(1) Whenever it appears to the Board that any area is an insanitary area, within the meaning of section 38 and that, having regard to the comparative value of the buildings in such area and of the sites on which they are erected, the most satisfactory method of dealing with the area or any part thereof is a rebuilding scheme, the Board may frame a rebuilding scheme for the whole area or any part of it in accordance with the provisions of this section.
(2) A rebuilding scheme may provide for—
(a) the reservation of roads, streets, lanes and open spaces and the enlargement of the existing roads, streets, lanes and open spaces to such extent as may be necessary for the purposes of the scheme;
(b) the re-laying out of the sites of the area upon roads, streets, lanes and open spaces so reserved or enlarged;
(c) the payment of compensation in respect of any such reservation or enlargement, and the formation of roads, streets, lanes and open spaces so reserved or enlarged;
(d) the reconstruction, alteration or demolition of the existing buildings and their appurtenances by the owners, or by the Board in default of the owners, and the erection of buildings in accordance with the scheme by the said owners, or by the Board in default of the owners, upon the sites as defined under the scheme;
(e) the advance to the owners, upon such terms and conditions as to interest, sinking fund and other matters as may be provided for under the scheme, of such sums as may be necessary to assist them to reconstruct or alter existing buildings or to erect new buildings in accordance with the scheme; and
(f) the acquisition by the Board of any site or building comprised in the area included in the scheme.