The Taupiri Board is hereby empowered and authorized to reclassify under the provisions of the Land Drainage Act 1908, all lands liable to be rated for special rates in respect of loans converted by the Taupiri Board under the provisions of the Local Authorities Interest Reduction and Loans Conversion Act 1932-33, and to use the classification so made for the purpose of levying any special rate for the time being made and levied in respect of such loans.