(1) Not less than one month after the coming into operation of this Act a meeting of the members of the Institute shall be held in the City of Nelson, at which meeting or at any adjournment thereof the majority of the members present are empowered to do, execute, and perform, or authorise to be done, executed, and performed, any acts, deeds, matters, and things which the Institute is by this Act authorised to do, execute, and perform; and at such meeting, and at every meeting until the Institute has provided who shall be chairman, the meeting shall first proceed to elect a chairman, who shall preside, and have a deliberative vote, and in case of equality of votes a casting-vote.
(2) Notice specifying the time and place of such first meeting, and signed by the secretary for the time being, or the president, or two of the vice-presidents, or three members of the Institute, shall be advertised for three consecutive times in some newspaper published and circulating in the City of Nelson.