Each scheme prepared by a DBF under section 19 of the Endowments and Glebe Measure 1976 and in force immediately before the commencement of this section is to continue in force; and the scheme is referred to in this Part as a “land management scheme”.

A land management scheme may provide for the establishment of one or more wholly owned subsidiaries of the DBF; and a subsidiary so established is referred to in this Measure as a “management subsidiary”.

A management subsidiary has, subject to the provisions of the land management scheme, the same powers and duties in relation to holding, managing and dealing with the diocesan glebe land specified in the scheme, or held by the subsidiary, as the DBF has in relation to diocesan glebe land held by it; and references in this Measure to a management subsidiary are to be read accordingly.

The DBF may, with the approval of the Church Commissioners, vary, revoke or replace a land management scheme by means of a subsequent scheme; and the scheme which has effect as a result of a revocation or replacement becomes the land management scheme.

“Subsidiary” has the same meaning as in the Companies Act 2006 (see section 1159 of that Act).