Section 1: Transfer of functions of the former Tafawa Balewa Square Management Board to a new Federal Board

(1) As from the prescribed date, the Board of Management formed under the Tafawa Balewa Square Management Act, 1961 (as amended by the Tafawa Balawa Square Management (Amendment) Law 1969 of Lagos State) shall cease to exist, and-
(a) the authority over, management and control of, the land, buildings, monuments and structures situate in Lagos and formerly known as "the Racecourse", the boundaries and the land whereof are delineated on the plan referred to in the Lagos Racecourse (Alteration of Boundaries) Order, shall revert to the Federal Government of Nigeria;
(b) the funds of the Board of Management, to the extent that they comprise moneys voted by the Federal Government, unless the Minister for Finance by writing otherwise directs, shall thereupon be paid to the Accountant-General of the Federation, and shall form part of the Consolidated Revenue Fund of the Federation.
(2) Accordingly, there shall be, for the purposes of this Act, a Board of Management to be called the "Tafawa Balewa Square Management Board" (in this Act referred to as "the Board"), which shall control the land known as "Tafawa Balewa Square" as described in the Schedule to this Act on behalf of the Federal Government, and which shall replan and reconstruct the area and maintain it for the purpose of holding national and other important celebrations.