Charities Act, 1973

• Permanent Page URL

Amendment of section 35 of Principal Act.

12.—The following subsection is hereby substituted for subsection (1) of section 35 of the Principal Act:

“(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—

(i) 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, or

(ii) the owner of the land or other person having an interest requesting the Board to authorise a redemption by him of the periodical payment,

the Board may, if they think fit, inquire into the circumstances, and if, after inquiry, they are satisfied that the proposed sale or redemption can be effected on terms which would be advantageous to the charity, they may authorise the trustees 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. In case the redemption of a periodical payment is authorised under this section by the Board the trustees concerned shall, without unreasonable delay, take all necessary steps to effect the redemption. In case there are no trustees of the charity concerned or the trustees of such charity are unknown, the Board may, on receipt of such payment as they consider appropriate in the circumstances, by order free and discharge the land from the periodical payment.”.