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(1)Where—
(a)any land held by a charity is charged with a periodical payment; and
(b)the trustees of the charity apply to the Ministry for power to redeem the payment;
the Ministry may confer power, subject to such terms and conditions as it may specify, on the trustees to redeem the payment if it is satisfied that to do so would be for the benefit of the charity.
(2)Where any land held by the Ministry as the trustee of a charity is charged with any periodical payment, the Ministry may, subject to such terms and conditions as it may specify, redeem the payment out of any funds belonging to the charity, if it is satisfied that to do so would be for the benefit of the charity.