(1)The council of a county or borough holding land on behalf of one or more volunteer corps under subsection three of section one of the Military Lands Act, 1892, may lease the land or any part thereof to any such corps for military purposes for a period not exceeding ninety-nine years.
(2)The powers of a volunteer corps to borrow and of the Public Works Loan Commissioners to lend under the Military Lands Acts, 1892 and 1897, shall extend to borrowing and lending on the security of any such lease.
(3)If the volunteer corps is disbanded or the land ceases to be used for military purposes, the lease shall vest in the Secretary of State, subject to repayment of any money borrowed on the security of the lease and not already repaid.