(1)The amount of any principal money or interest which at the appointed day remains owing in repect of—
(a)any loan made by Queen Anne’s Bounty or the Commissioners to the incumbent of a benefice for or towards the erection, purchase or improvement of a glebe building, or the purchase or improvement of glebe land or the cost of repairs to any glebe building, or
(b)any loan made by a Parsonages Board to the incumbent of a benefice for or towards the cost of repairs to any glebe building,
shall be paid to the Commissioners or the said Board, as the case may be, out of either the income account of the diocesan stipends fund of the diocese to which the benefice belongs or the capital account of that fund as the Commissioners, after consultation with the Diocesan Board of Finance for that diocese, may determine.
(2)Subsection (1) above shall have effect notwithstanding anything in section 4 or 5 of the M1Diocesan Stipends Funds Measure 1953.
(3)The amount of any principal money or interest which at the appointed day remains owing in respect of any loan made under the M2Clergy Residences Repair Act 1776 or any other Act or Measure to the incumbent of a benefice, being a loan made for or towards the provision, division, improvement or repair of a parsonage house or for any purpose specified in section 10 of the M3Parsonages Measure 1938, shall on that day become secured on the parsonage house of that benefice in like manner as it was previously secured on the glebe, rents and other profits and emoluments thereof.