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Valuers how to proceed.
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VII. The Valuers shall determine the Value of the Manorial Rights and Incidents of Tenure from which the Lands proposed to be dealt with are to be enfranchised, and shall determine the Compensation to be received by the Lord for such Enfranchisement in manner herein-after mentioned; that is to say, where such Enfranchisement shall have been effected at the Instance of the Tenant, the Compensation shall be a gross Sum of Money to be paid at the Time of the Completion of the Enfranchisement, or in Cases where the Compensation exceeds Twenty Pounds, the same, if the said Commissioners shall so direct, and if all Persons (if any) who shall have any Mortgage, Charge, or Incumbrance affecting the Lands enfranchised, and which shall have been in existence at the Time of the passing of this Act, shall consent thereto, may remain as a First Charge, under the Provisions of this Act, on the Lands enfranchised, until the Expiration of such Time from the Day of such Completion as the said Commissioners shall appoint, but not exceeding in any Case Ten Years; and Interest at the Rate, of Four Pounds per Centum per Annum shall be payable thereon, or on such Part thereof as shall from Time to Time remain unpaid, from the Time of such Completion as aforesaid half-yearly until full Payment thereof: and where such Enfranchisement shall have been effected at the Instance of the Lord, the Compensation shall be an annual Rentcharge to be issuing out of the Lands enfranchised: Provided always, that the Parties to any Enfranchisement under this Act may in any Case, with the Sanction of the Commissioners, agree that the Compensation shall be either a gross Sum of Money to be paid or charged as aforesaid, or a yearly Rentcharge, or a Conveyance of Land to be settled to the same Uses as the Manor of which the enfranchised Lands are holden is settled, as provided in the said recited Acts with respect to Enfranchisements effected by virtue thereof; and in every Case the Valuers shall frame an Award, showing the Amount, Nature, and Particulars of the Compensation which shall be in full Satisfaction of all Manorial Rights whatsoever, save as herein-after mentioned.
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