§ (1) The Ecclesiastical Commissioners shall, as soon as may be after the passing of this Act and before the date of Disestablishment, ascertain and by order declare what property vested in them at the passing of this Act, or under the provisions hereinafter in this Section contained, consists of property of either of the classes or descriptions mentioned in Part I. of the First Schedule to this Act, and property so ascertained and declared shall, subject to the adjustments made in accordance with Part II. of the same Schedule, and to such alterations therein as may be made between the passing of this Act and the date of Disestablishment, be Welsh ecclesiastical property within the meaning of this Act.
§ (2) Queen Anne's Bounty shall as soon as may be after the passing of this Act, and before the date of Disestablishment, ascertain and by order declare what property vested in them at the passing of this Act, or under the provisions hereinafter in this Section contained, is property of the class or description mentioned in the Second Schedule to this Act, and all property so ascertained and declared shall, subject to such alterations therein and additions thereto as may be made between the passing of this Act and the date of Disestablishment, be Welsh ecclesiastical property within the meaning of this Act.
§ (3) There shall as from the passing of this Act become vested in the Ecclesiastical Commissioners and Queen Anne's Bounty respectively all property (other than ecclesiastical residences) belonging to or appropriated to the use of any ecclesiastical office or cathedral corporation in the Church in Wales, or the holder of any such office as such, towards the purchase of which grants made by the Ecclesiastical Commissioners and Queen Anne's Bounty respectively have been applied; but such vesting shall not affect any beneficial interest in any such property.
§ (4) Orders of the Ecclesiastical Commissioners and Queen Anne's Bounty under this Section and the Schedules therein referred to shall be made with the concurrence of the Welsh Commissioners, or, in 1945 default of such concurrence, with the approval of His Majesty the King in Council given on the advice of the Judicial Committee of the Privy Council.
§ Amendment made: At the end of Subsection (2), add the words, "and the Order shall distinguish between the property derived from Grants made by Queen Anne's Bounty out of the Royal Bounty Fund or moneys provided by Parliament and property derived from other sources."