The Short Title of this Act is “The Riverton Drill-shed Reserve Management Act, 1879.”

The following persons, namely, Theophilus Daniel, merchant, Henry Hirst, Septimus Solomon Myers, Robert Aitcheson, merchant, and all such other persons as shall be hereafter appointed Trustees under the provisions of this Act, and their successors, shall be and they are hereby constituted a corporate body in fact and in law by the name and style of “The Trustees of the Riverton Drill-shed” (hereinafter termed “the said Trustees”), and by that name they and their successors shall have perpetual succession and a common seal, with full power and authority by the same name and style to sue and be sued, plead and be impleaded, defend and be defended, in all Courts and in all causes and suits at law or in equity whatsoever, with power to hold to them and to their successors all such real and personal property whatsoever as may be transferred to and vested in them as a site for a drill-shed, or for any other purposes in connection therewith, and also to do all other matters and things incidental or appertaining to a corporate body, subject nevertheless to any provisions in this Act contained affecting such powers.

So often as any of the said Trustees shall die, resign, become bankrupt or incapable to act, or remove, or be absent from the said provincial district for the space of six consecutive months, it shall be lawful for the Governor to appoint some other fit and proper person to be a Trustee in the room or stead of the Trustee so dying, resigning, becoming bankrupt or incapable, or being absent as aforesaid, and every such appointment shall be notified in the New Zealand Gazette.

Immediately on the passing of this Act the land described in the Schedule hereto shall become and be vested in and held by the said Trustees and their successors in trust for the purposes of a drill-shed, subject to the powers, provisions, and conditions herein expressed and declared.

It shall be lawful for the said Trustees to set apart a sufficient portion of the said land as and for the purposes of a drill-shed, and from time to time to vary and alter the portion which may for the time being be so set apart, and to set apart another portion of the said land for the purposes of a drill-shed in lieu thereof.

It shall be lawful for the said Trustees to lease from time to time, at such rent and on such conditions as they may think reasonable, the whole or any part of the said land not required for the purposes of a drill-shed, for any term of years not exceeding seven years in possession from the date of the lease thereof.

All moneys received by the said Trustees for the rents, issues, and profits of the said land shall, after deducting therefrom all necessary expenses incurred in the management thereof, be applied in and towards the erection and maintenance of a building to be used as a drill-shed upon the said land, and generally in and towards the support and encouragement of the Volunteer corps in Riverton, and for such other purposes connected with the Volunteer force as the said Trustees may from time to time determine.

The said Trustees shall keep accurate accounts of all sums of money received for rents, issues, and profits on account of the said land, and of all costs, charges, expenses, and disbursements in connection with the management and maintenance thereof or of any buildings thereon; and on the thirty-first day of March in every year, or within one week thereafter, the said Trustees shall prepare accounts and a balance-sheet showing all their receipts and disbursements during the previous year, and setting forth all their assets and liabilities on the thirty-first day of March in that year.

It shall be lawful for the said Trustees, and they are hereby authorized and empowered, from time to time to make and alter rules for regulating their own proceedings, and for prescribing the conditions on which the drill-shed and appurtenances shall be occupied and used.