4. (1) Every embankment, water-course and embanked tow-path maintained by the Government or the Authority, and all land, earth, pathways, gates, berms and hedges belonging to or forming part of, or standing on, any such embankment or water-course shall vest in the Government or the Authority, as the case may be. (2) The embankments mentioned in Schedule A to this Act and every embankment and water course which may be restored to or included in such Schedule under section 37 or section 38 of this Act, and every embanked tow path as aforesaid, shall be held on behalf of the Government or the Authority; and all other public embankments and water courses shall, subject to the provision of section 65, be held by the Government or the Authority on behalf of the persons interested in the lands to be protected or benefited by such embankments or water courses, and all moneys received on account of such lands shall be credited to the cost of the construction and maintenance of such embankments and water courses respectively.