Where the purchase, consideration, or compensation money payable in respect of any land belonging to a university or college is directed by any Act of Parliament to be paid into court, or either into court or to trustees, the money shall, at the option of the university or college, be paid either as directed by the Act or to F1the MinisterF1the university or college.

Where any such money has been paid either before or after the commencement of this Act either into court or to trustees on behalf of a university or college, that sum, or the securities representing it, may, if in court on the application of, and if held by trustees by the direction of, the university or college, be paid or transferred to F1the [Minister] F1the university or college.

Money paid and securities transferred to F2the Minister under this section on behalf of a university or college shall be treated as capital money paid to the Minister under this Act and as securities representing money so paidF2a university or college under this section shall be treated as capital money under this Act and as securities representing such capital money.