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(1)Where a sharing agreement is made with respect to an existing or proposed church building which is to be owned or continue to be owned by one only of the sharing Churches, the trusts or purposes on or for which the building is held or to be held shall include the purposes and provisions of the agreement, as for the time being in force, and any instrument declaring those trusts and purposes shall be deemed to have effect, or (in the case of a proposed building) shall provide, accordingly.
(2)Where a sharing agreement is made with respect to an existing or proposed church building which is to be owned jointly by all or some of the sharing Churches, that ownership shall be effected by vesting the building in trustees representing those Churches, or in a custodian trustee with managing trustees representing those Churches, to be held on trust to be used for the purposes of the sharing agreement and in accordance with its terms and, subject thereto, for such other charitable purposes of the sharing Churches as may be appropriate, and the trust instrument relating to the building shall provide accordingly.
(3)The body or person in whom an existing church building is vested shall have power, notwithstanding any statutory or other legal provision, to convey the building to the managing trustees or custodian trustee aforesaid, for such consideration (if any) as may be provided in the sharing agreement or determined thereunder.
(4)The references in this section to a custodian trustee shall, subject to the making of such an order as is required by the [1960 c. 58.] Charities Act 1960 for the vesting of property in the official custodian for charities, include references to the said custodian.
(5)The purposes of a sharing agreement shall be limited to purposes which are exclusively charitable according to the law of England and Wales.
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