This Act may be cited as the Otago Harbour Board Empowering Act, 1915.

In this Act, if not inconsistent with the context,—

The Board may from time to time borrow any sums of money, not exceeding in the whole one hundred thousand pounds, in addition to any moneys heretofore authorized to be borrowed under or by virtue of any Act. The moneys borrowed under the authority of this Act shall be applied for the general improvement of the Otago Harbour.

Notwithstanding any provisions to the contrary contained in any other Act, it shall be lawful for the Board to borrow the moneys hereby authorized to be borrowed, and also all or any moneys heretofore authorized to be borrowed and not borrowed in pursuance of such authority, on such terms as will produce to the lender a rate of interest not exceeding six pounds per centum per annum.

For the purpose of securing the payment of the moneys borrowed under the authority of this Act the Board may from time to time pledge or otherwise give security over all or any moneys in the Harbour Fund, excepting moneys appropriated to any special purpose.

Prior to the actual raising of a loan authorized by this Act or any other Act now or hereafter passed it shall be lawful for the Board to cancel any debentures created in connection with such loan notwithstanding any dealing therewith, including any mortgage or hypothecation thereof, and may create fresh debentures in substitution therefor with, upon, or subject to the same or any other terms or conditions:

Provided always that nothing in this section contained shall affect or prejudice the rights of the holders for the time being of such first-mentioned debentures.

All prior Acts of the Board which would have been valid if this section had been in force shall be deemed to be valid.

Nothing in this Act shall be deemed to limit the powers of the Board under any Act now in force.

This Act shall be deemed to be a special Act within the meaning of the Harbours Act.