This Act may be cited as the Tauranga Borough Council and Tauranga Harbour Board Empowering Act, 1918.

It shall be lawful for the Tauranga Borough Council to extend the time within which the work provided for in clause 2, subclause (b), of the agreement referred to in the Tauranga Borough Council and Tauranga Harbour Board Empowering Act, 1915, may be done to such time or times as the Tauranga Borough Council may think fit, and for the said Council to credit the cost of such work pro tanto in satisfaction of the debentures referred to in said agreement, and to redeliver such debentures to the Tauranga Harbour Board; and the Tauranga Harbour Board may reissue, hypothecate, or sell such debentures.