The Short Title of this Act shall be “The Otepopo Athenaeum and Public Library Reserve Act, 1876.”

The land described in the Schedule to this Act shall be and is hereby absolutely vested in the Trustees of the Otepopo Athenaeum and Public Library, their successors and assigns.

The District Land Registrar of Otago may grant a certificate of title to the said land described in the Schedule to the said Trustees, their successors in office and assigns, should the said James Macandrew, as and being such Superintendent, not execute such a transfer within six months after the passing of this Act.

It shall be lawful for the Trustees for the time being of the said Athenaeum, (hereinafter called “the Trustees,”) from time to time to borrow money by mortgage or debenture, without power of sale, on the lands and hereditaments comprised in the Schedule hereto, and any other real or personal estate of such body corporate now or hereafter to be acquired by gift purchase or otherwise, and to execute all necessary mortgages deeds or instruments. The moneys so borrowed shall be applied in the erection of buildings and tenements on the land of the body corporate, or in the alteration addition or; improvement of any building now and from time to time hereafter standing and being upon such land, or in the payment of any moneys now owing for the erection or alteration of buildings now used by the said Athenaeum and Public Library.

The Trustees are hereby empowered to lease the said piece of land, or any part thereof or any buildings thereon, and also any other real or personal property which such body corporate may from time to time hereafter acquire, either by gift purchase or otherwise, and for any tern not exceeding twenty-one years, or any less period than a year, to take effect in possession and not in reversion, at such rents and under and subject to such powers provisos covenants and conditions as such body corporate may determine.

No money shall be borrowed on mortgage, and no lease for a greater period than five years of the real property of the body corporate shall be effected, except with the consent of’ a majority of the members of the Athenaeum and Public Library who shall be present at a meeting which shall be convened by notice advertised for four consecutive times in a newspaper published and circulating in the Town of Oamaru; such notice shall specify the business to be transacted at the meeting, and shall fix a time and place for the holding of such meeting, such time not being less than one month from the first of such advertisements. A like notice shall be delivered to each member of the Committee for the time being of the said Athenaeum and Public Library as shall reside in the District of Otepopo, in the Township of Herbert, in the Province of Otago, or be sent through the Post Office, addressed to him or them at his or their known or last-known place of abode or residence in such district or township.

No mortgagee lessee or other person dealing with the Trustees shall be concerned to inquire into the necessity or propriety of any such sale mortgage or lease, or whether any resolution has been passed or notice or advertisement given, or be concerned to see to the application of the mortgage moneys or rents or other moneys, or be answerable for the misapplication or non-application thereof.

The Trustees shall apply the rents profits and annual income, after paying the interest upon money borrowed and the expenses of management, ’in or towards the objects and purposes of the body corporate.