This Act may be cited as the Petone and Lower Hutt Gas Amendment Act 1954, and shall be read together with and deemed part of the Petone and Lower Hutt Gas Act 1922 (hereinafter referred to as the principal Act).

The Board may from time to time, subject to the provisions of the Local Government Loans Board Act 1926, raise by way of special loan any sum not exceeding ninety-five thousand pounds, and shall apply any sum so raised in or towards repayment of any indebtedness of the Board on overdraft.

Any such loan may be raised under the provisions of the Local Bodies’ Loans Act 1926, but the proviso to subsection one and subsection two of section nine of that Act and the provisions of sections fourteen, sixteen, and seventeen of the principal Act shall not apply to any such loan.

For the purpose of securing the repayment of any loan so raised and the interest thereon, the Board shall have power from time to time to make and levy a special rate upon the unimproved value of all rateable property within the Borough of Petone and the City of Lower Hutt.

The Board may issue a single debenture or a series of debentures by way of security for any such loan, and the provisions of subsection one of section twenty-seven of the Local Bodies’ Loans Act 1926 shall not apply to any such debenture or debentures.