The members of the Institution established for maintaining a lending and reference library and reading room in the City of Dunedin known as the “Dunedin Athenaeum and Mechanics' Institute”
shall be a body politic and corporate by the name of “The Dunedin Athenaeum and Mechanics' Institute”
and by that name shall have perpetual succession and shall adopt and have a common seal and shall by the same name sue and be sued, plead and be impleaded, answer and be answered unto in all Courts of the Dominion of New Zealand, and shall be capable in law to take, purchase, and hold all goods, chattels and personal property whatsoever and shall also be able and capable in law to receive, take, purchase and hold for ever not only such lands, buildings, hereditaments and possessions as may from time to time be required for the purposes of the said Institution but also any other lands, buildings, hereditaments and possessions whatsoever and shall be able and capable in law to grant, demise, mortgage, charge, alienate or otherwise dispose of all or any of the property, real or personal, belonging to the said Institution and also to do all other matters or things incidental or appertaining to a body politic and corporate:
Provided always that it shall not be lawful for the said Corporation to alienate, mortgage, charge or dispose of except by way of lease for a period not exceeding 3 years any lands, tenements or hereditaments of which it shall have become seised or to which it may become entitled by grant, purchase or otherwise unless with the approval of two-thirds of the members thereof present at a Special General meeting duly convened, and any money received from such alienation, mortgage, demise or otherwise shall be paid and applied solely for the purposes of the said Institution.