Act Repealed Latest version as at 19 December 1879 (as enacted) | 1879 No 16

Wairarapa Racecourse Act 1879

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Contents

Preamble.

Short Title.

Board may borrow £500 for river works.

Power to mortgage land and rents.

Power to sell or exchange land.

Lands to be held in trust.

Power of sale to expire in seven years.

Wairarapa Racecourse Act 1879

Local Act		1879 No 16
Date of assent		19 December 1879

	Title
	Preamble.
1	Short Title.
2	Board may borrow £500 for river works.
3	Power to mortgage land and rents.
4	Power to sell or exchange land.
5	Lands to be held in trust.
6	Power of sale to expire in seven years.

An Act to empower the Wairarapa Racecourse Board to borrow Money for Works in Protection of the said Racecourse.

Preamble.

WHEREAS the lands now vested in the Racecourse Board constituted and incorporated under a Provincial Ordinance of Wellington, Session XIV., No. 4, intituled “The Wairarapa Racecourse Act, 1866,” and held by the said Board subject to the trusts and for the purposes mentioned in the said Ordinance, have suffered damage from the encroachments of the Tauherinikau River, and there is danger that further encroachments will be made and the lands rendered useless for the purpose for which they are appropriated, unless protective works be erected to prevent any further encroachments of the aforesaid river:

And whereas for this purpose it is necessary to borrow money as hereinafter expressed:

Be it therefore enacted by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—

1 Short Title.

The Short Title of this Act is “The Wairarapa Racecourse Act, 1879.”

2 Board may borrow £500 for river works.

The Racecourse Board above mentioned is hereby authorized to borrow any sum or sums of money, not exceeding five hundred pounds, for the purpose of erecting protective works in prevention of encroachments of the river Tauherinikau on the lands now vested in the said Board; and such sum or sums of money, when so borrowed, shall be applied to the purpose aforesaid and to no other purpose.

3 Power to mortgage land and rents.

The aforesaid Board may borrow the aforesaid sum or sums upon such terms and conditions as they may think right, by way of mortgage upon the security of all or any such lands vested in the said Board and the rents and other proceeds arising therefrom.

The interest paid upon any money so borrowed shall not exceed eight per centum per annum.

4 Power to sell or exchange land.

In case the Board aforesaid shall find the erection of the necessary protective works will be too costly, or will exceed the amount hereby authorized to be borrowed, the said Board—

(1.)

May sell all or any of the said lands, and shall apply the proceeds of every such sale in the6 acquisition of other lands in the Wairarapa District; or

(2.)

May exchange all or any of the said lands for other lands in the Wairarapa District.

5 Lands to be held in trust.

All lands to be bought, or to be taken in exchange, under the foregoing provisions of this Act, shall be held by the said Board upon the same trusts and for the like purposes as the lands now vested in the said Board are held.

6 Power of sale to expire in seven years.

The power hereby given of selling or exchanging the said lands, or any part thereof, shall expire if the same be not exercised within seven years from the day of the passing of this Act.

Wairarapa Racecourse Act 1879