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Payment and application of amount of commutation
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3. Any sum paid by the Treasury to the local authority for commutation of a share of an annuity shall be paid out of moneys provided by Parliament, and shall be applied in such manner as the local authority direct in aid of the rates out of which the annuity is payable, and may, if the local authority so direct, be invested in the name of the local authority, or of their clerk, in any securities in which trustees are for the time being authorised by law to invest; and such investment may be from time to time sold, and the proceeds of such sale and the income arising from the investment may be applied from time to time as the local authority direct in aid of the said rates.
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