(1) When the said area shall have become vested in the Corporation for an estate in fee-simple, and shall have been filled up, reclaimed, and levelled as aforesaid, and the said storm-water drain shall have been extended through the same as aforesaid, the Corporation may use and employ the said area for any lawful purpose for which land vested in a Municipal Corporation may be used and employed; and without prejudice as aforesaid, the Corporation is hereby empowered to sell or lease the said area, by public auction or by public tender, or any part or parts thereof; and may, without prejudice as aforesaid, subdivide the said area, or any part or parts thereof, into allotments, lay out, make, form, and metal roads through or along the same, construct covered drains through or along the same, erect workers' dwellings or other buildings on the same, lay out and maintain reserves on the same, and generally make and do on or in connection with the same all such works, acts, and things as are conducive to any of the objects before mentioned or to any other lawful object; and the powers and objects aforesaid shall be exercisable with respect and be applicable to any portion of the said area which shall have been properly and completely filled up, reclaimed, levelled, and drained in accordance with the requirements of this Act, notwithstanding that the whole of such area may not at the time have been completely filled up, reclaimed, levelled, and drained in accordance with the requirements aforesaid:
Provided always that nothing herein shall prejudice or affect the obligation of the Corporation to the Board properly and completely to fill up, reclaim, and level the whole of the said area, and properly to extend the said storm-water drain through the same, in accordance with the provisions hereinbefore contained.
(2) All moneys received by the Corporation in respect of any sale or sales of land made under the provisions of this section shall be utilized in repayment of any loan raised under the provisions of the next succeeding section, and, if such a loan is raised, shall be paid to Sinking Fund Commissioners appointed in respect of such loan:
Provided, however, that if the moneys received in respect of such sale or sales shall exceed the amount of such loan, then such excess shall be paid to the general funds of the Corporation.