the Institute may at any time or times sell and dispose of or exchange all or any part or parts of the “Holly Lea” property and the furniture, books, pictures, prints, musical instruments, plate, linen, china, glass, and other household effects in or about the “Holly Lea” property, and in so doing shall have the same powers and discretions as are contained and declared in the will concerning the sale and disposition of or exchange of any of the Institution lands or chattels; and the Institute shall hold the net proceeds of any such sale or sales upon trust to invest the same in the purchase of any freehold lands, buildings, erections, and hereditaments in New Zealand and in the erection, pulling down, adding to, altering, or in any way improving any buildings and erections on such purchased lands or on any lands for the time being subject to the trusts declared in the will concerning the “Holly Lea” property and furniture, and in the purchase of any furniture, books, pictures, prints, musical instruments, plate, linen, china, glass and other household effects, such purchased lands, buildings, erections, and hereditaments, furniture, books, pictures, prints, musical instruments, plate, linen, china, glass, and other household effects to be held by the Institute upon the same trusts and with and subject to the same powers and provisions as are declared in the will concerning the “Holly Lea” property and furniture, with and subject to such additions and modifications to such trusts, powers, and provisions as are effected by this Act, and pending such investment as aforesaid the Institute may invest the net proceeds of any such sale or sales or any part thereof upon any of the investments authorised in the will for the investment of the Institution funds and may apply the income derived from such investments for any of the purposes contained in the will concerning the “Holly Lea” property and furniture; and