(1) The lands of the Institute, being the lands particularly described in subsection eight of this section, 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 as public reserves for the purposes of a public library in the Borough of Oamaru.
(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 discharge the said debts and liabilities out of its ordinary revenues.
(8) The lands to which this section relates are particularly described as follows:—
Firstly, all that parcel of land in the Otago Land District, containing by admeasurement one rood, more or less, situate in the Town of Oamaru, being Section numbered 6, Block 95, and marked “Mechanics' Institute Reserve”
on the map of the said town deposited in the Chief Surveyor's Office at Dunedin, and being the whole of the land comprised and described in certificate of title, Volume 65, folio 84, Otago Registry.
Secondly, all that parcel of land in the Otago Land District, containing by admeasurement one rood, more or less, situate in the Town of Oamaru, being part of Block 95 of the said town, commencing at the north-east corner of Section 6 of the said Block and bearing from thence in a north-easterly direction along Thames Street for a distance of 100 links; thence at right angles in a north-westerly direction for a distance of 250 links; thence at right angles in a south-westerly direction for a distance of 100 links; thence in a south-easterly direction at right angles for a distance of 250 links, to the starting-point; be all the aforesaid linkages more or less, and being the whole of the land comprised and described in certificate of title, Volume 69, folio 89, Otago Registry.
Thirdly, all that parcel of land in the Otago Land District, containing one hundred and two acres one rood thirty and eight-tenths perches, more or less, situate in the Oamaru Survey District, being Allotments numbered respectively 52, 53, 54, 55, 56, 57, 59, and 60 on the plan of the Ardgowan Estate (Subdivision Number 1), deposited in the Land Registry Office in Dunedin, and being the whole of the land comprised and described in certificate of title, Volume 64, folio 29, Otago Registry, the land in this certificate of title being subject to memorandum of lease registered Number 7248.