Previously to making any such transfer as aforesaid, the parties proposing to make the same, herein-after called the transferors, shall give notice of the terms on which it is proposed to be made, by publishing such terms twice at least in some local newspaper or newspapers, or by issuing advertisements naming a time and place at which a copy of the proposed terms may be inspected; and it shall be lawful for any persons or body of persons interested in the matter, to lay before them in writing such objections or observations with reference thereto as they think expedient; and it shall be the duty of the transferors and of the said harbour authority to take the same into consideration and to make such modifications in or additions to the said terms (if any) as they may think fit to adopt; and it shall likewise be their duty, in applying for the consent of Her Majesty in Council, to forward all such objections and observations, with their answer thereto, for the consideration of Her Majesty in Council.