Whereas that piece of land containing 9 acres 1 rood and eight and seven-tenths perches, more or less, being Lots 1 and 3 on Deposited Plan Number 11949, being Allotments 186, 186A, 187, 187A, 188, 188A, 189, 189A, 190, 190A, 191, 191A, 192, 193, 193A, 195, and 195A and part of Allotments 192A, 194, and 194A of the Town of Cambridge East, and part of the land comprised in certificate of title, Volume 48, folio 27, Auckland Registry, is vested in the Corporation of the Borough of Cambridge (hereinafter called the Corporation) as an endowment in aid of the borough funds:
And whereas by memorandum of lease dated 28 September 1917, and registered in the said Registry under Number 8386, the Corporation leased to the New Zealand Loan and Mercantile Agency Company, Limited, the Farmers' Co-operative Auctioneering Company, Limited, and Dalgety and Company, Limited (hereinafter called the lessees) all the said land for the term of 21 years commencing 1 July 1917, with a right of renewal for a further period of 21 years:
And whereas, relying on such right of renewal, the lessees made certain permanent improvements to the said land:
And whereas, in pursuance of such right of renewal, the Corporation, by memorandum of lease dated 11 March 1940, gave to the lessees a new lease of the said land for a further term of 21 years commencing on 1 July 1938:
And whereas doubts have arisen as to the validity of the said right of renewal and the validity of the said lease dated 11 March 1940:
Be it therefore enacted as follows: