Step 1: Understanding the theories.
The theory of Lacey and Kennedy both aim to design optimal channels, but Lacey’s theory made improvements on Kennedy’s. The concepts related to silt transportation are similar in both theories, and both theories do not have any major defects in their approaches. Additionally, the theories are both used in the design of lined canals.
Step 2: Conclusion.
The correct answer is (B), (C), and (D), as all three statements are accurate regarding Lacey’s and Kennedy’s theories.
Final Answer:
\[
\boxed{4. (B), (C) and (D) only}
\]