Whereas Her Majesty the Queen, acting by and through the Minister of Electricity, and Consolidated Zinc Proprietary Limited, the registered office of which is in Melbourne in the State of Victoria in the Commonwealth of Australia, have executed an agreement, a copy whereof is set out in the Schedule, whereby the Minister has agreed (among other things) to construct and operate certain works for the generation and transmission of electrical power for industrial and other purposes from the water resources of Lakes Manapouri and Te Anau and of the Waiau and Mararoa Rivers and all tributaries thereof from their respective sources to a point 5 miles below the confluence of the said rivers and to make electrical power available to the Company on certain terms and conditions, and the Company has agreed (among other things) to surrender its rights in respect of the said water resources under an agreement made on 19 January 1960, between Her Majesty the Queen of the one part and the Company of the other part:

And whereas it is necessary to validate the agreement first hereinbefore mentioned and to authorise and empower the Minister to carry out and perform the terms of and otherwise implement that agreement.