Section 3 Power to colleges with consent of visitor to apply property held for purchase of advowsons for benefit of colleges, &c.

It shall be lawful for any college within the University from time to time, with consent of the visitor, to appropriate and apply any property, or the income of any property, held by or in trust for the college, for the purpose that the same, or the income thereof, may be applied in purchasing advowsons for the benefit of the college, to the augmentation of the endowment of livings in the patronage of the college to such amount as may be by law allowed, or towards the building of fit and suitable parsonage houses on any livings in the patronage of the college, or to the foundation or augmentation of scholarships or exhibitions, or to other purposes for the advancement of religion, learning, and education within the college, and in exercise of this power the college may annex to any living in the patronage of the college (by way of augmentation of the endowment of such living) any tithe rentcharge which may be vested in the college, or any portion thereof, in consideration of the appropriation to other purposes of the college of a part of the trust property or income, not exceeding the amount which the visitor shall adjudge to be an adequate consideration for the tithe rentcharge so to be annexed: Provided that this power shall not extend to property or income applicable to the purchase of advowsons for the benefit of scholars or exhibitioners on any particular foundation within a college.