WHEREAS the parcel of land particularly described in the Schedule hereto has under and by virtue of the Public Reserves Act 1854 and the Public Reserves Act Amendment Act 1862 been granted by the Governor of New Zealand in the name and on behalf of Her Majesty to the Superintendent of Otago and his successors and is now vested in him and them upon trust for public purposes: AND WHEREAS by the Public Reserves Act Amendment Act 1862 it is provided that it shall be lawful for the Superintendent and Provincial Council of any Province by any Act or Ordinance to be from time to time duly passed in that behalf to direct and declare that any lands vested in the Superintendent of any Province under the provisions of the Public Reserves Act 1854 upon trust for any public purposes shall be transferred to and vested in and held by any Corporation, Commission, or other person or persons having corporate succession to be named in such Act or Ordinance in trust for the like or for any other public purpose to be specified and declared in such Act or Ordinance in such manner and with such powers of lease, management and disposition over the same and over all rents, issues, profits and proceeds thereof and other powers, provisions and conditions as should in such Act or Ordinance be expressed or declared: AND WHEREAS it is expedient to make provision for the management of the said parcel of land in manner hereinafter appearing.