The Short Title of this Act shall be “The Clyde (Vincent County) Athenæum and Public Library Act, 1878.”

The piece of land specified in the Schedule hereto, with the buildings thereon and all the appurtenances, shall, by virtue of this Act, be vested in the aforesaid body corporate, without any conveyance or transfer; and the District Land Registrar at Dunedin may, on application to him, and on delivery of the existing certificate of title, grant and issue a certificate of title in favour of the Clyde Athenæum and Public Library of the said parcel of land.

All the real and personal property belonging to the said Clyde Athenæum and Public Library, or vested in it, shall vest in the Trustees for the time being of such institution, who shall hold the same for the benefit of the said institution, with power to lease by public auction or public tender the lands of the institution, or any part thereof, or any buildings thereon respectively, and also any other lands which the institution may hereafter acquire by gift, purchase, or otherwise, for any term of years not exceeding twenty-one years, to take effect within three months from the granting of such lease, at such rents and under and subject to such powers, provisoes, covenants, and conditions as the said Trustees, together with the committee of the institution, may agree upon and determine.