The Principal Act is hereby amended by the substitution of the following new section for section 34:

"34. Power of Board to authorise or make sale, exchange, certain other dispositions of, or mortgages of charity land.

(1) Where an application is made to the Board by the trustees of any charity comprising land representing that -

(a) a specified disposition of the land can be effected on terms which would be advantageous to the charity, or

(b) it would be advantageous to the charity to raise a particular sum of money by mortgaging, or charging by way of security for the repayment of the sum to be borrowed, the land or any part thereof for purposes specified in the application,

the Board may, if they think fit, inquire into the circumstances, and if, after inquiry, they are satisfied that the proposed disposition, mortgage or charge would be advantageous to the charity, they may authorise that disposition, mortgage or charge and give such directions in relation thereto (including directions for securing the due investment or application of the money arising therefrom for the benefit of the charity) as they think fit.