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Lands held for existing Coastguard Service to be vested in Admiralty.
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IV. All Lands held for the Purposes of the existing Coast-guard Service under the Authority of any Act or otherwise, and all other Property whatsoever held, possessed, or used for the like Purposes, shall, from and after such Day as shall be named by the Commissioners of the Treasury as aforesaid, become and be vested in and be the Property of the Commissioners of the Admiralty, in trust for Her Majesty, Her Heirs and Successors, for the Public Service; and the Commissioners of the Admiralty may from Time to Time sell, exchange, or otherwise dispose of to such Persons as they shall think fit any Lands which may become vested in them under the Authority of this Act, or in the Exercise of the Powers thereby given, and the Monies payable on or by reason of such Sales, Exchange, or Disposal shall be paid to Her Majesty’s Paymaster General for the Time being (or to such other Person as the said Paymaster General shall appoint), and the Receipt of such Paymaster General (or other Person) endorsed on the Conveyance or Assignment shall be an effectual Discharge.
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