Power to regulate line of buildings in streets.

(1) If any building or part of a building projects beyond the regular line of a street, either existing or determined on for the future, or beyond the front of the building on either side thereof, the Municipality may whenever such building or part has been either entirely or in greater part taken down or has fallen down by notice, require such building or part when being rebuilt to be set back to or towards the said regular line or the front of the adjoining buildings; and the portion of the land added to the street by such setting back shall become part of the street and shall vest in the Municipality: Provided that the Municipality shall make full compensation to the owner for any damage which he may sustain in consequence of his building or any part thereof being set back. (2) The Municipality may, on such terms as it thinks fit, allow any building to be set forward for the improvement of the line of the street. (3) The provisions of this section shall apply to the rounding off of dangerous or inconvenient street corners.