7

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what nature soever now in use on the said railway or in hand for the future use of or used in connection with the said railway, some particulars of which are set forth in the Second Schedule hereto : together also with all that the estate, right, title, interest, privileges, and appurtenances of the company now acquired, or which may hereafter be acquired, in, to, over, or upon any lands, tenements, and hereditaments whatsoever for the purposes of the said railway, or the works connected therewith, particulars of which said interests are set forth in the Third Schedule hereto. 11. That the purchase of the railway by the Minister as aforesaid and these presents are both made subject to the approval of the General Assembly of New Zealand, the Minister hereby undertaking to lay the proposal to purchase, together with a copy of this agreement, before both Houses of such Assembly during the present session of Parliament. If such proposal be not approved, then these presents and every clause, matter, and thing herein contained shall determine and be absolutely void. Should such proposal and the agreement hereby made be approved, then the purchase hereby made shall date as from the 31st March, 1885. 111. That the liquidator will, as soon as practicable after the adoption of this agreement by the General Assembly, apply to the Supreme Court of New Zealand at Dunedin for an order assenting to the terms of these presents, and to the sale and purchase intended to be hereby effected, and shall, immediately upon obtaining such order (if granted), forward a copy of the same to the Minister for Public Works of New Zealand, and the liquidator shall then proceed to perform this agreement on his part. IV. That the payment of £61,100 before mentioned shall be made to the said liquidator in debentures, having twenty years to run from the 31st March, 1885, and bearing interest at the rate of £4 per centum per annum. Such interest shall be payable in the colony up to the 31st March, 1887, and the interest and principal thereafter shall be payable either in New Zealand or in London, at the option of the holder. V. That the liquidator shall remain liable for the discharge of all liabilities in connection with the work done or in progress, and also in connection with the materials obtained or agreed for and the lands taken or acquired in connection with the said railway up to the 31st March, 1835. VI. That the liquidator shall not hereafter take any proceedings against any ratepayers who have paid or are willing to pay one-half of such rates as the company are authorized to collect up to the 31st March, 1884; and if any such proceedings have been commenced by the liquidator the same shall forthwith be stayed, and the liquidator shall pay any costs incurred by him in respect of such proceedings : Provided, however, that any stay of proceedings made in terms of the foregoing provision shall in no wise prejudice the remedies of the liquidator (if any) for recovery of the remaining one-half of any such rates respectively in the event of Parliament refusing to ratify the agreement hereby intended to be made. VII. That the said liquidator shall be entitled to collect from the ratepayers one-half only of the total amount which may be or may have been authorized by the Minister to be raised by rates for the period from the Ist April, 1884, up to the 31st March, 1885, and shall be entitled to so much, if any, of the Government contribution towards guaranteed interest up to the same date as may then remain unpaid ; but the said liquidator shall have no further claim on account of rates or guaranteed interest of any description for any period subsequent to the 31st March, 1885, aforesaid. VIII. That, in the event of this agreement being approved by the General Assembly as aforesaid, one-half of any rate which any ratepayers have paid in full to the company for any period prior to the 31st March, 1885, shall be returned by the said liquidator to such ratepayers : Provided, however, that if the General Assembly does not approve this agreement the rights of the liquidator against the ratepayers shall not be prejudiced, either as regards the recovery of rates in full for the past or for the future, by reason of anything herein contained. IX. That the said liquidator shall and will, immediately upon the execution of these presents, inform the ratepayers by a notice published twice in a newspaper circulating in the railway district that the Government proposes to reduce their liability to be taxed for the guaranteed interest from 5 per centum, as at present, to a rate not exceeding one-half of £4 per centum per annum on the total cost of the railway for twenty years from the 31st March, 1885 ; and that the Government will introduce an Act into Parliament at its present session validating such arrangement. X. That the Bill to be introduced into Parliament to ratify this agreement shall contain provisions for (a) removing difficulties, if any, in the way of enforcing payment of the half-rates aforesaid from the ratepayers from the Ist April, 1883, to the 31st March, 1885 ; (&) for continuing the liability of such ratepayers for payment of such half-rates. XI. That the liquidator will, as from the 31st March, 1885, keep separate accounts from those previously in use, showing the whole of the earnings and expenditure of and in connection with the railway, wherein shall be made all such entries as are usually made and entered in books of accounts of a like nature, and will furnish to the Minister proper extracts from the said books whenever called upon so to do. XII. That a good and satisfactory title shall be given by the said liquidator to Her Majesty the Queen for all lands described in the First and Third Schedules hereto, and to all properties hereby agreed to be sold; and the said liquidator shall pay for all such lands and properties all such sums as may be due or awarded to the owners, lessees, or occupiers on account thereof, including the cost of completing the said titles to Her Majesty the Queen. XIII. That the said liquidator shall and will, immediately on payment of the said purchasemoney, at the time and in the manner aforesaid, make and execute to Her Majesty the Queen a proper assurance or proper assurances of the premises, such assurance or assurances to be prepared by and at the expense of Her said Majesty, and to be left by the Minister at the office of the liquidator for execution by him not less than seven days before the day on which it may be arranged that the debentures to be given by the Government as aforesaid shall be handed over to the liquidator.