An Act to vest the Endowment of the Timaru Mechanics' Institute, in the Provincial District of Canterbury, in Trustees, and to enable the Trustees to raise Money for the improvement of the same.

Preamble

WHEREAS by a deed of conveyance bearing date the twenty-first day of December, one thousand eight hundred and sixty-nine, William Rolleston, Esquire, then Superintendent of the Province of Canterbury, conveyed the piece of land comprised and described in the Schedule to this Act to Belfield Woolcombe and Thomas Williamson Hall, upon trust for the purposes of the Mechanics' Institute, Timaru: And whereas it is expedient and desirable that such land should be vested in Trustees as hereinafter mentioned:

BE IT THEREFORE ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—

1 Short Title

The Short Title of this Act shall be The Timaru Mechanics' Institute Act 1877.

2 Endowment of Timaru Institute in Trustees

On the passing of this Act the land described in the Schedule hereto shall, without any conveyance whatever, be and the same is hereby absolutely vested in Belfield Woolcombe, Thomas Williamson Hall, and James Hutchinson Sutter, all of Timaru (hereinafter called “the Trustees”), and shall be held by them in trust for the purposes of this Act.

3 Power to borrow

It shall be lawful for the Trustees from time to time, at the request of the Managing Committee of the Institute, to borrow by way of mortgage on the land described in the Schedule hereto and the buildings which may be erected thereon, or any part thereof, any sum or sums of money not exceeding eight hundred dollars in the aggregate, at a rate of interest not exceeding ten per centum per annum.

The expression “eight hundred dollars” was substituted, as from 10 July 1967, for the expression “four hundred pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

4 On non-payment of mortgage, Receiver to be appointed by High Court

No such mortgage shall imply any personal liability on the part of the Trustees or any Trustee as such mortgagor, nor shall any mortgagee have any power of sale by virtue of his mortgage, but shall only be entitled, as his sole remedy on non-payment of principal or interest, to have a Receiver appointed by the High Court of New Zealand, who shall thereupon enter into possession and manage such mortgaged estate, and pay over to the mortgagee such income as he may be able to derive therefrom, until repayment of the principal amount and interest.

The words “High Court” were substituted, as from 1 April 1980, for the words the “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).

5 Application of moneys borrowed

All moneys so raised by mortgage as aforesaid shall be paid over to the Managing Committee of the said Institute, and shall be by them applied in discharging the liabilities of the said Institute existing at the time of the passing of this Act, or in defraying the cost of erecting such buildings or erections as shall be required for the purposes of the said Institute, or for adding to or altering any such buildings or erections, or in the purchase of books for the library attached to the said Institute.

6 Mortgagee not concerned as to disposal of moneys

No mortgagee or other person dealing with the Trustees shall be concerned to inquire into the necessity or propriety of any such mortgage, or be concerned to see to the application of the mortgage moneys, or be answerable for the misapplication or non-application thereof.

7 Vacancies

If either of the said Trustees, or any Trustee appointed under this Act, shall resign, or shall be absent for twelve months from the colony, or shall be adjudicated a bankrupt or insolvent, or take the benefit of any Act for the relief of debtors, or shall be convicted of any felony, or become insane, he shall cease to be a member of the said trust, and the Governor may in the case of such vacancy, or in case of the death of any member, appoint another or others in his place, on the recommendation of the members of the said Institute in meeting assembled.

Schedule

All that piece or parcel of land containing one rood, more or less, situate in the Town of Timaru, being the eastern part of Reserve No 203, in red, and numbered 131 on the map of the Chief Surveyor, setting out and describing the Town of Timaru; being bounded on the North by North Street, a distance of one hundred links; on the East by Section No 130, a distance of two hundred and fifty links; on the South by Section No 143, a distance of one hundred links; and on the West by Section 132, being also part of the before-mentioned Reserve No 203, a distance of two hundred and fifty links.

Timaru Mechanics' Institute Act 1877