in pursuance of the said repealed provisions, or under or in pursuance of the provisions of the principal Act.

Such repeal shall not affect any security for any special loan the proceedings for the raising of which were commenced Under the said repealed provisions, or any security agreed to be given for such loan, or the rights or power of recovery of any holder of any debenture or coupon, whether issued under the said repealed provisions or under the provisions of the principal Act.

Where proceedings for the raising of a special loan under the said repealed provisions were commenced prior to the passing of “The Municipal Corporations Amendment Act, 1902,” it shall be lawful, notwithstanding the repeal of section one hundred and thirty of “The Municipal Corporations Act, 1900,” to pay out of loan interest not exceeding one year’s interest on the loan.

If the result of any poll is disputed, any six ratepayers may, in the manner prescribed by section forty-eight of “The Regulation of Local Elections Act, 1876,” in the case of disputed elections, require an inquiry to be held, and the matter in dispute shall be determined in the same manner, mutatis mutandis, as if the poll were an election held under that Act:

Provided that where the number of ratepayers on the roll of any district or on any special roll does not exceed twenty, then the inquiry may be held as aforesaid on the requisition of not less than one-fourth of the number of ratepayers on such roll.

Where a special rate is made over the whole of any legal subdivision of a district as security for a loan, the annual charges in respect of the loan may be paid out of any separate rate made over the whole of the same subdivision, and in any such case it shall not be necessary to collect the special rate.

A loan under Part II. of the principal Act shall be deemed to be made when the local authority has complied with all necessary formalities under that Act in respect thereof, and the Treasurer has agreed to make the loan; and such loan or any advance on account thereof shall bear interest at the rate of four pounds per centum per annum until the next ensuing first day of February, when such loan or advance shall be inscribed.

Section fifty-six and so much of subsection one of section fifty-seven of the principal Act as follows the words “render an account thereof to the local authority” are hereby repealed.

Interest on the amount inscribed shall be payable half-yearly, the first of such payments being payable on the first day of August following the date of inscription.

In all loans under Part II. of the principal Act granted after the passing of this Act the yearly rate of interest, and the period during which the interest is payable by the local authority, shall, at the option of the local authority, be—

Such option shall be exercised by the local authority in its application for the loan.

At the expiration of the period during which interest is payable the liability of the local authority shall cease without further payment.

Any local authorities who have prior to the passing of this Act obtained authority from the ratepayers, in accordance with the provisions of the principal Act, to borrow at either of the options mentioned in section fifty-nine of that Act may by special order apply for, and the Treasurer may agree to lend, such amount so authorised to be borrowed, or any portion thereof, at either of the options mentioned in paragraphs (a), (b), and (c.) hereof:

Provided that where prior to the passing of this Act the Treasurer has provisionally approved or agreed to grant the amount so authorised to be borrowed, or any portion thereof, the loan may be completed as if this section had not been passed and section fifty-nine of the principal Act had not been repealed.

Subject to the proviso to the last preceding subsection, section fifty-nine of the principal Act is hereby repealed.

The provisions of Part I. of the principal Act relating to the issue of debentures by local authorities shall not apply to any loan raised by local authorities under Part II. of that Act.

Section five of “The Local Bodies’ Loans Amendment Act, 1902,” is hereby amended by repealing the word “twenty” in the proviso to subsection two, and substituting in lieu thereof the word “fifty.”

Subsection four of section eleven of “The Local Bodies’ Loans Amendment Act, 1902,” is hereby repealed.

Where, on the alteration of the boundaries of any district, any area over which a special rate is made as security for a loan comes within the district of any local authority other than the authority that made the rate, then with respect to such area there shall for the purposes of section eleven of “The Local Bodies’ Loans Amendment Act, 1902,” be deemed to be a merger.

The forms numbered (1) and (2) in the principal Act are hereby repealed, and those set forth in the Schedule hereto substituted in lieu thereof.

Whereas in the year one thousand eight hundred and ninety-one an agreement was entered into between the Treasurer and the Moa Road Board whereby a loan of one thousand two hundred pounds was granted to the said Board, repayable by annual instalments, which said instalments were altered from time to time as agreed on by the Treasurer and the said Board: And whereas, after the repayment of all instalments as agreed upon, interest was charged by the Treasurer and paid by the Board amounting in all to the sum of one hundred and eleven pounds eleven shillings and twopence, and it is just that such last-mentioned sum should be refunded to the Board: Be it therefore enacted as follows:—