C—3.

(1.) The rents, royalties, fees, moneys, and proceeds derivable from the Westland-Grey Coal Eeserve, described in the First Schedule hereto, to be an endowment for the Harbour Board at the time being for the improvement of the Port of Greymouth; but, in the event of there being no such Board, the said rents, royalties, fees, moneys, and proceeds shall form portion of Her Majesty's land revenue of the colony, and shall be paid into the Public Account to the credit of the Land Fund. (2.) The rents, royalties, fees, moneys, and proceeds derivable from the Nelson-Grey Coal Reserve, described in the Second Schedule hereto, to be also an endowment for tho Harbour Board at the time being for the improvement of the Port of Greymouth; but, in the event of there being no such Board, the said rents, royalties, fees, moneys, and proceeds shall form portion of Her Majesty's land revenue of the colony, and he paid into the Public Account to the credit of the Land Fund. [First Schedule describes the Westland-Grey Coalfield Eeserve.] [Second Schedule describes the Nelson-Grey Coalfield Eeserve. | Extract from "The Greymouth Harbour Board Act, 1884." 7. The Board is hereby endowed with the revenues hereinafter next mentioned, and all such revenues, as they accrue from time to time, shall be paid to the Board in manner as the Governor shall direct, that is to say,— (1.) All moneys arising from the lease, occupation, or other disposal, and the rents, royalties, fees, and other moneys derivable from the pieces of land known as the Westland-Grey Coal Reserve, and the Nelson-Grey Coal Eeserve, as the same are respectively described in the First and Second Schedules of "The Nelson and Westland Coalfields Administration Act, 1877," less all costs and expenses of collecting the same; (2.) All profits arising from the Greymouth-Brunner Coalfield Eailway remaining after payment of all the cost of maintenance and working expenses, and any claims for compensation in respect of injuries arising from accidents on the raihvay; and (3.) All wharfage and tonnage rates in the Harbour of Greymouth, including all charges for the use of staiths and other charges on coal brought for shipment in the said harbour, less all costs and expenses of collecting the same: Provided that nothing in this section contained shall be deemed to give the Board any authority or control over the railway-wharf at Greymouth, nor authorise the said Board to alter any charges or tolls leviable thereat; but the said wharf shall remain under the administration of the authority having control of the railway to which the said wharf is annexed. 8. The Board shall have power from time to time to borrow- on the security of its endowments, subject to the provisions of the said Act, and to the Governor's previous approval of a plan of the works proposed to be constructed, any sum not exceeding one hundred thousand pounds, for the construction or completion of harbour works in, or towards the improvement of, the said harbour. But no money shall be borrowed under the authority of this Act at a higher rate of interest than six per centum per annum, anything contained in the said Act notwithstanding. 9. Prior to the issue of a! loan the Governor in Council, if satisfied at any time that the revenues accruing to the Board under this Act are sufficient to meet the interest on any loan proposed to be raised under the authority of this Act, and to provide a sinking fund for repayment . thereof, may declare such loan and interest to be guaranteed under this Act; and, from the date of the Order in Council declaring the guarantee, the interest on such loan shall be paid out of the Consolidated Fund. But no greater sum than one hundred thousand pounds in the whole shall be guaranteed under this Act, except such extended guarantee be sanctioned by a resolution passed in that behalf by each House of the General Assembly. 10. [Form of debentures in case of guarantee.] 11. All moneys advanced from the Consolidated Fund under the last-preceding section shall be charged against the revenues of the Board, and shall be repaid to the said fund by the Board, together with so much added as will provide a sinking fund to liquidate the amount of the loan guaranteed under this Act. Such sinking fund shall be of such amount and payable at such dates respectively, commencing not later than five years after the date when the guarantee aforesaid takes effect, as shall be agreed upon betw 7 een the Governor and the Board. 12. So soon as a sum of one hundred thousand pounds has been expended out of any public moneys in the improvement of the Harbour of Greymouth, there shall be paid, in respect of every ton of coal brought for shipment in the said harbour by the shippers thereof, a sum of threepence as a special rate for the purpose of being applied towards the repayment, of the moneys authorised to be borrowed under this Act, and the interest thereon, and to the repayment of the sums of one hundred and fourteen thousand four hundred and thirty-nine pounds one shilling and twenty-seven thousand two hundred pounds charged upon the Westlaud-Grey Coal Eeserve and tho NelsonGrey Coal Eeserve respectively by " The Westland and Nelson Coalfields Administration Act, 1877," together with interest on the said sums. The aforesaid rate shall be collected as and from such day and by such persons as the Governor may from time to time appoint, and when collected shall be paid to the Board, to be applied by it for the purpose hereinabove mentioned. 13. The Board, constituted under this Act may be dissolved at any time in the event that the General Assembly shall pass an Act authorising the Governor to take over the harbour-works progressing at the said harbour, together with all contracts and engagements of the Board in relation thereto, as well as all other contracts and engagements of the Board, and its assets and liabilities, and to complete the said works on behalf of Her Majesty the Queen.

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