(1) This Act may be cited as the Canterbury Public Library Act 1948.

(2) This Act shall come into force on the first day of October, nineteen hundred and forty-eight.

(1) On the first day of October, nineteen hundred and forty-eight, the vesting in the Canterbury University College of all that parcel of land containing two roods, or thereabouts, situated in the City of Christchurch, being Town Sections 405 and 406, and being all the land comprised and described in certificate of title, Volume 364, folio 261, Canterbury Registry, shall be deemed to be cancelled, and the said land shall, as on and from that day, be deemed to be vested in the Corporation of the City of Christchurch.

(2) The District Land Registrar for the Land Registration District of Canterbury is hereby empowered and directed to make such entries in the registers and generally to do all such things as may be necessary to give full effect to the provisions of this section, and to transfer the title to the said land into the name of the Mayor, Councillors, and Citizens of the City of Christchurch.

All other assets of the Canterbury Public Library as shown in the balance-sheet of the Public Library appearing in the accounts of the Canterbury University College as at the thirtieth day of September, nineteen hundred and forty-eight, shall, by virtue of this Act, vest on the first day of October, nineteen hundred and forty-eight, in the Corporation of the City of Christchurch.

All the land and other assets referred to in sections two and three hereof shall be held by the Corporation of the City of Christchurch upon the trusts and for the specific purposes contemplated in respect of a library by the Canterbury Museum and Library Ordinance 1870, and by a certain deed dated the fifteenth day of December, 1873, whereby the said land and then-existing assets of the Library were conveyed by the trustees of the Christchurch Library Institute to the Superintendent of Canterbury, and subject to any special trusts affecting any of such assets.

(1) All obligations, engagements, and liabilities of the Canterbury University College in respect of the Public Library shall, by virtue of this Act, be obligations, engagements, and liabilities of the Corporation of the City of Christchurch:

Provided that nothing in this Act shall be so construed as to affect in any way the rights of any creditor.

(2) The Corporation of the City of Christchurch shall indemnify the Canterbury University College against all its liabilities in respect of the Public Library.

All the functions, powers, and authorities prior to the coming into force of this Act vested in the Canterbury University College or which might lawfully be exercised by the Canterbury University College Council in relation to the Canterbury Public Library shall, by virtue of this Act, be vested in the Corporation of the City of Christchurch and may be lawfully exercised by the Christchurch City Council.

The Canterbury University College Council shall annually pay to the Christchurch City Council for the purposes of the Public Library one-fifth of the net income available from its Museum, Library, and School of Technical Science Endowment.

The trustees for the time being of the will of James Gammack, late of Springston, farmer, deceased, shall from time to time pay to the Christchurch City Council, to be applied for the benefit of the circulating department of the Public Library, all moneys which would be payable to the Canterbury University College Council for such purposes if this Act had not been passed, and the receipt of the Treasurer of the Christ-church City Council shall be a complete discharge to the trustees for all moneys so paid.