WHEREAS the Wanganui-Rangitikei Electric-power Board, a Board duly constituted under the Electric-power Boards Act, 1918 (hereinafter called “the Board”), was by Order in Council dated the twenty-fourth day of October, nineteen hundred and twenty-two, and published in the New Zealand Gazette of the twenty-sixth day of October, nineteen hundred and twenty-two, number 76, at page 2855, authorized to erect and maintain electric lines, transformers, and substations for the transmission and distribution of electric energy within the district of the Board: And whereas the district of the Board is defined by a Proclamation dated the twenty-ninth day of November, nineteen hundred and twenty-one, and published in the New Zealand Gazette of the first day of December, nineteen hundred and twenty-one, number 100, at page 2852: And whereas the area described in the Second Schedule hereto, being the area comprised in the Borough of Wanganui as defined in the New Zealand Gazette of the nineteenth day of December, nineteen hundred and twelve, number 92, at page 3618, is included in such district: And whereas on the seventh day of November, nineteen hundred and twenty three, the Board caused a poll to be taken over the whole of its district, except the area described in the Second Schedule hereto, on a proposal by the Board to raise a special loan of three hundred and seventy-five thousand pounds for the following purposes—(1) To supply and distribute electric energy for the benefit of the Wanganui - Rangitikei Electric-power District exclusive of the area described in the Second Schedule hereto, and for such purpose to do all or any of such matters and things which the Board is empowered to do by the Electric-power Boards Act, 1918, and its amendments, except such matters and things as it is empowered to do by sections eighty-eight and ninety thereof, and in particular, but without limiting in any way any of the aforesaid powers, to provide, erect, and construct a system of electrical distribution and reticulation, to purchase plant, land, easements, general equipment, and any existing electrical installations and plants, and to erect generating-stations, buildings, and offices within such district as hereinbefore defined; (2) to make provision for financial assistance to consumers and for trading purposes as provided by sections eighty-eight and ninety of the Electric-power Boards Act, 1918—and the sum of three hundred and fifty-five thousand pounds was allocated for purposes number 1 and twenty thousand pounds for purpose number 2: And whereas the security proposed for such loan was an annual-recurring special rate of one-halfpenny in the pound sterling upon the rateable value (on the basis of the capital value) of all the rateable property in the Board’s district, exclusive of the area described in the Second Schedule hereto: And whereas the said poll was duly carried, and part of the moneys thereby authorized to be raised have been raised and expended in pursuance of the purposes for which such loan was raised: And whereas the Corporation of the Mayor, Councillors, and Burgesses of the then Borough of Wanganui, a Corporation incorporated under the provisions of the Municipal Corporations Act, 1920, duly obtained on the fifth day of July, nineteen hundred and twenty-one, a license in terms of the Public Works Amendment Act, 1911, authorizing the construction and maintenance within the area described in the Second Schedule hereto of electric lines for lighting, power, and heating purposes: And whereas pursuant to the provisions in that behalf contained in the Municipal Corporations Act, 1920, the Mayor, Councillors, and Burgesses of the then Borough of Wanganui duly established electric-lighting works, electric lines, transformers, and substations for the purpose of the transmission, distribution, and supply of electrical energy within the area described in the Second Schedule hereto: And whereas by Proclamation of His Excellency the Governor-General of New Zealand, made pursuant to the provisions in that behalf contained in the Municipal Corporations Act, 1920, on the ninth day of June, nineteen hundred and twenty-four, and published in the New Zealand Gazette of the twelfth day of June, nineteen hundred and twenty-four, number 40, at page 1399, the Borough of Wanganui as constituted at the first day of April, nineteen hundred and twenty-four, and hereinafter called the “Corporation,” was declared a city as from the first day of July, nineteen hundred and twenty-four, under the name of the “City of Wanganui”: And whereas the Board proposes to purchase from the Corporation and the Corporation proposes to sell to the Board all the electrical lighting works, undertaking, plant, electrical lines, transformers, and substations of the Corporation, save and except such portion thereof as is used solely by the Corporation for or in connection with its tramway system (hereinafter called “the city power plant”), at the price and upon the terms and conditions in the draft agreement set out in the First Schedule hereto expressed and declared: And whereas it is expedient that the Board and the Corporation should be authorized to enter into the said agreement and to execute the same: And whereas it is expedient that the Board should be permitted to expend for the purposes for which it was raised the sum of three hundred and seventy-five thousand pounds in that part of its district as is described in the Second Schedule hereto, as well as in the remainder of its said district, and that all rateable property in the area described in the Second Schedule hereto should also be charged in the same manner as all other rateable property in the district of the Board, as security for the payment of interest, sinking fund, and all other charges on or in connection with the said loan of three hundred and seventy-five thousand pounds: And whereas the Corporation is liable for the payment of certain loans from time to time raised under the Local Bodies’ Loans Act, 1913, for the installation of the city power plant, the greater portion of which loans mature in the month of December, nineteen hundred and thirty-one: And whereas the Corporation is not desirous of receiving payment for that portion of the purchase-money for the city power plant as is represented by such loans until and except upon such terms as such loans themselves are repayable: And whereas in order to pay for the city power plant in terms of the said agreement the Board desires to raise from time to time special loans secured upon an annual-recurring special rate over all property in the district of the Board, including the area described in the Second Schedule hereto, and to raise such loans in terms of the Local Bodies’ Loans Act, 1913, by special order and without taking the steps described in sections eight to twelve of that Act: And whereas it is expedient that the Board should be authorized so to do: