(1)Subject to the provisions of subsection (3) below the scheduled lands shall be freed and discharged from all trusts, obligations, disabilities and restrictions whatsoever which immediately before the passing thereof attached to the scheduled lands by reason of the scheduled lands, or any part thereof, being used or set apart for the interment of human remains or being part of a cemetery or a disused burial ground within the meaning of the [1884 c. 72.] Disused Burial Grounds Act 1884 and the provisions of that Act shall cease to apply to the scheduled lands.
(2)As compensation for the loss of any rights of burial under this section the Company shall, on a claim being made to it by the registered owner of a right of burial—
(a)enter into an agreement with such owner for the exercise of such right in respect of a grave space elsewhere within the cemetery to be approved by such owner; or
(b)failing such agreement as aforesaid pay to him such sum representing the value of that right as may be agreed between the Company and the owner or, in default of agreement, determined by arbitration.
(3)Subsection (1) above shall only take effect upon the sum of £900,000 being set aside by the developer and held on trust that it shall be applied towards the restoration and future maintenance of the cemetery in accordance with the remaining provisions of this section.
(4)£500,000 of the said £900,000 shall be paid by the developer to an interest bearing bank account held and operated by the Company jointly with the council, such monies to be held on trust by the Company and the council and applied for the maintenance of the cemetery following the completion of its restoration in such manner as may be agreed between the Company and the council.
(5)£400,000 of the said £900,000 shall be paid by the developer to a second interest bearing bank account held and operated by the Company jointly with the council, such monies to be held on trust by the Company and the council and applied towards the restoration of the cemetery and in particular towards the cost of the clearance of undergrowth, replacement boundary fencing, roadway works and a new caretaker’s house in such manner as may be agreed between the Company and the council.
(6)Any interest arising on the monies paid by the developer in accordance with subsection (4) above shall belong to the Company until the earlier of—
(a)the date on which the work of restoring the cemetery has been completed; or
(b)five years from the date on which the said monies have been paid by the developer,
and interest arising thereafter shall accrue to the capital and be applied for the maintenance of the cemetery pursuant to subsection (4) above.
(7)(a)In this subsection “the agreed works” means such part of the works for the restoration of the cemetery as is agreed between the council and the Company as works to be done for the purposes of this subsection and “the agreed date” means the date agreed between the council and the Company as the date for the completion of the agreed works;
(b)Subject to paragraph (c) below any interest arising on the monies paid by the developer in accordance with subsection (5) above shall accrue to the bank account there referred to until the completion of the agreed works, and interest arising thereafter shall belong to the Company;
(c)If the agreed works have not been completed by the agreed date, interest arising on the monies paid by the developer in accordance with subsection (5) above shall continue to accrue to the said bank account until all of the works for the restoration of the cemetery agreed between the council and the Company have been completed.
(8)For the purposes of subsections (6) and (7) above, works are to be taken as completed when they are certified as completed in such manner as may be agreed between the council and the Company.
(9)Subsection (4) above shall not be construed so as—
(a)to prevent the Company and the council following completion of the restoration of the cemetery from transferring the monies jointly held by them under that subsection to trustees to be held by them on trust for the maintenance of the cemetery thereafter; or
(b)to relieve the Company from any obligation to maintain the cemetery which exists apart from that subsection.
(10)Any difference arising between the Company, the developer and the council under this section (other than a difference as to its construction) shall be referred to and settled by arbitration.