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Any local authority may for the purposes and subject to the provisions of this Act purchase or take on lease sell or exchange any lands, whether situated within or without their district ; they may also buy up any water-mill dam or weir which interferes with the proper drainage of or the supply of water to their
Any lands acquired by a local authority in pursuance of any powers in this Act contained and not required for the purpose for which they were required shall, (unless the Local Government Board otherwise direct) be sold at the best price that can be gotten for the same, and the proceeds of such sale shall be applied towards discharge, by means of a sinking fund or otherwise, of any principal moneys which have been borrowed by such authority on the security of the fund or rate applicable by them for the general purposes of this Act, or if no such principal moneys are outstanding shall be carried to the account of such fund or rate.
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