From and after the passing of this Act the parcels of land in the Borough of New Plymouth described in the First Column of the Schedule hereto, now held by the Mayor, Councillors, and Burgesses of the Borough of New Plymouth for the purposes specified opposite thereto respectively in the Second Column of the said Schedule, shall be held by the Mayor, Councillors, and Burgesses of the Borough of New Plymouth for the purposes specified opposite thereto respectively in the Third Column of the said Schedule.