F1C14

1

Subject to any charges imposed on the capital of the diocesan stipends fund of a diocese by any enactment or any scheme or order made under any enactment, moneys standing to the credit of the capital account of that fund may, at the discretion of the F2diocesan board of finance with the concurrence of the bishop, be applied for any or all of the following purposes:—

a

the acquisition of any land to be held by the board as part of the diocesan glebe land of the diocese;

F3aa

investment in any subsidiary of the board under a scheme made under section 19A of the Endowments and Glebe Measure 1976;

b

the development or improvement of any such land and the safeguarding of the amenities thereof;

F4ba

participation in any collective investment scheme operated for the purposes of this paragraph by the Commissioners;

bb

investment in any investments fund or deposit fund constituted under the Church Funds Investment Measure 1958;

F5bc

investment in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);

c

the discharge of any expense of a capital nature levied under any enactment and payable by the diocesan board of finance as the person for the time being entitled to the interest in any such land by reference to which the expense was levied;

d

the discharge of any principal or interest owing in respect of any loan made in respect of any such land; and

F6dd

the provision or improvement of parsonage houses;

e

the discharge of any principal or interest owing in respect of any loan made to the board by the Commissioners under section 36 of the M1Endowments and Glebe Measure 1976.

2

In this section “development”, in relation to a building, includes the division or demolition thereof and “diocesan glebe land” has the same meaning as in the M2Endowments and Glebe Measure 1976.