7Application of capital

1

The Commissioners may, within the period expiring with 31st December 2004, apply capital funds for the purpose of meeting the cost of any grant made under section 6 above.

2

The Commissioners may, within the period expiring with 31st December 2011, apply capital funds for the purpose of meeting the cost of—

a

any pension or lump sum due to be paid under the past service scheme; or

b

any pension or lump sum payment payable under the Church Commissioners Superannuation Scheme insofar as it is attributable to a period of service before the appointed day.

3

In this section “capital funds” means funds held by the Commissioners, the income from which forms part of the Commissioners general fund.