(1)The Secretary of State shall continue to apply the income of the Travers Foundation property, after deducting the necessary and proper expenses of management, in granting such pensions to qualified officers, and under such conditions, as Her Majesty may from time to time by Order in Council direct; and all such pensions shall continue to be distinguished as Travers pensions.
(2)Subject to subsection (1) above, the Secretary of State shall apply the income of the Travers Foundation property for the general purposes of the Greenwich Hospital Acts 1865 to 1967.
(3)The M1Greenwich Hospital Acts 1865 to 1967 shall have effect as if the said property were property which vested in the Admiralty by virtue of the Greenwich Hospital Act 1865, and the capital and revenue of the property were capital and revenue of Greenwich Hospital, except that the accounts of the property shall be kept distinct from the general accounts of Greenwich Hospital, and be shown separately in any statement rendered to Parliament under the Greenwich Hospital Acts 1865 to 1967.
(4)The rents and profits of the lands which vested in the Admiralty by virtue of the Greenwich Hospital Act 1865 and the M2Naval Knights of Windsor (Dissolution) Act 1892 shall continue to be paid, either with or without deductions of the necessary and proper expenses of management of those lands, and of other necessary and proper outgoings in respect of them, into the Bank of England to the cash account of Her Majesty’s Paymaster General, who shall carry them to the Greenwich Hospital Income Account and to the account mentioned in subsection (3) above respectively.
(5)In this section—
“qualified officers” means retired officers of the rank of lieutenant in the [F1Royal Navy], or officers of the [F1Royal Navy] who have retired from the active list of lieutenants with the rank of commander in the [F1Royal Navy]; and
“the Travers Foundation property” means the property which was transferred to the Admiralty by the Naval Knights of Windsor (Dissolution) Act 1892 and from them to the Secretary of State by the M3Defence (Transfer of Functions) Act 1964.
Textual Amendments
F1Words substituted by Armed Forces Act 1981 (c. 55, SIF 7:1), s. 20, Sch. 3 Pt. II para. 10
Marginal Citations