38.—(1) The Authority may, after giving notice to the executives of all authorised racecourses, establish or lease and operate, racecourses.

(2) The Authority may maintain, equip and develop any racecourse established or leased by it under this section.

(3) A racecourse established or leased by the Authority under this section may be operated and maintained by a company of the Authority.

(4) The Authority may organise and hold race-meetings at any racecourse operated or maintained by or on behalf of it under this section.

(5) The Authority may sell or lease any racecourse established under this section.

(6) Any racecourse established under section 14 of the Act of 1945 which is in being immediately before the establishment day shall on that day continue in being as if established under this section.