5. The municipal council is vested with all necessary powers to establish and administer the electricity system contemplated by the by-law.
It may, in order to meet the interest on the sums expended for the establishment thereof and to create a sinking-fund, impose, by by-law, on all owners or occupants of houses, shops or other buildings, a special annual tax on the assessed value of such houses, buildings and establishments, including the ground.
The sinking-fund created in virtue of the preceding paragraph shall be invested and administered in the same manner as that mentioned in section 548 of the Cities and Towns Act (chapter C-19).
R. S. 1964, c. 186, s. 6.