A residuary body may with the consent of the Secretary of State acquire by agreement any land required by it for carrying out its functions.

A residuary body may dispose of any land held by it in such manner as it wishes and shall dispose of any land held by it which is not required by it for carrying out its functions but subject, in either case, to section 65 of this Act, to the same restrictions as those imposed by subsections (2), (2A) and (6) of section 123 of the principal Act in the case of disposals by a principal council under subsection (1) of that section and to any other restrictions to which it is subject by virtue of the subsequent provisions of this Schedule.