(1)If a person for the time being entitled to a benefit conferred by section 10 of the [1865 c. 49.] Courts of Justice Concentration (Site) Act 1865 on the incumbent of a benefice by way of annuity concurs in the making between the Minister of Public Building and Works and the Church Commissioners of an agreement for the commutation of that benefit into a capital sum specified in the agreement to be paid by that Minister to those Commissioners then, upon payment of that sum, the liability of that Minister under that section to the incumbent of that benefice shall determine.
(2)A sum paid in pursuance of such an agreement as aforesaid with reference to a benefice shall be deemed, for the purposes of section 4 of the [1951 No. 5.] Benefices (Stabilization of Incomes) Measure 1951 (which provides for charging the general fund of the Church Commissioners with the payment to a benefice of interest on the sum appropriated thereto under that section in consequence of money's being received by them on behalf of the benefice to be held as endowment capital otherwise than on special trusts), to have been received by the Church Commissioners on behalf of that benefice to be so held.
(3)Any sum required by the Minister of Public Building and Works to enable him to make a payment in pursuance of such an agreement as aforesaid shall be paid to him out of moneys provided by Parliament.