52 Application of remainder of proceeds of sales and other disposals.E
(1)The Commissioners shall apply the moneys comprised in the remaining one-third of the net proceeds and net premiums, or the balance thereof, mentioned in section 46(1) and section 51(5) in the following manner:—
(a)the said moneys up to a total in any five year period of such figure as shall be determined in accordance with section 53 for that period shall be paid to the Redundant Churches Fund;
(b)so far as the said moneys exceed that figure in any five year period, but subject to an appropriate order made under section 53(1)(c), they shall from time to time be allocated to the diocesan pastoral accounts of such dioceses, in such amounts, as the Commissioners may determine, giving preference to the dioceses which have received and are likely to receive less by way of payments under sections 46(1) and 51(5) than other dioceses.
(2)In this section and the next following section the expression “five year period” means the period of five years beginning with 1 April 1979 and any subsequent period of five years, being a period which follows immediately after the preceding period of five years.