The Short Title of this Act is “The Oamaru Harbour Board Loan Act, 1887.”

The following expressions shall have the meanings respectively assigned to them except where such meanings are inconsistent with the context:—

“The Oamaru Harbour Board Loan Act, 1886,” is hereby repealed.

The Board shall have power to borrow, by way of special loan, from time to time, subject to the provisions of “The Harbours Act, 1878,” and all amendments thereof, a sufficient sum or sums of money to discharge the present existing liabilities of the Board, not being unmatured debentures or mortgages, and to repair and strengthen the breakwater: Provided that a greater sum than forty thousand pounds shall not be borrowed under this Act. The debentures to be issued therefor shall be in the form prescribed by “The Harbours Act, 1878,” but shall state (in addition to the matters therein required) that the same are issued under the provisions of this Act.

A greater sum than thirty thousand pounds shall not be borrowed under the provisions of section four hereof until the consent of the ratepayers in the district shall first be obtained in the mode prescribed in sections five to ten, both inclusive, of “The Oamaru Harbour Board Loan Act, 1882,” all of which sections are hereby incorporated with this Act for the above purpose, and shall, for such purpose, be deemed to be re-enacted herein.

The Board shall, before issuing any loan under this Act, make and levy a rate upon all rateable property in the district, not exceeding three-sixteenths of a penny in the pound of the rateable value of all such property which may be within such portion of the said district as may be subject to the provisions of “The Rating Act, 1882,” and not exceeding threepence in the pound of the annual rateable value of all such property within the other portions of the said district. And the proceeds of such rate shall be applied towards payment of the annual charges to accrue in respect of any loans to be raised under this Act, or of any sinking fund which may be arranged to be set aside at the time of the floating of the said loan or afterwards, and the balance, if any, shall be paid into the Harbour Fund: Provided that, if the Board so desires, it may pay such annual charges out of its ordinary revenue if there shall be sufficient of such revenue after paying all other charges thereon to meet the same, and in any year in which it does so pay such annual charges it shall not be necessary to levy the said special rate.

No rate made under this Act shall be capable of being set aside or of being quashed by any proceeding of any Court, or otherwise, and no defect of any kind in the same, or in the mode of levying or collecting the same, shall be set up as a defence to any action which may be brought against any ratepayer.

For the purpose of making, levying, and recovering the rates mentioned in the preceding sections, the Board shall have and may exercise all powers of making, levying, or recovering rates in each borough and in each riding and in each road district within the district for the time being possessed by any local body having rating powers within such borough, or such riding, or such road district under the law for the time being in force regulating the recovery of rates therein respectively: Provided always, and it is hereby declared, that in any action for recovering any sum from any person in respect of any rate under this Act or “The Oamaru Harbour Loan Act, 1882,” the rate-book or the hook purporting to be the rate-book, if duly signed by the Chairman or two members of the Board, shall be conclusive evidence of the contents thereof, and that the amount is owing.

When and so often as the Board shall fail to pay, at the proper time and place for so paying the same, any sum, either of principal or interest, which it ought to pay under this Act, then immediately, or at any time thereafter, any person to whom such sum is owing may apply ex parte by petition in a summary way to a Judge of the Supreme Court for relief under this Act, and the Judge may, if satisfied of the truth of the matters alleged in such petition, appoint, upon such terms as to security and remuneration as he may think fit, a Receiver of the rate liable for the payment of such sum.

The before-mentioned special rate shall, from the date of the said order and upon its being publicly notified by the Receiver, vest in the Receiver, and shall cease to be vested in the said Board.

All powers for the recovery of the said rate shall, after the appointment of the Receiver and upon its being publicly notified, cease to be exercised by the Board, and shall be exercised by the Receiver.

The moneys received by the Receiver shall be applied—

In the payment of the expenses of application and order;

In the payment of the Receiver’s remuneration, fixed as aforesaid, and his reasonable and necessary expenses;

In payment pro ratâ of the sums then overdue by the Board which are secured by the said rate; and

The residue, after the payment of the above, to the Board. And the Receiver shall account for all such moneys in such manner as the Judge directs.

When all the sums then overdue are paid, or at any time by order of a Judge of the Supreme Court, on the application of the Board, if such Judge shall think fit to make such order, the powers of the Receiver shall cease, and he shall forthwith pay any moneys in his hands to the Board, who shall again be capable of exercising the powers of which the appointment of the Receiver had deprived them.

And whereas some parts of the district are or may become, through an increase of property or population, inadequately represented on the Board, it is enacted that the Governor may, by Proclamation, increase the number of members of the Board, and may alter the boundaries of any subdivision of any district made for the purpose of representation, and may constitute new districts, and may assign to any subdivision a member or members, and by such or any subsequent Proclamation declare in what manner such member or members shall be elected.

Mortgages and debentures heretofore given shall, as to the securities thereby pledged, have priority over debentures to be given under the foregoing sections of this Act; but all holders of debentures issued under this Act shall rank alike and be entitled to equal privileges.

The Board may, pending the raising of the loan authorised by this Act, arrange with any banker or person for an advance or advances not exceeding one-half of the amount authorised, at a rate of interest not exceeding eight per centum per annum, and they may pay out of such loan the cost of negotiating the said loan.

Without prejudice to the powers conferred by “The Harbours Act, 1878,” and in addition to such powers, it is enacted that the Board may appoint any joint-stock company or person or persons to be its agent or agents for carrying out all or any of the purposes of this Act.

The rate leviable under this Act may be made payable at the same dates and place as any rate which may be or have been levied under “The Oamaru Harbour Board Loan Act, 1882,” and the demand for all such rates, and (if deemed advisable by the Board) for both instalments of all such rates, payable for any year, may be made by the same notice.