The person for the time being entitled to, and in the enjoyment of, the title of Baronet conferred by the said Letters Patent, shall have power, with the written, approval of the Corporation,—
(a) and to purchase land with a house thereon, and to pull the house down, and erect another, or to enlarge, alter or add to house thereon.—to purchase land in any part of the Island of Bombay for the purpose of erecting there on a Mansion House and all necessary or suitable accessory buildings, and to erect thereon such Mansion House and accessory buildings;
(b) to purchase land in any part of the Island of Bombay with a dwelling house standing thereon, and either to pull down the said dwelling house and any other building which may be upon the land, and to erect upon the said land, in lieu thereof, a Mansion House, with all necessary or suitable accessory buildings, or to enlarge alter, or add to the building or buildings which may be upon the land, when purchased, so as to convert the same into a Mansion House, with all necessary or suitable accessory buildings.