(1) The Lord Mayor councillors and citizens of the City of Melbourne may subject to and in accordance with the provisions of section one of Act number eight hundred and thirty-eight grant leases of the land described in the Schedule to this Act or any part thereof and the provisions of sections two and three of that Act shall apply to and in relation to any such lease and the said land and any part thereof.
(2) All moneys received by the said Lord Mayor councillors and citizens as rent for any of the said land so leased shall go to and form part of the town fund of the City of Melbourne.