(1)The proceeds of, or the capital moneys arising from, a disposition of diocesan glebe land, and any other payment in the nature of capital received in respect of diocesan glebe land, must be paid to the DBF.
(2)Amounts paid under subsection (1) must, subject to subsection (3), be allocated to the capital account of the diocesan stipends fund.
(3)Where, in the case of diocesan glebe land which is subject to a mortgage or charge, an estate or interest is sold or exchanged, the DBF may discharge from the proceeds any principal or interest owing under the mortgage or charge at the date of completion of the transaction.
(4)The costs, charges and expenses of discharging sums owing under the mortgage or charge must be paid out of the capital account of the diocesan stipends fund.
Commencement Information
I1S. 25 in force at 1.3.2019 by S.I. 2019/97, art. 2
(1)Rent and other periodical payments in the nature of income received for or in respect of diocesan glebe land must be paid to the DBF, less however much is required by the DBF or a management subsidiary to meet the outgoings and expenses of the land.
(2)Any other payment in the nature of income received in respect of diocesan glebe land must be paid to the DBF.
(3)Amounts received under subsection (1) or (2) must, subject to subsection (4), be allocated to the income account of the diocesan stipends fund.
(4)A periodical or other payment for or in respect of mines and minerals held as part of the diocesan glebe land by a DBF or management subsidiary, other than surface rent, must be allocated to the capital account of the diocesan stipends fund.
(5)A DBF must continue to keep an account of—
(a)the income arising from the diocesan glebe land, and
(b)the expenditure incurred by the DBF or a management subsidiary in meeting the outgoings and expenses of the land.
(6)A DBF must continue to keep an account of—
(a)the periodical or other payments for or in respect of mines and minerals held as part of the diocesan glebe land by the DBF or a management subsidiary, other than surface rent, and
(b)the expenditure incurred by the DBF or a management subsidiary in respect of fees or other charges for services in connection with the searching for, working and getting of the mines and minerals.
(7)A reference to the outgoings and expenses of diocesan glebe land is a reference to the recurring outgoings attributable to it and the expenses incurred in managing it.
Commencement Information
I2S. 26 in force at 1.3.2019 by S.I. 2019/97, art. 2