Whereas the Whakatane Paper Mills, Limited, Water-supply Empowering Act 1936 (hereinafter called the principal Act) conferred on the Whakatane Paper Mills Limited therein described (hereinafter called the old company) power to take water from the Whakatane River together with certain incidental powers, such water being for use in a proposed mill for the manufacture of wood pulp and products thereof:
And whereas the old company erected the said mill and operated it and exercised its rights and performed its obligations under the principal Act until the year 1948 when the old company was reconstructed:
And whereas in pursuance of such reconstruction the old company sold the said mill and the business associated therewith to Whakatane Board Mills Limited, a duly incorporated company having its registered office at Auckland (hereinafter called the new company):
And whereas in further pursuance of such reconstruction the old company changed its name to Matea Forests Limited:
And whereas the new company has since operated the said mill and continues to do so:
And whereas the new company desires to have transferred to it the powers conferred on the old company by the principal Act:
And whereas the old company on 23 February 1961, duly passed a resolution to be wound up voluntarily:
And whereas the liquidator of the old company consents to such transfer.