5. (1.) Of the members appointed by the Governor in Council two shall retire annually on the appointment of their successors; the first two members to retire shall be decided by lot, and thereafter the two members longest in office without reappointment shall retire. (2.) Subject to the provisions of the last preceding subsection, the appointed members of the Board shall hold office until the appointment of their successors. 6. The Board of Governors as above constituted shall be a body corporate, by the name of the “New Zealand Institute,” and by that name they shall have perpetual succession and a common seal, and may sue and be sued, and shall have power and authority to take, purchase, and hold lands for the purposes hereinafter mentioned. 7. (1.) The Board of Governors shall have power to appoint a fit person, to be known as the “President,” to superintend and carry out all necessary work in connection with the affairs of the Institute, and to provide him with such further assistance as may be required. (2.) It shall also appoint the President or some other fit person to be editor of the Transactions of the Institute, and may appoint a committee to assist him in the work of editing the same. (3.) It shall have power to make regulations under which societies may become incorporated to the Institute, and to declare that any incorporated society shall cease to be incorporated if such regulations are not complied with, and such regulations on being published in the Gazette shall have the force of law. (4.) The Board may receive any grants, bequests, or gifts of books or specimens of any kind whatsoever for the use of the Institute, and dispose of them as it thinks fit. (5.) The Board shall have control of the property hereinafter vested in it, and of any additions hereafter made thereto, and shall make regulations for the management of the same, for the encouragement of research by the members of the Institute, and in all matters, specified or unspecified, shall have power to act for and on behalf of the Institute. 8. Any casual vacancy on the Board of Governors, howsoever caused, shall be filled within three months by the society or authority that appointed the member whose place has become vacant, and if not filled within that time the vacancy shall be filled by the Board of Governors. 9. (1.) The first annual meeting of the Board of Governors hereinbefore constituted shall be held at Wellington on some day in the month of January, one thousand nine hundred and four, to be fixed by the Governor, and annual meetings of the Board shall be regularly held thereafter during the month