The Short Title of this Act is “The Borough of Mataura Loan Validation Act, 1901.”

The payment of the said sum of three hundred and fifty pounds, being part of a loan raised under the provisions of “The Municipal Corporations Act, 1886,” by the Council of the Borough of Mataura, to its bankers, to clear off the overdraft as existing on the thirty-first day of December, one thousand eight hundred and ninety-nine, is hereby validated: Provided that such payment shall be deemed to be a payment made under and in accordance with the provisions of section one hundred and fifty-five of “The Municipal Corporations Act, 1900,” to clear off the overdraft as existing on the thirty-first day of March, one thousand nine hundred; and all the provisions of the said section shall apply thereto.