(1)Where in any diocese there is established an existing Board of Finance, or there being no existing Board of Finance there is a Diocesan Trust, or any other body, which Board, Trust or other body in the opinion of the [F1Diocesan Synod] of such diocese, regard being had to such modifications (if any) as have been introduced into the constitution of such Board, Trust or other body in view of the provisions of this Measure, is constituted and empowered in all material respects in the manner laid down in section one of this Measure, the [F1Diocesan Synod] may, with the consent of the Bishop and of the body affected, declare the same to be and the same shall thenceforth be the Diocesan Board of Finance for the diocese, and shall (subject to the consent of the Board of Trade) at all times adopt as part of its title the words “Board of Finance.”

(2)Provided always that the power conferred by this section upon [F1Diocesan Synods] shall not be exercised so as to cause the existence of more than one Diocesan Board of Finance in one diocese, and shall not be exercised in respect of any body other than a body corporate, and any existing Board of Finance or Diocesan Trust which is not a body corporate may, notwithstanding anything contained in any trust-deed or other instrument, become, with a view to the exercise of the said power, incorporated as a company under the [F2Companies Acts 1948 to 1967], and transfer its property to such company subect to the trusts (if any) affecting the same.