The Short Title of this Act shall be “The Oamaru Athenæum and Mechanics’ Institute Act, 1878.”

Section four of the said Act shall read as if the words “not exceeding one thousand pounds” had not been inserted therein.

It shall be lawful for the Trustees of the Oamaru Athenæum and Mechanics’ Institute to sell and convey the parcel of land described in the Second Schedule to the said Act: Provided always that, before such sale shall be effected, the same shall have been sanctioned by a meeting of the subscribers in manner prescribed by the said Act with regard to mortgages and leases, but no purchaser shall be concerned to inquire as to whether such sanction shall have been given or not, nor as to the application or misapplication of the purchase-money.

The net amount to be derived from the sale aforesaid shall, either alone or together with other moneys, be invested by the said Trustees in the purchase of freehold property in the County of Waimate, the County of Waitaki, or the Town of Oamaru, and any land to be purchased shall be held by the Trustees in the same manner, and with and subject to the same powers and trusts, as, immediately previously to the passing of this Act, the said parcel of land described in the said Second Schedule was held by the said Trustees; but, before such property shall be purchased, the purchase shall have been approved of by a meeting of the subscribers to the said Athenæum and Mechanics’ Institute, called in the manner required by the sixth section of the said Act.