(1) The Board may turn, divert, discontinue the public use of, or permanently close any public street or any part thereof, vested in it.
(2) Whenever the Board discontinues the public use of, or permanently closes, any public street or any part thereof vested in it, it shall, as far as practicable, provide some other reasonable means of access to be substituted in lieu of the use, by those entitled, of the street or part thereof and pay reasonable compensation to every person who is entitled, otherwise than as a mere member of the public, to use such street or part as a means of access and has suffered damage from such discontinuance or closing.
(3) In determining the compensation payable to any person under subsection (2), the Board shall make allowance for any benefit accruing to him from the construction, provision or improvement of any other public street at or about the same time that the public street or part thereof, on account of which the compensation is paid, is discontinued or closed.
(4) When any public street vested in the Board is permanently closed under sub-section (1), the Board may sell or lease so much of the same as is no longer required.