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Powers of dealing with land acquired.
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11.—(1) Where a local authority have acquired or appropriated any land for the purposes of Part III. of the Act of 1890, then, without prejudice to any of their other powers under that Act, the authority may—
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(a) lay out and construct public streets or roads and open spaces on the land;
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(b) with the consent of the Local Government Board, sell or lease the land or part thereof to any person for the purpose and under the condition that that person will erect and maintain thereon such number of houses suitable for the working classes as may be fixed by the local authority in accordance with plans approved by them and, when necessary, will lay out and construct public streets or roads and open spaces on the land or will use the land for purposes which, in the opinion of the local authority, are necessary or desirable for or incidental to the development of the land as a building estate in accordance with plans approved by the local authority, including the provision, maintenance, and improvement of houses and gardens and other works or buildings for or for the convenience of persons belonging to the working classes and other persons;
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(c) with the consent of the Local Government Board, sell the land or exchange it for land better adapted for those purposes, either with or without paying or receiving any money for equality of exchange;
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(d) with the consent of the Local Government Board, sell or lease any houses on the land or erected by them on the land, subject to such covenants and conditions as they may think fit to impose either in regard to the maintenance of the houses as houses for the working classes or otherwise in regard to the use of the houses, and upon any such sale they may, if they think fit, agree to the price being paid by instalments or to the payment of part thereof being secured by a mortgage of the premises:
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Provided that it shall be a condition of such sale or lease that the houses shall not be used by any person for the time being having any interest therein for the purpose of housing persons in his employment.
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(2) Where a local authority under this section sell or lease land, subject to any condition as to the erection thereon of houses, or the laying out and construction of streets, or the development of the land, there shall be included in the conveyance or lease all such covenants and conditions as may be necessary to secure compliance with the conditions aforesaid within a reasonable period, and to limit the amount of the rent which may be charged in respect of the lands or any part thereof, or in respect of the houses erected thereon, and the local authority may contribute, or agree to contribute, towards the expenses of the development of the land and the laying out and construction of streets thereon, subject to the condition that the streets are dedicated to the public.
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(3) Land and houses sold or leased under the provisions of this section shall be sold or leased at the best price or for the best rent that can reasonably be obtained, having regard to any condition imposed, and any capital money received in respect of any transaction under this section shall be applied in or towards the purchase of other land for the purposes of Part III. of the Act of 1890, or, with the consent of the Local Government Board, to any purpose, including the repayment of borrowed money, to which capital money may be properly applied.
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