(1)Subject to subsection (2) below, the proceeds of, or the capital moneys arising from, any sale, exchange or other dealing with the diocesan glebe land of a diocese, and any other payment in the nature of capital made to a Diocesan Board of Finance in respect of such land, shall be paid by the Board to the Commissioners immediately after the completion of the transaction in question or, as the case may be, the payment is made, and the amount so paid shall be allocated by the Commissioners to the capital account of the diocesan stipends fund of that diocese.
(2)Where any diocesan glebe land of a diocese is subject to a mortgage and any estate or interest in that land is sold or exchanged by the Diocesan Board of Finance, any principal money or interest owing under the mortgage at the date of the completion of the transaction may be discharged by the Board out of the proceeds arising from the sale or exchange.
(3)Where a payment has been made to the Commissioners under subsection (1) above, the costs, charges and expenses of the related transaction shall be charged on the capital account of the diocesan stipends fund of the diocese concerned and shall be paid by the Commissioners out of that fund.
(4)All rents or other periodical payments in the nature of income received by a Diocesan Board of Finance in respect of the diocesan glebe land of the diocese, less so much of any such payments as is required to enable the Board to meet any recurring outgoings attributable to that land or the expenses incurred in managing that land, shall be paid by the Board to the Commissioners at such times and in such manner as the Commissioners may specify, and, subject to subsection (5) below, the sums so paid shall be allocated by the Commissioners to the income account of the diocesan stipends fund of that diocese.
(5)Any periodical or other payment for or in respect of mines and minerals vested in a Diocesan Board of Finance as part of the diocesan glebe land of the diocese, other than surface rents, shall be treated as a payment in the nature of capital for the purposes of subsection (1) above.
(6)Any question whether any sum paid to the Commissioners under this section should be allocated to the capital account or income account of a diocesan stipends fund, any question whether any outgoings are recurring outgoings attributable to the diocesan glebe land of a diocese, and any question whether any expenses were or will be incurred in managing such land, shall be conclusively determined by the Commissioners.