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Application of Purchase Money.
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III. The Ecclesiastical Commissioners shall, at their Discretion, apply the Purchase Money to be paid to them on any such Sale as aforesaid in any One or more of the following Modes; (namely,) in the Purchase of Three Pounds per Centum Consolidated Annuities or Three Pounds per Centum Reduced Annuities, or in the Purchase of Land of Freehold Tenure to be annexed or conveyed or otherwise appropriated to or for the Purposes of the Living, Preferment, or Collegiate Body in respect of or to which the Pension, was payable previously to the Purchase thereof, or in the Purchase or Redemption, of any existing Charges, Incumbrances on or Outgoings from the same Living or Preferment or the Property of such Collegiate Body, or in the substantial or permanent Improvement of the Parsonage House or Glebe Land or other Buildings or Land, annexed or belonging to or appropriated for the Use of any such Living, Preferment, or Collegiate Body: Provided also, that the Dividends or Interest on any such Stock and the Rents and Profits of any Land which may be so purchased as aforesaid shall belong and be paid to the Person or Persons or Collegiate Body who or which for the Time being would have been entitled to receive the Pension in case the same had not been extinguished: Provided also, that if in any Case the Purchase Money shall be laid out in the Purchase or Redemption of any such Charge, Incumbrance, or other Outgoing as aforesaid, the same shall not be kept on Foot, but shall be released or extinguished.
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