This Act may be cited as the Auckland Hospital Acts Amendment Act, 1907, and shall come into operation on the first day of January, nineteen hundred and eight.

All the properties described in the Schedule hereto for the time being vested in the. Public Trustee by virtue of the Auckland Hospital Reserves Act, 1883, and the Acts amending the same, are hereby vested in the Auckland Hospital and Charitable Aid Board (hereinafter called the Board) constituted under the Hospitals and Charitable Institutions Act, 1885, in fee-simple upon trust to abide the terms imposed by the said Acts and this Act, and subject to all leases, charges, and incumbrances now affecting the same.

The District Land Registrar at Auckland, upon being requested so to do by the Board, shall, upon being satisfied that the requirements of the Land Transfer Act, 1885, and its amendments have been complied with, issue certificates of title for the said properties in the name of the Board, or, in case certificates of title therefor have already been issued in the name of the Public Trustee, shall note thereon the fact of the same having been vested in the Board by virtue of this Act.

The Public Trustee, upon being requested so to do by the Board, shall hand over to the Board all title-deeds, leases, and paid debentures in his possession exclusively connected with or relating to the aforesaid properties, or the execution or performance of the trusts, powers, and duties vested in or imposed upon him by the aforesaid Acts, and will also hand over to the Board any moneys of the Board which may be in his possession or under his control under the authority of the said Acts.

The Board shall have all the rights, powers, privileges, and authorities, and shall be subject to all the duties, obligations, and restrictions, heretofore vested in, or imposed upon, or created by the Public Trustee with relation to the said properties; and the aforesaid Acts and all other enactments relating to the Auckland Hospital reserves shall be read and construed, where consistent with the context and so far as the same are applicable, as though the words “the Board” as herein described were inserted therein in lieu of the words “the Public Trustee” wherever the latter occur.

The Board shall have the same powers of borrowing money on the security of the said properties which the Public Trustee had prior to this Act, provided that the sum of twenty-five thousand pounds (which is the limit imposed by section seven of the Auckland Hospital Acts Amendment Act, 1905) shall be and the same is hereby extended to the sum of fifty thousand pounds, and the said section is hereby amended accordingly and shall be read and construed as if the words “fifty thousand pounds” had been inserted therein instead of the words “twenty-five thousand pounds”:

Provided that any security given for moneys borrowed by the Board under the statutory authority hereof shall be made and given subject to the repayment of the moneys mentioned in the first proviso to the said section seven, and next of any moneys borrowed by the Public Trustee under the authority of the said Act, or such balance or balances thereof as shall from time to time remain due or owing in respect thereof; and that any security given by the Board for any moneys borrowed by it under this Act shall rank only as security subject to the final repayment of the aforesaid moneys, but that thereafter the security intended to be given by the Board under the powers embodied in this Act shall be and rank as a first security upon the lands referred to in the said section:

Provided further that no money shall be borrowed under the authority of this Act which shall produce to the lender a higher rate of interest than five per centum per annum.

Nothing in this Act contained shall in any way affect or prejudice the authority conferred upon the Public Trustee by section twenty-one of the Auckland Hospital Acts Amendment Act, 1905, to advance money to the Board upon the security of the aforesaid properties.

Section eight of the Auckland Hospital Acts Amendment Act, 1905, is hereby amended by striking out the words “two hundred and fifty,” and inserting in lieu thereof the words “five hundred.”

Nothing contained in this Act shall prejudicially affect anything already done by, or any lease, contract, deed, writing, or other instrument already entered into by or with the Public Trustee acting under the authority of the aforesaid Acts, but the same shall be as valid and binding in all respects as though done by or entered into with the Board.

Section seven of the Reserves, Endowments, and Crown and Native Lands Exchange, Sale, Disposal, and Enabling Act, 1898, is hereby amended by inserting between the figures “1883” and the word “except,” in the third line thereof, the words “or this Act”; and by inserting between the words “the” and “lessee,” where they occur in the eighth line of subsection one of the said section seven, the words “then or any preceding”; and by inserting after the word “existing,” where it occurs at the end of the eighth line of subsection three of the said section seven, the words “together with the right of further renewal and all other rights hereby conferred, and so from time to time at the expiration of each further or renewed term on the same terms and conditions on which the original lease may have been granted hereunder or thereunder, but subject nevertheless to the fixing as herein provided at the end of each term of the rent payable during such further or renewed term.”