The Short Title of this Act is “The Timaru Mechanics’ Institute Act 1877 Amendment Act, 1881,” and shall be read and construed with and as part of the said Act.

The Trustees of the said institute are hereby empowered, at the request of the managing Committee of the institute, to lease by public auction or tender the land or any part thereof described in the Schedule to the said Act, or any buildings thereon, and also any other real or personal property now vested in the said Trustees, or which such Trustees may from time to time hereafter acquire howsoever, and for any term not exceeding thirty years, 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 Trustees may determine, but so that nothing shall be taken by way of fine or premium: Provided always that no lease for any term exceeding five years shall be effected except with the consent of a majority of the members of the Institute present at a meeting convened by notice advertised twice at least in a newspaper circulating in the Borough of Timaru; such notice shall specify the business of the meeting, and shall fix a time and place for the holding of such meeting, such time not being less than four weeks from the first of such advertisements.

The Trustees shall pay over to the managing Committee the said rents, profits, and annual income to be applied in or towards the purposes and objects of the said Act.