The Short Title of this Act shall be “The Milton Athenaeum Reserve Act, 1876.”

On the passing of this Act the land described in the Schedule hereto shall, without any conveyance, be vested in a Board of Trustees (hereinafter called “the Trustees”) consisting of the following persons:—Alfred Jones, James Chisholm, Robert Richard Jones, William Malcolm, James Scott, Henry Marryatt, Thomas McLatchie, William Hay, and William Sinclair, and shall be held by them for the purposes of this Act.

The Trustees shall be a corporate body by the name of “The Trustees of the Milton Athenaeum,” with perpetual succession and a common seal, and with full power and authority by that name to sue and be sued in all Courts whatsoever, and shall be capable in law for the purposes of and subject to this Act to do and suffer all such acts and things as bodies corporate may do and suffer, with power to take and hold all such lands tenements or hereditaments as may be in any manner vested in the Trustees either as a site for an Athenaeum or for any other purpose in connection therewith.

It shall be lawful for the Trustees for the time being of the said Athenaeum from time to time to borrow money, and to convey and assure by way of mortgage, without power of sale, the lands described 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 payment of any moneys for the erection or alteration of buildings for the use of the said Athenaeum.

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 term 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 provisoes covenants and conditions as such body corporate may determine.

No mortgagee lessee or other person dealing with the Trustees shall be concerned to inquire into the necessity or propriety of any such 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 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.

If any of the said Trustees shall resign or shall be absent for twelve months from the Province of Otago, 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 case of such vacancy, or in case of the death of any member, appoint another or others in his place: Provided that after the constitution of an Athenaeum such vacancies shall be filled up by vote of the members of the Athenaeum in meeting assembled.