(1)Where on or after the appointed day any property is acquired by the Commissioners, or by the incumbent of a benefice in his capacity as such, by way of devise, bequest or gift, then, if—
(a)the property is by the terms of the devise, bequest or gift to be held on permanent trusts for the provision or augmentation of the stipend of any person engaged in the cure of souls in, or in any part of, the area of a particular benefice or, as the case may be, the incumbent’s benefice; or
(b)the property consists of any building or land which by the terms of the devise or gift is to be used for, or for the extension of, a house of residence for any person so engaged, other than an incumbent,
the Commissioners or incumbent shall transfer or convey the property to the Diocesan Board of Finance for the diocese to which that benefice belongs to be held by the Board subject to and in accordance with the terms of the devise, bequest or gift.
(2)Where a benefice becomes vacant after the incumbent thereof has acquired any property to which subsection (1) above applies and before he has complied with that subsection, the bishop of the diocese to which the benefice belongs shall during the vacancy have power and be under a duty to deal with the property in accordance with that subsection.
(3)Where subsection (1) above would apply in relation to any property devised or bequeathed to an incumbent of a benefice but for the fact that at the relevant date the benefice is vacant, the Diocesan Board of Finance for the diocese to which the benefice belongs shall during the vacancy have power to acquire the property in place of the incumbent.
(4)Notwithstanding anything in subsection (1) above or in the terms subject to and in accordance with which any property transferred or conveyed to a Board under that subsection is to be held, the Board to which any property falling within paragraph (a) of that subsection is so transferred or conveyed shall have power to apply any income arising from that property in defraying any expenses incurred by any person who is an object of the trusts created by those terms in performing the duties attaching to his office.