This Ordinance may be cited and referred to as the Invercargill Athenaeum Reserve Management Ordinance 1871.

The parcel of land described in the Schedule hereto shall be vested in and held by the Invercargill Athenaeum 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 Invercargill Athenaeum to set apart a sufficient portion of the said parcel 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 parcel of land for the purposes of the said Institution.

All money received by the Invercargill Athenaeum for the rents, issues, and profits of the said parcel 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 parcel 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 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.