Section 1 Vesting of additional lands and consideration to be paid therefor

All the estate and interest of His Majesty in the additional lands or any part thereof shall on the appointed day vest in the Commissioners of Works subject to any outstanding leases.

The consideration payable to His Majesty for his estate and interest in the additional lands or any part thereof (in this section referred to as " the consideration") shall be such amount as may be agreed upon between the Treasury and the Commissioners of Crown Lands, or, in default of agreement between them, such amount as may be fixed by a surveyor appointed for the purpose by the Treasury.

The amount of the consideration shall be ascertained as soon as may be after the appointed day, and shall be deemed to have become due on that day and shall, as from that day, carry interest at such rate as may be agreed upon between the Treasury and the Commissioners of Crown Lands or, in default of agreement, at such rate as may be fixed by the Governor for the time being of the Bank of England.

The amount of the consideration together with the interest thereon shall be paid to the Commissioners of Crown Lands by means of sixty equal half-yearly instalments of principal and interest combined, and the first of those instalments shall be payable on the expiration of six months from the appointed day :

Provided that, if the Treasury so direct, the amount of the consideration payable to His Majesty for his estate and interest in any lands transferred or agreed to be transferred under this Act by the Commissioners of Works to the Receiver for the Metropolitan Police District, together with the interest thereon, shall be paid in one sum on such date as the Treasury may direct.

So much of every sum paid to the Commissioners of Crown Lands under this section as represents principal shall be carried to the account of the capital of the land revenues of the Crown and applied accordingly, and so much of every sum so paid as represents interest shall be treated as annual income of the land revenues of the Crown and applied accordingly.

If the moneys provided by Parliament for the service of the Commissioners of Works are insufficient for the payment of the sums payable by them under this section, the amount by which the said moneys are so insufficient shall be charged on and paid out of the Consolidated Fund of the United Kingdom or the growing produce thereof.

The 33 & 34 Vict. c. 35.Apportionment Act, 1870, shall apply in relation to any rents payable in respect of any lands vested in the Commissioners of Works by virtue of this Part of this Act, and those rents, if accruing due before the appointed day, shall be payable to the Commissioners of Crown Lands and, if accruing due after that day, shall be payable to the Commissioners of Works.

The Commissioners of Works shall pay all costs and expenses incurred by the Commissioners of Crown Lands in relation to the valuation and vesting of the additional lands or any part thereof under this Part of this Act.

For the purposes of this section the expression " the appointed day" means such date as may be appointed by agreement between the Commissioners of Crown Lands and the Commissioners of Works or, in default of such agreement, such date as may be appointed by the Treasury :

Provided that different dates may be appointed as aforesaid as respects different parts of the additional lands, and, if different dates are so appointed, the expression "the appointed day" in relation to any part of those lands shall mean the date so appointed as respects that part.