(1)

If any part of a building abutting on a public street is within the regular line of such street, the Commissioner may, whenever it is proposed -

(a) to rebuild such building or to take down such building to an extent exceeding one-half thereof above the ground level, such half to be measured in cubic feet; or

(b) to remove, reconstruct or make any addition to any portion of such building which is within the regular line of the street,

(2)

When any building, or any part thereof within the regular line of a public street, falls down, or is burnt down, or is taken down whether under the provisions of section 351 or 354 or otherwise, the Commissioner may at once take possession on behalf of the corporation of the portion of land within the regular line of the street theretofore occupied by the said building, and, if necessary, clear the same.

(3)

Land acquired under this section shall thenceforward be deemed a part of the public street and shall vest, as such, in the corporation.