(1) Where -

(a) on an application made by the trustees of a charity established or regulated by a statute or by a charter, the Board after inquiry into the circumstances are satisfied that it would be for the benefit of the charity to frame in relation thereto a scheme of the kind mentioned in subsection (2), and

(b) by reason of a provision of the statute or charter, the framing of such a scheme would not be within the powers exercisable apart from this section by the Board,

then, notwithstanding the provision the Board may frame the scheme and, subject to subsection (10), the scheme shall have effect in accordance with its terms.

(2) A scheme under this section shall be framed under the seal of the Board and may enable the trustees of a charity -

(a) with the approval of the Board, to sell, lease, exchange, mortgage or charge any land or any other property of the charity, or surrender any lease of such land and to apply or invest any moneys arising therefrom for the benefit of the charity or for such other charitable purpose as the Board shall think proper,

(b) subject to such terms and conditions as the Board may approve, otherwise to raise or borrow money for the benefit of the charity,