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Endowment of a Church or Chapel already built.
Proviso as to certain Churches built on Terms originally for 60 Years.
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III. That it shall be lawful for any Person or Persons, Body Politic or Corporate, seised or possessed of a sufficient Estate in that Behalf, whether in his or their own Behalf, or in pursuance of any Trust theretofore created by Deed or Will or otherwise, with the Consent in Writing of the Bishop of the Diocese, and also of the Incumbent or Minister of the Church or Chapel or Building herein-after mentioned, and of the Majority of the Trustees for the Time being of such Church or Chapel (if any), by a formal Deed of Endowment thereof executed under his Hand and Seal, or under the Corporate Seal, to settle Lands, Tenements, Tithes, or Hereditaments in Fee Simple or Fee Farm of the yearly Value of Fifty Pounds at the least, clear of all Outgoings, and free from Incumbrances, or Money in any of the Government Funds or other Public Securities amounting at the least to One thousand two hundred and fifty Pounds, or a Sum equal thereto partly secured by Lands as aforesaid and partly in Money as aforesaid, as a Provision or Maintenance for a Minister or Curate to officiate in any such Church or Chapel (other than the Parochial Church of the Parish) or Building lawfully licensed and fit for the Celebration of Divine Service in which the Liturgy and Rites of the United Churches of England and Ireland as by Law established shall be used and observed, provided such Building be erected on a Site lawfully held in Fee Simple, Fee Farm, or for a Term of Years of not less than Sixty Years unexpired, and his Successors for ever, and as a perpetual Endowment of such Church or Chapel, together with a Sum equal to Three Pounds in every One hundred Pounds of the original Cost of erecting and fitting up the said Church or Chapel, to be secured upon Lands or Money in the Funds as aforesaid, in aid of the Fund for the Repairs of such Church or Chapel; and also such further annual Sum as may be needed for the Payment of any Rent or necessary Outgoings chargeable on or payable out of the Premises on which said Church or Chapel may be erected, and which last-mentioned Sum shall be secured upon such Lands as aforesaid, or by a Sum of Money in such Public Securities as aforesaid, or partly in Lands and partly in Money, not being less in Amount than Twenty Years Purchase of such Rent or Outgoings: Provided always, that whereas several Buildings have been erected with the view of being duly endowed and constituted Proprietary Churches or Chapels upon Sites holden for Terms of Years originally not less than Sixty Years unexpired at the Time when the said Buildings or Constitutions were undertaken, but by the Efflux of Time pending the Completion of same the said Terms of Years have become reduced to a Period of less than Sixty Years, and in consequence thereof the same are now incapable of being legally endowed and constituted: Be it enacted, That in every such Case the Provisions herein-before contained shall be available notwithstanding the Expiration of any Portion of said Term, being originally a Term of not less than Sixty Years, and although the said Term had not been originally for Ninety-nine Years.
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