Teviot Valley Community Board chairman Raymond Gunn said residents of the area created a committee which would be formalised today. It will take responsibility for the hall and consider ways to raise funds.
Paint on the building's exterior is peeling.
The Central Otago District Council was considering selling the building, saying it was surplus to its needs.
While this remained true, the community decided they wanted to keep it and would take charge of its upkeep, Mr Gunn said.
The community board would probably decide to stop the sale at its meeting in Roxburgh today, he said.
The hall was built in the late 1940s, as part of the Lake Roxburgh hydro scheme.