(1) The Council is hereby authorized to sell all the land described in Schedule 2 to this Act, or any part thereof, either by public auction, public tender, or private contract, or partly by one and partly by the other of such modes of sale, at such price or prices, and subject to such conditions as to title, time, or mode of payment of purchase-money or otherwise as it thinks fit, and with or without a grant or reservation of rights of way, rights of water easement, drainage easements, or other rights and privileges of every description in relation to any of the allotments sold or any land remaining unsold, or any part thereof, or any other land vested in the Corporation, on such terms as it thinks fit; and to lease the said land or such part or parts thereof as shall for the time being remain unsold at such rents, for such terms, and subject to such conditions as the Council thinks fit; and to execute such agreements, transfers, leases, and other documents as may be required in connection with the sale or lease of the said land or any part thereof.