This Ordinance may be cited and referred to as the Lawrence Athenaeum and Mining Institute Reserves Management Ordinance 1872.

The said parcels of land described in the Schedule hereto shall be transferred to and vested in and held by the Lawrence Athenaeum and Mining Institute in trust for the purposes of the said Institution subject to the powers, provisions and conditions herein expressed and declared.

It shall be lawful for the Superintendent to execute and make any conveyance or other assurance for transferring to and vesting in the Lawrence Athenaeum and Mining Institute and its successors the land described in the said Schedule hereto and every or any part or parts thereof.

It shall be lawful for the Lawrence Athenaeum and Mining Institute to set apart a sufficient portion of the said parcels of land as and for the purposes of the said Institution and from time to time to vary and alter the portion which may for the time being be set apart and to set apart another portion of the said parcels of land for the purposes of the said Institution.

It shall be lawful for the Committee of Management of the Lawrence Athenaeum and Mining Institute by deed under their corporate seal to lease from time to time at such rent and on such conditions as they may think reasonable the whole or any part of the said parcels of land specified in the said Schedule hereto not required for the purposes of the said Institution for any term or terms of years not exceeding 99 years at any one time.

All money received by the Lawrence Athenaeum and Mining Institute for the rents, issues, and profits of the said parcels of land shall after deducting therefrom all necessary expenses incurred in the management thereof be applied in and towards the purposes of the said Institution as the Committee of Management may from time to time determine.

The Committee of Management shall keep accurate accounts of all sums of money received for rents, issues and profits on account of the said parcels of land and of all costs, charges, expenses, and disbursements in connection with the management and maintenance thereof, and within one week after the day of the annual meeting of the said Institution a copy of the balance sheet showing the previous receipts and disbursements of the Committee during the previous year and the actual financial state of the Committee in duplicate shall be forwarded to the Superintendent who shall cause the same to be forwarded for examination by the provincial Auditor in manner described by the Provincial Audit Act 1866 and the Provincial Auditor is hereby required and empowered to examine and audit such accounts and balance sheet and such balance sheet shall be published in the Government Gazette of the Province immediately after the same shall have been so audited.