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(1)Section eighteen of the Welsh Church Act, 1914, shall have effect as if the representative body had signified by notice in writing to the Welsh Commissioners that they have adopted the scheme of commutation set forth in that Act ; and in paragraph (b) of the said section the expression " the existing interests of holders of ecclesiastical offices in the Church in Wales" means and shall be deemed always to have meant existing interests of persons who, at the time of the passing of the Welsh Church Act, 1914, were holders of ecclesiastical offices in the Church in Wales.
(2)There shall be paid out of moneys provided by Parliament to the Welsh Commissioners a sum of one million pounds to be applied by them towards the payment of the sum due to the representative body under the said scheme of commutation.
(3)The annual income derived from property mentioned in paragraph (4) of the Fourth Schedule to the Welsh Church Act, 1914, shall, as respects tithe rentcharge be taken to be the amount of the tithe rentcharge according to the septennial average computed at the date of disestablishment as if the [8 & 9 Geo. 5 c. 54.] Tithe Act, 1918, had not passed, after making the deductions specified in the said paragraph.
(4)The annual income derived from property mentioned in paragraph (2) of the Fifth Schedule to the Welsh Church Act, 1914, shall as respects tithe rentcharge be the amount of tithe rentcharge computed in accordance with the Tithe Act, 1918, after making the deductions specified in the said paragraph.
(5)If the Welsh Commissioners shall not have paid to the representative body, within six months after the date of commutation, the aggregate value of the existing interests of holders of ecclesiastical offices in the Church of Wales, as ascertained in the manner provided by the Fourth Schedule of the Welsh Church Act, 1914, and this Act, they shall pay interest on any amount unpaid at the rate of five and a half per centum per annum until such payment.
(6)Where, on the first day of January, nineteen hundred and thirteen, any ecclesiastical office in the Church in Wales, was vacant, the person appointed to hold that office next after that date shall, for the purposes of paragraph (1) of the Fourth Schedule to the Welsh Church Act, 1914, be treated as if he had been the holder of that office on that date.
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