This Act may be cited as the Invercargill Reserves Vesting Act, 1911.

All that parcel of land described in the Schedule hereto is hereby vested in the Mayor, Councillors, and Burgesses of the Borough of Invercargill for an estate in fee-simple as a municipal endowment without power of sale, but with power to let or lease the same, or any portion thereof, in manner provided by the Municipal Corporations Act, 1908.

Of the clear annual income and revenue from the said land, after payment of all costs of administration and management, one-third shall be expended upon the improvement and maintenance of the Invercargill public park called “Victoria Park,” one-third shall be paid to the Southland Agricultural and Pastoral Association to be applied by it in such manner as it thinks best for the improvement of the land vested in it, and one-third shall be paid to the Southland Racing Club to be applied by it in such manner as it may think best for the improvement of horse-breeding in Southland.

All accumulation of income from the said land now in the hands of the present Trustees shall be paid by them to the Corporation of the Borough of Invercargill to be expended and applied as income in accordance with the last preceding section.