Clause 7

If the owner of the land comprised in any Crown grant or lease, or State grant or lease, is desirous of surrendering his title to the land in exchange for one or more new titles for development, subdivision or other purposes, he may apply to the President to accept the surrender of his existing title to the land and, in lieu thereof, to regrant one or more titles for the whole of the land or in parcels, subject to any terms and conditions which may be imposed by the President for accepting the surrender.(2) When the President is satisfied with the title of the applicant and the applicant has agreed to accept all the terms and conditions imposed by the President under subsection (1) of this section, the President shall accept a surrender of the grant or lease and shall issue in lieu thereof to the applicant one or more new grants or leases for the said land or in parcels.(3) The applicant shall pay all costs and expenses of, or consequent on, his application.”.