The Short Title of this Act is “The Invercargill Reserves Leasing Act, 1884.”

It shall be lawful for the Corporation from time to time to lease by public auction, at an upset rental to be fixed by the Corporation, the parcel of land described in the First Schedule hereto, or any subdivisions thereof, for any term of years not exceeding twenty-one years, to take immediate effect in possession, and upon and subject to such terms and conditions as the Corporation may think fit.

All rents payable in respect of the lands mentioned in the last preceding section shall from time to time, as they are received by or on behalf of the Corporation, be paid into such bank as the Council of the said borough shall appoint, to an account to be called “The Invercargill Market Building and Maintenance Fund Account” (hereinafter referred to as “the said account”), anything in “The Municipal Corporations Act, 1876,” to the contrary notwithstanding.

The provisions contained in sections one hundred and twenty-six to one hundred and thirty-eight of “The Municipal Corporations Act, 1876,” inclusive, so far as they are applicable, shall apply to the said account in the same manner as if such account were a “separate account” within the meaning of that Act.

All moneys belonging to the said account shall be held in trust for the purpose of providing a commodious market-place for the burgesses of Invercargill, and shall from time to time be expended in erecting, placing, and maintaining in good repair upon the land described in the Second Schedule hereto all such buildings, fences, appliances, and conveniences as shall be needful or expedient for such purpose, and not otherwise.

The Council may from time to time invest the whole or any part of the moneys standing to the credit of the said account on mortgage of freehold property in New Zealand, or in New Zealand Government debentures, or in the stock or debentures of any local body having authority to borrow under any Act of the General Assembly: Provided that all interest accruing therefrom and all moneys arising out of the sale thereof shall be duly paid into the said account.

If any person into whose hands any portion of the moneys mentioned in sections three and six shall at any time come fails to pay the same into the said account forthwith, or if any Councillor or officer of the Council shall at any time directly or indirectly consent to, or in any way authorize or sanction, the payment or expenditure of the whole or any portion of the moneys standing to the credit of the said account for any purpose other than those hereinbefore mentioned, he shall be liable to be sued in any Court of competent jurisdiction, or if there be more than one such person then they shall be liable to be sued jointly or severally, by any burgess of the said borough, for any moneys which he or they shall have so failed to pay into the said account, or the payment or expenditure of which contrary to the provisions of this Act he or they shall have so consented to or in any way authorized or sanctioned, together with a penalty not exceeding one hundred pounds, and all costs of the proceedings.

The amount recovered by a judgment in any such action as aforesaid, less the sum awarded by way of penalty and costs, shall be paid by the defendant into the said account, and unless so paid such judgment shall not be deemed to be satisfied. The residue of the amount so recovered shall be paid to the plaintiff.

In case the moneys recovered by a judgment in any such action be paid upon the issue of a writ of sale or other like writ or distress warrant, the Sheriff or other officer of the Court receiving the same shall thereupon, in the first place, pay to the plaintiff the amount awarded as costs in the action, and, secondly, shall pay into the credit of the said account the moneys which should have been paid by the defendant into, or which were so improperly paid or expended from, the said account. The balance remaining, after deducting these amounts, shall be paid to the plaintiff.

It shall be lawful for the Corporation to lay off, make, and maintain public streets through any of the parcels of land comprised in the two Schedules to this Act: Provided that no such public street shall be of a less width than sixty-six feet.