The Short Title of this Act shall be “The Timaru and Gladstone Board of Works Property Vesting Act, 1877.”

All real and personal property to which at the time of the coming into operation of “The Counties Act, 1876,” or to which at the time this Act comes into operation, the Timaru and Gladstone Board of Works (herein termed “the body corporate”), incorporated by “The Timaru and Gladstone Board of Works Act Amendment Act, 1873,” was or is entitled, at law or in equity, whether in possession or reversion, shall, on this Act coming into operation, vest, without any conveyance or assignment, in Her Majesty the Queen, her successors and assigns, absolutely.

As payment for the said real and personal property, the sum of two thousand five hundred pounds shall be paid by the Colonial Treasurer to the said body corporate. The said body corporate shall apply such moneys first in paying off and discharging all its debts and liabilities, and shall divide the residue of such money into five equal parts, and shall pay one of such parts unto the Borough of Timaru, and the other four-fifths shall be paid to the several Road Board districts which, at the time of “The Counties Act, 1876,” coming into operation, together with the said borough, constituted “the electoral districts under ‘The Timaru and Gladstone Board of Works Act, 1867,’” in equal shares and proportions. The provisions of “The Timaru and Gladstone Board of Works Act, 1867,” and the several Acts amending the same, shall (notwithstanding the repeal thereof by “The Counties Act, 1876”), so far as may be necessary for the purpose of carrying into effect the provisions of this Act, and not further or otherwise, remain in full force; and the several persons who were respectively Chairman and members of the body corporate at the time the said “Counties Act, 1876,” came into operation shall be deemed to have remained and continued in office, and shall remain and continue in office until the Governor shall by Order in Council declare the body corporate to be dissolved; whereupon the said body corporate shall be dissolved, and the said Acts shall cease to have any operation, except in so far as section two hundred and thirteen of “The Counties Act, 1876,” provides.

The residue of moneys so paid to the said Borough and Road Board districts shall be deemed to be part of the Borough Fund, or District Rund of the respective road districts, as the case may be, and be dealt with accordingly.