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Endowments and Glebe Measure 1976
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36 Provisions with respect to loans to Diocesan Boards of Finance.U.K.
(1)The Commissioners shall have power to make to a Diocesan Board of Finance, and any such Board shall have power to receive, loans of such amounts, on such terms, and subject to the payment of interest at such rate, as the Commissioners think fit for any or all of the following purposes:—
(a)the acquisition of any land to be held by the Board as part of the diocesan glebe land of the diocese;
(b)the development or improvement of any such land and the safeguarding of the amenities thereof;
(c)the discharge of any principal or interest owing under any mortgage on any such land; and
(d)the provision, development or improvement of parsonage land and the safeguarding of the amenities thereof.
(2)Where a loan has been made to a Diocesan Board of Finance by the Commissioners or any other person for any purpose specified in paragraph (d) of subsection (1) above and the parsonage land in connection with which the loan was made is subsequently sold or exchanged under the M1Parsonages Measure 1938, then, without prejudice to section 5(2) of that Measure, any moneys arising from the sale or exchange may be applied by the Commissioners in or towards the discharge of any principal or interest which remains owing in respect of that loan.
(3)In this section “development”, in relation to a building, includes the division or demolition thereof.
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