Subject to subsection (2), property in relation to which section 31(4) of the M1Northern Ireland Constitution Act 1973 had effect (property held in trust for Parliament of Northern Ireland etc.) shall on and after the commencement of this section be applied for the purposes of the Assembly or such other purposes as the Department of the Environment (“the Department”) may determine.

The Secretary of State may require the Department to make available to him in any premises comprised in the property mentioned in subsection (1) (other than the Parliament Buildings at Stormont) such accommodation and facilities as he may specify.

The Secretary of State shall in consideration of the use of any such accommodation and facilities make to the Department such payments out of money provided by Parliament as he and the Department may agree.

In so far as any of the property mentioned in subsection (1) was not immediately before the commencement of this section vested in the Department it shall vest in the Department at that commencement; and subsections (1) and (2) shall have effect notwithstanding anything in any deed or other instrument relating to the property to which those subsections apply.

Subject to subsection (2), land purchase annuities shall be collected by the Department of Agriculture and paid into the Consolidated Fund of Northern Ireland.

A land purchase annuity may be extinguished by, or redeemed with the agreement of, the Department of Agriculture.

The Irish Land Purchase Fund shall be wound up and the money standing to its credit shall be paid into the Consolidated Fund of the United Kingdom.

In this section “land purchase annuities” means annuities for the repayment of advances made under any enactment relating to land purchase in Northern Ireland.