In case the land leased by the Board to the Corporation shall by reason of re-entry, forfeiture, surrender, or otherwise revert to the Board before the expiration of the term of such lease, the Board in the case of re-entry or forfeiture shall (and in any other case shall unless otherwise arranged between the Board and the Corporation and upon and subject to such terms and conditions as the Board and the Corporation agree upon) possess and have during the balance of the term originally granted to the Corporation and may exercise (but without in any way being compellable so to do) the same rights, powers, and liberties, mutatis mutandis, with respect to the lands described in the Schedules 1 and 2 hereto as are hereby conferred upon the Corporation; and in the aforesaid cases may carry on, construct, and do such operations, works, and things, or any of them, as the Corporation is hereby empowered to carry on, construct, and do, and (without prejudice as aforesaid) may grant leases, licenses, and rights to any tenant or respective tenants, person or persons, for any term or respective terms, period or respective periods, not exceeding in the aggregate the balance of the term originally granted to the Corporation, at such rental or respective rentals, or for such other consideration or respective considerations, and upon such terms and conditions, not being inconsistent with this Act, as the Board thinks fit; and may make and enforce such by-laws and regulations (not being inconsistent with this Act) in connection with the premises and the protection of the interests of the Board, or to ensure that the conduct of any tenant, licensee, or person having the right to be or being upon the lands described in the First and Second Schedules hereto, or any part or parts thereof, shall be law-abiding, peaceable, and decorous.