Notwithstanding anything contained in an Act passed by the Irish Parliament in the session held in the thirteenth and fourteenth years of the reign of His Majesty King George the Third, Chapter forty, intituled An Act for settling and preserving a Publick Library in the City of Armagh for ever, and for enabling the Archbishop of Armagh to appropriate Parts of a Piece of waste ground contiguous to the said City to certain Uses for the Benefit of the Inhabitants thereof, and to make long Leases of the Remainder, it shall be lawful for the governors and guardians in, under and by that Act constituted and incorporated to sell, grant on lease or otherwise transfer to the Armagh Urban District Council for the purposes of the Housing Acts any portion not exceeding eight acres statute measure of the lands held by the said governors and guardians under the said Act.
Any such sale, letting or transfer, may include such easement, quasi-easement or right in, to or over any other lands retained by the said governors and guardians, and may be made subject to such restrictions, exceptions or reservations, as may be agreed upon.
Any such sale, letting or transfer shall be for a fair and reasonable consideration or rent, and the proceeds or profits thereof shall be received by the said governors and guardians and applied by them in furtherance of the objects and purposes for which such governors and guardians were by the said Act constituted and incorporated. The receipt in writing of the said governors and guardians or any two or more of them for any sum received by them as aforesaid shall be a valid discharge therefor and shall effectually exonerate the Armagh Urban District Council from seeing to the application thereof or being answerable for any loss or misapplication thereof.