The following persons and all others the members of the Institution for maintaining a lending and reference library and reading room and the providing rational amusement and recreation and for the carrying out of objects connected with the purposes of an Athenaeum and Mining Institution Lawrence known as the “Lawrence Athenaeum and Mining Institute”
, namely, James Clark Brown, Alexander Humphrey, Henry John Abel, Frederick Bastings, John Carse Arbuckle, William Grant Forbes, John Ludford, William Duguid Morrison shall be a body politic and corporate by the name of the “Lawrence Athenaeum and Mining 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 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 whatever 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, convey, 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 thins incidental or appertaining to a body politic and corporate:
Provided always that it shall not be lawful for the said Corporation to grant, convey, demise, mortgage, charge, alienate or dispose of except by way of lease for a period of not exceeding 99 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 of the said Corporation present personally or by proxy 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.