3870
THE NEW ZEALAND GAZETTE.
[No. 131

FINANCIAL ADJUSTMENTS.

49. Whenever, upon the constitution of a new borough, or the alteration of the boundaries of an existing borough, agreements for financial and other adjustments are required to be made as specified in section 127 of the said Act, such agreements shall respectively be made and executed within three calendar months from the date of the constitution of the new borough or from the date of alteration of boundaries respectively, as the case may be.

50. All such agreements shall provide, inter alia, for the following matters:—

(a.) What part of the real and personal property of the local authority or local authorities directly affected by such constitution or alteration shall respectively become the property of the new borough or other authority acquiring the severed area, as the case may be.

(b.) What part of the rates payable to the existing local authority or local authorities from which such new borough or added area has been taken shall be deemed payable to such new borough or other authority acquiring such severed area respectively.

(c.) What part of the debts, liabilities, or engagements of such existing local authority or local authorities, whether absolute and outstanding at the date of such severance or then contingent or prospective (if the same be capable of estimation), shall be liabilities or engagements of such new borough or other local authority acquiring such severed area respectively.

(d.) What part of the interest and sinking fund of any loan raised by such existing local authority or local authorities shall be payable by the new borough or other local authority acquiring such severed area respectively.

51. If no such agreements as aforesaid are made within the said period of three calendar months from the date of the constitution or alteration of boundaries as aforesaid, then, upon the written application of either of the local authorities directly affected by such constitution or alteration, the Governor may appoint one or more persons to be Commissioners to inquire and report to him upon any matters which he shall deem necessary to enable him to make an adjustment of property, liabilities, contracts, and engagements between such local authorities. The Commissioners shall report to the Governor, after such inquiry as they think necessary, their opinion as to the matters inquired into, but it shall not be obligatory on the Governor to act in accordance with any opinion or recommendation expressed or made by the Commissioners. Such Commissioners shall have all the powers of a Commission appointed by the Governor in Council under the provisions of the Commissions of Inquiry Act, 1908. After consideration of the report of the Commissioners, the Governor shall, by Warrant under his hand, make such adjustment or award as he deems just. Such adjustment or award shall be notified to the parties by the Minister of Internal Affairs. All applications under this regulation shall be addressed to the Minister of Internal Affairs.

52. Any such adjustment or award may provide for all or any of the matters mentioned in regulation 50 hereof, and may declare in whom any property shall be vested, and for what estate, and by whom any moneys shall be paid, or other acts and things done (including the payment by either party of the whole or any part of the costs and expenses of such inquiry), and generally may give such directions as may be necessary for giving full effect to these regulations relating to financial adjustments.

53. Every such adjustment or award shall be final and conclusive as between the parties.

REVOCATION.

54. The regulations referred to in the Fifth Schedule hereto are hereby revoked.

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SCHEDULES.

FIRST SCHEDULE.
(Reg. 1.)

FORM OF DISTRICT ELECTORS LIST FOR A BOROUGH, IF UNDIVIDED, OR FOR EACH WARD IN THE CASE OF A BOROUGH DIVIDED INTO WARDS.

Under the Municipal Corporations Acts.

A. B.,
Town Clerk.