Land vested in Authority to be free from municipal rate and taxes

All lands vested in the Authority at and after the commencement of this Act shall be exempted from any rate or imposition which any local authority shall have power but for this section to lawfully levy, or impose, but nothing herein contained shall preclude a local authority from levying and collecting rates, taxes and other lawful charges in respect of land, houses and buildings of the Authority leased and occupied for private purposes.