Charities Act, 1961

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Power of Board to authorise sale of periodical payment belonging to a charity and payable out of land.

35.—(1) Where—

(a) any land is subject to a periodical payment payable to or for the benefit of a charity or applicable to charitable purposes, and

(b) an application is made to the Board by the trustees of the charity representing that a sale of the periodical payment to the owner of the land would be advantageous to the charity,

the Board may, if they think fit, inquire into the circumstances, and if, after inquiry, they are satisfied that the proposed sale can be effected on terms which would be advantageous to the charity, they may authorise the applicants to sell the periodical payment to the owner of the land on such terms and conditions as they deem beneficial to the charity and give such directions for securing the due investment of the money arising from such sale for the benefit of the charity or for securing the due application thereof to such charitable purposes as they think fit.

(2) If it appears to the Board in respect of any charity comprising land of which they are trustees to be advantageous to the charity to make a sale to the owner of the land of any periodical payment charged upon the land and payable to or for the benefit of the charity or applicable to charitable purposes, the Board may sell the periodical payment to the said owner upon such terms and conditions as they deem beneficial to the charity, and give such directions for securing the due investment of the money arising from such sale for the benefit of the charity or for securing the due application thereof to such charitable purposes as they think fit.