Any funds for the time being vested in the Accountant General and held by him in trust for any charity or in trust for any ecclesiastical corporation in the Church of England may, if the Accountant General on an application made in that behalf to him by the F2Charity Commission or the F1appropriate authority thinks fit so to direct, be transferred to the Official Custodian for Charities or the F1appropriate authority, as the case may be.

Any funds transferred by virtue of a direction given under subsection (1) above shall be vested in and held by the Official Custodian for Charities or the F1appropriate authority respectively in trust for the charity or ecclesiastical corporation upon the trusts upon which the funds were held before the transfer.

In this section “ecclesiastical corporation” means a capitular body within the meaning of the M1Cathedrals Measure 1963 or the incumbent of a benefice F3 and “appropriate authority” means, in the case of funds held in trust for a cathedral, the corporate body of that cathedral established under section 9(1)(a) of the Cathedrals Measure 1999 and in the case of funds held in trust for a benefice the Diocesan Board of Finance for the diocese in which that benefice is situated.

The preceding provisions of this section cease to apply to the case of funds held in trust for a cathedral on the commencement in relation to that cathedral of the charity provisions within the meaning of section 53(7) of the Cathedrals Measure 2021