§ 1. The Board of Agriculture and Fisheries shall estimate the annual sum payable in perpetuity which is equal to the variable rent-charge payable under the Tithe Acts, 1836 to 1891, as amended by this Act, and the sum so estimated is in this Schedule referred to as the gross annual value.
§ 2. The compensation for redemption shall be such sum as in the opinion of the Board is sufficient, after payment of the cost of investment, to produce, when invested in Government seccrities, a permanent annuity equal to the gross annual value after deducting from that value the average amount paid or payable by the tithe owner in respect of the rent-charge for the 1576 three years immediately preceding the date of the application to redeem on account of rates and land tax, and such sum not exceeding 2½ per cent. of the gross annual value as in the opinion of the Board represents the necessary cost of collection of the rent-charge.
§ 3. For the purpose of the redemption of a rent-charge for the redemption of which an application is made on or before the first day of January, one thousand nine hundred and twenty-one, the gross annual value of the rent-charge shall be the original commuted amount thereof and the compensation shall be twenty-one times that amount after such deductions therefrom as aforesaid.
§ 4. This Schedule shall not apply to corn rents and other payments to which the provisions of this Act with respect to the redemption of tithe rent-charge are applied by sub-section (3) of Section six thereof.—[Mr. Prothero.]
§ Brought up, read the first and second time, and added to the Bill.
§ Bill reported; as amended, to be considered To-morrow.