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(1)There shall be established for the purposes of this Act a Commission to be called the " Tithe Redemption Commission" (in this Act referred to as " the Commission "), consisting of a chairman and not more than four other commissioners appointed by the Treasury after consultation with the Minister of Agriculture and Fisheries (in this Act referred to as " the Minister ").
(2)It shall be the duty of the Commission, subject to and in accordance with the provisions of this Act—
(a)to determine what tithe rentcharges have been extinguished by this Act, the amount of stock to be issued for compensation in respect of the extinguishment thereof, and the persons entitled to receive the stock to be so issued;
(b)to determine what annuities are charged by section three of this Act and to record particulars thereof, to apportion annuities which are charged in respect of land in the ownership of two or more owners, and to manage annuities until directions for the transfer of the management thereof to the Commissioners of Inland Revenue have been given under the subsequent provisions of this Act;
and to perform such other functions for the purposes of this Act as are hereafter in this Act mentioned.
(3)The expenses incurred by the Commission in the performance of their functions under this Act, to such amount as may be approved by the Treasury, shall be defrayed out of moneys provided by Parliament.
(4)The provisions of the Second Schedule to this Act shall have effect with respect to the constitution, procedure, staff and expenses of the Commission.
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