The Short Title of this Act shall be “The Dunedin Drill-shed Reserve Act 1876 Amendment Act, 1877.”

This Act shall be read as part of “The Dunedin Drill-shed Reserve Act, 1876.” The words “the said Act” shall mean “The Dunedin Drill-shed Reserve Act, 1876;” and the words “The Dunedin Drill-shed Commissioners” shall mean the Commissioners incorporated by the said Act.

It shall be lawful for the Dunedin Drill-shed Commissioners to borrow, on the security of the rents, issues, and profits of the Drill-shed Reserve described in the Schedule to the said Act, any sum or sums of money not exceeding in the whole the sum of five thousand pounds, and for such a purpose to execute any deed or deeds securing to the lender or lenders the said rents, issues, and profits.

In any such deed or deeds granting such security as is hereinbefore mentioned, it shall be expressly provided that the lender or lenders shall have no power of sale over the said Drill-shed Reserve, nor over anything save the rents, issues, and profits of the land leased under the authority of the said Act.

All moneys borrowed under the provisions of this Act shall be applied in and towards the building of a drill-shed and other necessary buildings for Volunteer purposes in the Drill-shed Reserve granted by the said Act: Provided always that no lender of the said moneys, or any part thereof, shall be concerned to see or inquire as to the application of the said moneys, or be answerable for their misapplication.

In the event of the failure of the trust as provided for in Section thirteen of the said Act, the rents, issues, and profits of the said lands granted by the said Act shall still remain as a security to the lender or lenders of the money authorized to be borrowed by this Act.