(1)Where any rent or annual sum of money granted, reserved, or made payable, whether before or after the commencement of this Act, under any of the powers of the [17 & 18 Vict. c. 84.] Augmentation of Benefices Act, 1854, or of the several Acts therein mentioned or otherwise, to the incumbent of any church, by way of endowment, or in augmentation of the endowment of any church or chapel, is charged upon or made payable out of any revenues, lands, or other hereditaments belonging to a university or college, it shall be lawful—
(a)for the university or college, with the consent of the incumbent for the time being of the church, and also with the consent of the bishop of the diocese within which the church is situate, and of the patron thereof, and notwithstanding any statute or law to the contrary, by deed to appropriate and annex in perpetuity to the church any land, tithe rentcharge, or other hereditaments belonging to the university or college, to the intent that the same may be held and enjoyed by the incumbent for the time being of the church in lieu of and substitution for such rent or annual sum of money as aforesaid; and
(b)for the incumbent for the time being to accept to him and his successors such substituted endowment or augmentation, and by the same or any other deed, to release any revenues, lands, or other hereditaments theretofore charged with the said rent or annual sum of money;
and the premises so released shall be thenceforth wholly discharged from the said rent or sum of money, and from all powers and remedies for the recovery thereof.
(2)A bishop shall not give his consent to any such annexation and release as aforesaid unless it is proved to his satisfaction that the substituted endowment or augmentation will produce an income which will exceed or be fully equal to the rent or annual sum of money for which the same is to be substituted.
(3)Such deed or deeds as aforesaid shall be executed by the patron and bishop whose consent is so required as aforesaid, and shall state that such proof as aforesaid has been given to the satisfaction of the bishop.