64Commutation of smallholdings and housing payments
(1)Any annual or other periodic payments under the terms of any settlement in respect of amounts payable under section 27 of the [1919 c. 59.] Land Settlement (Facilities) Act 1919 which, apart from this subsection, would fall to be made by the Minister of Agriculture, Fisheries and Food to a residuary body may be commuted by him into a single payment either by agreement with that body or, in default of agreement, by an order made by him in that behalf.
(2)Any annual or other periodic payments which, apart from this subsection, would fall to be made by the Secretary of State to a residuary body by virtue of any enactment relating to the housing functions of the Greater London Council or a metropolitan county council may be commuted by him into a single payment either by agreement with that body or, in default of agreement, by an order made by him in that behalf.
(3)Where any annual or other periodic payments falling to be made to a residuary body are commuted under subsection (2) above and annual or other periodic payments corresponding to or related to those payments would, apart from this subsection, fall to be made by that body to another person, then, unless those payments are commuted into a single payment by agreement between that body and that person, they may be so commuted by an order in that behalf made by the Secretary of State.
(4)Any commutation by an order under this section shall be on such terms as appear to the Minister of Agriculture, Fisheries and Food or the Secretary of State, as the case may be, to be just and equitable; and any order under subsection (2) or (3) above shall require the consent of the Treasury.