This Act may be cited as the Otago Harbour Board Empowering Act, 1950.

In this Act, if not inconsistent with the context,—

This Act shall be deemed to be a special Act within the meaning of the Harbours Act, 1923.

The Board may from time to time, subject to the provisions of the Harbours Act, 1923, and the Local Government Loans Board Act, 1926, borrow any sum or sums of money, not exceeding in the whole one hundred and forty thousand pounds, in addition to any moneys heretofore authorized to be borrowed under or by virtue of any Act. The moneys borrowed under the authority of this Act shall be applied and expended in constructing or carrying into effect, subject to the provisions of the Harbours Act, 1923, the harbour works specified in the Schedule hereto:

Provided, however, that if on the completion of the whole of the harbour works specified in the said Schedule it is found that any moneys so raised are not required for the completion of such harbour works, such surplus shall be paid into any sinking fund established in connection with the said loan or otherwise applied towards the repayment of the loan or may be used for any other purpose approved by the Local Government Loans Board pursuant to section forty-eight of the Finance Act, 1929.

Whereas by the Otago Harbour Board Empowering Act, 1938 (in this section called the principal Act), the Board was authorized, subject to the conditions therein set out, to borrow any sum or sums of money, not exceeding in the whole four hundred thousand pounds, and it was provided that the moneys borrowed under the authority of the principal Act should be applied and expended in constructing or carrying into effect the harbour works specified in the Schedule thereto: And whereas the said Schedule was amended by the Otago Harbour Board Empowering Act, 1944 (hereinafter called the amendment Act), to provide the sum of fifty thousand pounds for widening the channel in Otago Harbour at Goat Island: And whereas it has been found that the actual cost of the said widening will be greater than the estimated cost thereof: And whereas it is considered by the Board that the said widening is more urgent than some of the harbour works specified in the Schedule to the principal Act: Be it therefore enacted as follows:—

The Schedule to the principal Act, as amended by the amendment Act, is hereby further amended as follows:—