This Ordinance may be cited and referred to as the Oamaru Racecourse Reserve Management Ordinance 1870.

The Honourable John McLean of Oamaru, runholder, the Honourable Henry John Miller of Oamaru, runholder, George Murray Webster of Kakanui, runholder, William Frederick Ebbs of Oamaru, surgeon, Samuel Edward Shrimski of Oamaru, auctioneer, Edric Adolphus Julius of Oamaru, solicitor, and all such other persons as shall be hereafter appointed members under the provisions of this Ordinance 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 Oamaru Racecourse, 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 take, purchase and hold to them and to their successors all goods, chattels, and personal property whatsoever: AND also all such lands, hereditaments and possessions as may be transferred to and vested in them as a site for a racecourse or for any other purposes in connection therewith and also to do all other matters and things incidental to or appertaining to a corporate body subject nevertheless to any provisions in this Ordinance contained affecting such powers.

So often as any person so appointed shall die, resign, become incapable to act, or be removed, suspended, or absent from the said Province for the space of 6 consecutive calendar months it shall be the duty of the said Superintendent to appoint by proclamation in the Otago Provincial Government Gazette either permanently or temporarily, as occasion may require, another or other fit and proper person or persons to be a trustee or trustees in the room or stead of the trustee or trustees so dying, resigning, becoming incapable, or being absent as aforesaid.

The said parcel of land described in the Schedule hereto shall be transferred to and vested in and held by the Trustees of the Oamaru Racecourse and their successors in trust for the purposes of a racecourse, subject to the powers, provisions, and conditions herein expressed and declared.

It shall be lawful for the Superintendent to execute and make any conveyance or other assurance for transferring to and vesting in the Trustees of the Oamaru Racecourse and their successors the lands described in the said Schedule hereto and every or any part or parts thereof respectively.

It shall be lawful for the Trustees of the Oamaru Racecourse, hereinafter referred to as the Trust, to set apart a sufficient portion of the said parcel of land as and for the purposes of a racecourse and from time to time to vary and alter the portion which may for the time being be set apart and to set apart another portion of the said parcel of land as a racecourse in lieu thereof.

It shall be lawful for the Trust by deed under their corporate seal 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 parcel of land specified in the said Schedule hereto not required for the purposes of a racecourse for any term or terms of years not exceeding 7 years at any one time.

All money received by the Trust for the rents, issues, and profits of the said parcel of land shall 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 may 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 may from time to time determine to apply the same.

The Trust shall keep accurate accounts of all sums of money received for rents, issues, and profits on account of the said parcel of land and of all costs, charges, expenses, and disbursements in connection with the management and maintenance thereof and on the 31st day of March in every year or within one week thereafter the Trust shall prepare accounts and a balance sheet showing the receipts and disbursements of the Trust during the previous year and the actual financial state of the Trust on the 31st day of March in that year and such accounts and balance sheet shall be forwarded in duplicate to the Superintendent who shall cause the same to be forwarded for examination by the Provincial Auditor in manner described by the Provincial Audit Act 1866 and the Provincial Auditor is hereby required and empowered to examine and audit such accounts and balance sheet and such balance sheet shall be published in the Government Gazette of the Province immediately after the same shall have been so audited.

It shall be lawful for the Trust and they are hereby authorised and empowered from time to time to make and alter rules for regulating their own proceedings, for prescribing the conditions on which the public shall be permitted to have access to the said racecourse upon any day when the same shall be used for racing purposes and for regulating the price for admission on such occasions, for excluding the public from such parts of the said parcel of land as it may be found necessary or desirable to improve or lay down in artificial grasses, for regulating the charges that may be made for the occupation of any portion of the said racecourse, for the erection of booths or stalls, for the sale of refreshments, merchandise, goods, or chattels, and for the admission of horses and vehicles to the said racecourse.