This Act may be cited as the Gisborne Borough Gas Act, 1916.

In this Act, unless inconsistent with the context,—

The Council shall be entitled at any time within five years after the date of the passing of this Act to purchase from the company the whole of the business and undertaking of the company as a going concern, including lands, gasworks, mains, service-pipes, plant, machinery, stock, goodwill, and all other the assets of the company, at a price to be agreed upon between the Council and the company, or, in default of agreement, to be fixed and determined by three arbitrators as hereinafter provided.

In the event of the Council desiring to make such purchase it shall give not less than six months’ notice in writing to the company of such its desire.

If the Council and the company are unable to agree upon the price to be paid and the same has therefore to be fixed and determined by arbitration, each of the parties shall appoint an arbitrator, and the third arbitrator shall be a Judge of the Supreme Court, who shall preside at the said arbitration. The Judge so to preside shall be appointed by the Chief Justice.

Except as herein expressly modified or varied, the provisions of the Arbitration Act, 1908, shall apply to the said arbitration, and this Act shall be deemed to be a submission within the meaning of the said Act.

Upon completion of the said purchase this Act shall be deemed to be a special Act within the meaning of subsection two of section two hundred and seventy-four of the Municipal Corporations Act, 1908, and in addition the Council shall have all the rights and powers conferred upon the said company by the Gisborne Gas Company Act, 1884.