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 Arrowtown known as the “Arrowtown Athenaeum”
shall be a body politic and corporate by the name of the “Arrowtown Athenaeum”
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 whatsoever and shall 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 things 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 not exceeding 21 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.