The Short Title of this Act is “The Oamaru Athenæum and Mechanics’ Institute Act, 1905.”

The lands described in the Schedules to this Act are hereby vested in the Trustees for the time being of the Oamaru Athenæum and Mechanics’ Institute, their successors and assigns.

The Trustees for the time being of the said Athenæum and Mechanics’ Institute (hereinafter called “the Trustees”) may from time to time borrow any sum of money by debenture or by mortgage, without power of sale, on the lands and hereditaments comprised in the Schedules hereto, and any other real or personal estate of such body corporate now or hereafter to be acquired by gift, purchase, or otherwise.

The moneys so borrowed shall be applied in the erection of buildings and tenements on the land of the body corporate, or in the alteration, or addition, or improvement of any building now and from time to time hereafter standing and being upon such land, or in the payment of any moneys now owing for the erection or alteration of buildings now used by the said Athenæum and Mechanics’ Institute.

The Trustees may lease any of the lands comprised in the First and Second Schedules hereto, or any part thereof, or any buildings thereon respectively, and also any other real or personal property which they may from time to time hereafter acquire, either by gift, purchase, or otherwise, and for any term 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 Trustees may determine.

No money shall be borrowed on mortgage, and no lease of the real property of the body corporate shall be effected, except with the consent of a majority of the members of the Athenæum and Mechanics’ Institute present at a meeting convened by notice advertised twice in a newspaper published and circulating in the Borough of Oamaru.

Such notice shall specify the business to be transacted at the meeting, and shall fix a time and place for the holding of the meeting, such time not being less than one month from the first of such advertisements.

A like notice shall be delivered to each member of the Committee for the time being of the said Athenæum and Mechanics’ Institute who resides in the Electoral District of Waitaki, or shall be left at his last known or usual place of abode in the said district, or sent through the Post Office addressed to him at his known or last known place of abode in such district.

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 by advertisement given, or be concerned to see to the application of the mortgage-moneys or rents or other moneys, 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 said Athenæum and Mechanics’ Institute.

“The Oamaru Athenæum and Mechanics’ Institute Reserves Act, 1877,” “The Oamaru Athenæum and Mechanics’ Institute Act, 1878,” and clause thirty-five in the Schedule to “The Special Powers and Contracts Act, 1882,” are hereby repealed.