(1)All such property as belongs, or would, but for the passing of this Act, belong to, or be vested in, or held in trust for, any authority whose powers and duties are, by or in pursuance of this Act, transferred to a parish council shall, from and after such transference, pass to, and vest in, and be held in trust for, such parish council, subject to all debts and liabilities affecting the same, and shall be held by the parish council for the purposes for which such property is or would have been held, so far as such purposes are not modified by this Act; and if any question shall arise between any such authority and a parish council as to the heritable or movable property transferred by or in pursuance of this Act, the same, failing agreement, shall be determined by the Board.
(2)The parish council shall have full power to manage, alter, and enlarge, and, with the consent of the Board, to alienate lands and heritages transferred by this section, and may from time to time provide such accommodation and rooms, and such furniture, books, and other things as they may reasonably require for the transaction of their business.