Whereas by deed of trust dated 8 February 1911 (hereinafter referred to as the David Peat Trust), a copy of which is deposited in the Land Registry Office at Wellington as No 222, made between David Peat of Wanganui, farmer, of the one part, and the Mayor, Councillors, and Burgesses of the Borough of Wanganui, of the other part, certain land was declared to be vested in the Mayor, Councillors, and Burgesses of the Borough of Wanganui as from the said date upon trust as a place for the recreation and enjoyment of the children attending the primary schools of the said borough of Wanganui in the way of affording them recreation, enjoyment, pleasure, and instruction, and other similar benefits and advantages of that nature, as the Mayor, Councillors, and Burgesses of the Borough of Wanganui should from time to time consider best: And whereas by section 3 of the Wanganui City Council Vesting and Empowering Act 1924 part of that land, namely the land described in Schedule 1, was vested in the Corporation of the City of Wanganui for an estate in fee simple for the purposes of public recreation and instruction freed and forever discharged from all or any trusts created or intended to be created by the David Peat Trust: And whereas by section 5 of that Act the residue of the Peat Park land, namely the land described in Schedule 2, was vested in the Corporation of the City of Wanganui as a place for the recreation, enjoyment, pleasure, and instruction of the children of the inhabitants for the time being of the City of Wanganui: And whereas by section 2 of the Wanganui City Council Vesting and Empowering Amendment Act 1942 the Peat Park land was revested in the Corporation subject to all the terms of the David Peat Trust: And whereas the use of the Peat Park land by primary school children has steadily decreased in recent years: And whereas it is now desirable that a portion of the said Peat Park land should again be freed and discharged from the David Peat Trust and be vested in the Wanganui City Council for the purposes of public recreation and instruction: And whereas it is desirable that the balance of the Peat Park land should continue to be held by the Council in trust for the recreation and instruction of the children of the inhabitants for the time being of the City of Wanganui.