The Short Title of this Act is “The Timaru Harbour District and Harbour Board Act, 1903.”

In case of any alterations heretofore made or that may hereafter be made in the territorial limits, designation, constitution, or incorporation of, or of the local authority of, any borough, road district, town district, county, or place situated within the Timaru Harbour District, the Timaru Harbour Board (hereinafter called “the Board”) may as from the date of any such alteration make such changes in the allocation of the contributions provided for by subsections two and four of section three and other provisions of “The Timaru Harbour Board Empowering Act, 1890,” or any amendment thereof, or as to the mode of levying the rates which the Board is now or may hereafter be authorised by law to levy, as may be just.

The provisions of section one hundred and ninety-six of “The Harbours Act, 1878,” shall apply to the loan or loans authorised by and under “The Timaru Harbour Board Loan Act, 1899,” with the additional provisions that the powers thereby conferred may be exercised by the Board or the agents for raising the loan or loans in respect of any portion or portions of the same pending the raising thereof, and that the rate of interest payable on the moneys borrowed shall not exceed five pounds per centum per annum, and that debentures hypothecated or mortgaged shall not be sold at a price that will produce a higher rate of interest.

That the provisions of section fourteen of “The Trustees Act 1883 Amendment Act, 1891,” shall, both in respect of trusts heretofore and hereafter created, apply to all bonds, debentures, or other securities issued or to be issued by the Board, and forming the whole or any portion or portions of any loan which has been or may hereafter be raised by the Board under the authority of any Act or Acts of the General Assembly of New Zealand.

The provisions of “The Harbours Act, 1878,” as to sinking funds shall apply to all loans heretofore or hereafter authorised to be raised by the said Board, and the Board may at any time, and from time to time, exercise the powers thereby granted in respect of all such loans heretofore or hereafter wholly or partially raised by it. In order to provide funds for the creation of such sinking fund or funds the Board may appropriate and set apart any part of the Harbour Fund, provided that in so doing the rights of existing debenture-holders are not prejudicially affected.

Whereas it had been agreed between the Minister for Railways and the Board to exchange certain lands as hereinafter mentioned, and it is desirable to give effect to such agreement: Be it therefore enacted as follows:—

This Act shall be deemed to be a special Act within the meaning of “The Harbours Act, 1878,” and all the provisions of that Act as amended and of the special Acts relating to the said Board shall apply to this Act, except so far as such provisions may be repugnant to or inconsistent with this Act, and to that extent they shall be deemed to be modified.