Whereas the Port Chalmers Mechanics' Institute (in this section referred to as the Institute) was incorporated by the Port Chalmers Mechanics' Institute Incorporation and Reserves Act 1877, for the purposes set out in the rules of the Institute, which purposes include the conduct and maintenance of a library and reading-room in the Borough of Port Chalmers: And whereas by virtue of the said Act certain lands, being Sections 393, 394, and 395, and part of Section 396, on the Record Map of the Town of Port Chalmers, and being the whole of the land comprised and described in certificate of title, Volume 233, folio 19, Otago Registry, and certain personal property, are vested in the Institute for the purposes of the Institute upon the trusts set out in the said Act: And whereas by virtue of the Port Chalmers Mechanics' Institute Reserves Vesting Act 1898, all that piece of land, being Section 405 on the Record Map of the said town, is vested in the Institute upon like trusts: And whereas the principal activity of the Institute since its incorporation has been the conduct and maintenance of a library and reading-room: And whereas by reason of altered circumstances it now appears to the Institute that the library and reading-room would be more advantageously and effectively conducted as a public library by the Port Chalmers Borough Council on behalf of the Corporation of the Mayor, Councillors, and Burgesses of the Borough of Port Chalmers (in this section referred to as the Corporation) and the Institute has requested the Council to take over the conduct and control thereof, which the Council has agreed to do upon the condition that the whole of the property of the Institute shall be vested in the Corporation: Be it therefore enacted as follows:—
(1) The lands of the Institute hereinbefore described, being Sections 393, 394, 395, and 405, and part of Section 396, of the said Town of Port Chalmers, are hereby vested in the Corporation for an estate in fee-simple, subject to all existing leases and tenancies affecting the said lands, and shall be held by the Corporation as public reserves for the purposes of a public library in the Borough of Port Chalmers.
(2) All the personal property of whatsoever nature, including all choses in action and the benefit of all contracts and agreements and all rights and powers exercisable thereunder or pertaining thereto, belonging to the Institute are hereby vested in the Corporation free from all trusts and reservations heretofore affecting the same, and all debts and other liabilities lawfully incurred by the Institute and existing on the passing of this Act shall hereafter be debts and liabilities of the Corporation, and the said Council is hereby authorized and empowered to meet the said debts and liabilities out of its ordinary revenues.
(3) The District Land Registrar for the Land Registration District of Otago is hereby authorized and directed to make such entries in the Register and to issue, on the application of the Corporation, such certificates of title as are necessary to give effect to the provisions of this section.
(4) The Institute is hereby dissolved.
(5) The Port Chalmers Mechanics' Institute Incorporation and Reserves Act 1877, and the Port Chalmers Mechanics' Institute Reserves Vesting Act 1898, are hereby repealed.