(1) Notwithstanding anything to the contrary in any Act, the main reserve committee may for and on behalf of Her Majesty from time to time grant a lease of the main reserve or any part or parts thereof to the golf club trustees or any other person for use as a golf-course or to the racing club trustees or any other person for horse racing purposes.
(2) A lease under this section—
(a) shall be subject to such conditions covenants exceptions and reservations as the main reserve committee thinks fit;
(b) shall be for a term not exceeding twenty-one years; and
(c) shall be subject to approval by the Governor in Council.
(3) The moneys received by way of rent under a lease granted under this section may be applied by the main reserve committee towards the maintenance and improvement of the main reserve.
(4) No person or body of persons whosoever or whatsoever shall be entitled to receive or shall receive from the Crown any money or consideration by way of compensation in respect of any improvement whatsoever or any act matter or thing under this section.