This Act may be cited as the Waitemata City Council Empowering Act 1975.

The Reserve Bank of New Zealand shall, without further authority than this Act, transfer the stock representing all the said sinking funds and registered in the name of the Sinking Fund Commissioners for the former County of Waitemata to the Sinking Fund Commissioners for the City of Waitemata. Such transfer shall be deemed to have taken place on the 1st day of April 1974 and all actions of all the Sinking Fund Commissioners hereinbefore referred to since the 1st day of April 1974 are hereby validated and declared to have always been legally effective.

The Sinking Fund Commissioners for the City of Waitemata shall cause to be transferred to the Sinking Fund Commissioners for the City of Takapuna and the Sinking Fund Commissioners for the County of Rodney the said due proportions of the sinking funds in such registered stock and amounts of money as may be agreed upon in writing by the 3 local authorities. In the event of the said 3 local authorities being unable to reach agreement as aforesaid within 3 months after the passing of this Act, the Local Government Commission appointed under the Local Government Act 1974, upon being requested in writing so to do by any of the said 3 local authorities, shall determine the particular stock and the amounts of money to be transferred to the appropriate Sinking Fund Commissioners and the said Local Government Commission is hereby empowered on receiving any such application to make the determination. In making any payment in money to the Sinking Fund Commissioners for the City of Takapuna and to the Sinking Fund Commissioners for the County of Rodney, the Sinking Fund Commissioners for the City of Waitemata shall take into account any payments which they were obliged to make pending this Act and in order that loan obligations should be met, and any income which has been received in respect of the sinking funds. The Sinking Fund Commissioners for the said 2 cities and for the County of Rodney shall henceforth be the Sinking Fund Commissioners for the loans in respect of which the said sinking funds were established before the 1st day of August 1974 by the former County of Waitemata and which are the subject of this Act in the same manner as if the said Sinking Fund Commissioners for the said 2 cities and the County of Rodney had been duly appointed in respect of the said sinking funds under section 86 of the Local Authorities Loans Act 1956 and all the provisions of that Act relating to Sinking Fund Commissioners shall apply to the said Commissioners accordingly.

The said Sinking Fund Commissioners appointed by the former County of Waitemata shall be deemed to have gone out of office on the 1st day of August 1974, being the date upon which by virtue of the said Orders in Council the former County of Waitemata was abolished and the former Waitemata County Council was dissolved.

All acts, deeds, matters, and things done, purported to be done or executed by the Reserve Bank of New Zealand in connection with the said sinking funds from and including the 1st day of April 1974 are hereby declared to have been validly done.