The Short Title of this Act is The Kaitangata and Wangaloa Athenaeums Reserves Act 1879.

On the passing of this Act,—

The land described in Schedule 1 hereto shall, without any conveyance, be vested in a Board of Trustees consisting of the following persons: William Aitcheson, Joseph Robertson, and William Shore; and

The land described in Schedule 2 hereto shall, without any conveyance, be vested in a Board of Trustees consisting of the following persons: Robert Beattie, John Haggart, and Alexander Mitchell.

The said lands respectively shall be held by the persons in whom they are hereby respectively vested for the purposes of this Act.

The Board of Trustees first above named shall be a body corporate by the name of “The Trustees of the Kaitangata Athenaeum”. The Board of Trustees secondly above named shall be a body corporate by the name of “The Trustees of the Wangaloa Athenaeum”. Each Board of Trustees above named shall respectively have perpetual succession and a common seal, and with full power and authority by their respective corporate name to sue and be sued in all Courts whatsoever, and shall be capable in law for the purposes of and subject to this Act to do and suffer all such acts and things as bodies corporate may do and suffer, with power to take and hold all such lands, tenements, or hereditaments as may be in any manner vested in such Boards of Trustees either as sites for Athenaeums or for any other purpose in connection therewith.

It shall be lawful for the said Boards of Trustees for the time being respectively from time to time to borrow money by way of mortgage, without power of sale, on the lands hereby vested in them respectively, and on any other real or personal estate of such body corporate now or hereafter to be acquired by gift, purchase, or otherwise, and to execute all necessary mortgages, deeds, or instruments. The moneys so borrowed shall be applied in the erection of buildings and tenements on the land of the body corporate by whom such money is borrowed, or in the payment of any moneys for the erection or alteration of buildings for the use of the said Athenaeums respectively.

Provided that no money shall be so borrowed except with the consent of a majority of the members of the Athenaeum so proposing to borrow, who shall be present at a meeting which shall be convened by notice advertised at least once in each of four consecutive weeks in a newspaper published or circulating in the district within which such Athenaeum is situated. Such notice shall specify the business to be transacted at the meeting, and shall fix a time and place for the holding of such meeting, such time not being less than one month from the date of the first of such advertisements.

The said Boards of Trustees for the time being respectively are hereby empowered to lease or let the aforesaid lands or any part thereof or any buildings thereon, and also any other real or personal property which each such body corporate may from time to time hereafter acquire either by gift, purchase, or otherwise, for any term not exceeding twenty-one years, to take effect in possession and not in reversion, at such rents and under and subject to such powers, provisoes, covenants, and conditions as such body corporate may determine.

No mortgagee, lessee, or other person dealing with either of the said Boards of Trustees shall be concerned to inquire into the necessity or propriety of any such mortgage or lease, or whether any resolution has been passed or notice or advertisement given, or be concerned to see to the application of the mortgage moneys or rents, or be answerable for the misapplication or non-application thereof.

The said Boards of Trustees for the time being respectively shall apply the rents, profits, and annual income, after paying the interest upon money borrowed and the expenses of management, in or towards the objects and purposes of such bodies corporate respectively.

If any of the said Trustees shall resign, or shall be absent for twelve months from the Provincial District of Otago, or shall be adjudicated a bankrupt or insolvent, or take the benefit of any Act for the relief of debtors, or shall be convicted of any felony, or become insane, he shall cease to be a member of the Trust, and the Governor may, in case of such vacancy, or in case of the death of any Trustee, appoint another in his place: Provided that after the constitution of an Athenaeum such vacancies shall be filled up by vote of the members of such Athenaeum in meeting assembled.