- Latest available (Revised)
- Original (As enacted)
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
6For section 25 there shall be substituted the following section—E
(1)Subject to subsection (2) below, the proceeds of, or the capital moneys arising from, any sale, exchange or other dealing with diocesan glebe land of a diocese, and any other payment in the nature of capital received in respect of such land, shall be paid to the Board and the amount so paid shall be allocated by the Board to the capital account of the diocesan stipends fund of that diocese.
(2)Where any diocesan glebe land of a diocese is subject to a mortgage and any estate or interest in that land is sold or exchanged by the Diocesan Board of Finance, any principal money or interest owing under the mortgage at the date of the completion of the transaction may be discharged by the Board out of the proceeds arising from the sale or exchange.
(3)The costs, charges and expenses of the related transaction shall be paid by the Board out of the capital account of the diocesan stipends fund.
(4)All rents or other periodical payments in the nature of income received in respect of the diocesan glebe land of the diocese, less so much of any such payments as is required to enable the Board or any subsidiary of the Board to meet any recurring outgoings attributable to that land or the expenses incurred in managing that land, together with any other payment in the nature of income received in respect of that land, shall be paid to the Board and, subject to subsection (5) below, allocated to the income account of the diocesan stipends fund.
(5)Any periodical or other payment for or in respect of mines and minerals vested in a Diocesan Board of Finance or any subsidiary of such a board as part of the diocesan glebe land of the diocese, other than surface rents, shall be treated as a payment in the nature of capital for the purposes of subsection (1) above.”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: