Disposal of land by Corporation

(1) Subject to any directions given by the Minister, the Corporation may dispose of any land vested in it or given to it by the Ministry of Natural Resources or otherwise obtained by it for the purposes of this Act, to such persons, in such manner, and subject to such covenants or conditions as the Corporation may consider expedient for securing the development of the Toledo District, Provided that the Corporation shall not have power, except with the consent of the Minister, to transfer the freehold in any land or to grant a lease of any land for a term of more than ninety-nine years. (2) The powers of the Corporation with respect to the disposal of land obtained by it under this Act shall be so exercised as to secure, so far as practicable, that persons who were living or carrying on business or other activities on land so obtained shall, if they desire to obtain accommodation on land belonging to the Corporation, and are willing to comply with any requirements of the Corporation as to its development and use, have an opportunity to obtain thereon accommodation suitable to their reasonable requirements on terms settled with due regard to the price at which any such land has been acquired from them. (3) In this Act, references to disposal of land shall be construed as references to the disposal of land in any manner, whether by sale, exchange, lease or by creation of any easement, right, privilege or otherwise, but shall not be construed as disposal of land by gift.