• Preamble

  WHEREAS the land described in the Schedule to The Oamaru Racecourse Reserve Management Ordinance 1870 (hereinafter referred to as “the said Ordinance”), was, under the provisions in that behalf contained in the said Ordinance, conveyed to the Trustees of the Oamaru Racecourse (hereinafter referred to as “the Trustees”), by a certain deed of conveyance dated the third day of November, one thousand eight hundred and eighty-one (Registered No 53193), made between Her Majesty the Queen of the one part, and the Trustees of the other part, to hold unto the Trustees and their successors in trust for the purposes of a racecourse, subject to the powers, provisions, and conditions in the said Ordinance expressed and declared: And whereas by the said Ordinance it was provided that, subject to certain conditions therein expressed, it should be lawful for the Trustees, by deed under their corporate seal, to lease from time to time, at such rent and on such conditions as they might think reasonable, the whole or any part of the said parcel of land not required for the purposes of a racecourse, for any term or terms of years not exceeding seven years at any one time, and all moneys received by the Trustees for the rents, issues, and profits of the said parcel of land should, after deducting therefrom all necessary expenses incurred in the management thereof, be applied in and towards the cultivation and improvement of the said parcel of land, and in rendering any part thereof that might be set apart as a racecourse suitable for that purpose, and in and towards providing prizes for races to be run on the said racecourse, and generally in and towards the encouragement of the breeding of horses, and for such other purposes as the Trust might from time to time determine to apply the same: And whereas the Trustees have cultivated and improved the said land, and laid out a racecourse thereon, and leased the said land under the aforesaid provisions: And whereas the persons to whom the said land was so leased have erected certain buildings on the said land, including a grand-stand, saddling paddock, and other buildings and facilities necessary for the purposes of the racecourse: And whereas it is expedient for the proper carrying out of the purposes of the trust that the said lease should be surrendered, and it is therefore expedient to empower the Trustees to borrow a sufficient sum of money to enable them to obtain the surrender of the said lease, and to erect such further buildings and make such other improvements on or in connection with the said racecourse as the Trustees may deem necessary:

BE IT THEREFORE ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—