The following subsection is hereby substituted for subsection (1) of section 35 of the Principal Act:

"(1) Where -

(a) any land is subject to a periodical payment payable to or for the benefit of a charity or applicable to charitable purposes, and

(b) an application is made to the Board by -

(i) the trustees of the charity representing that a sale of the periodical payment to the owner of the land would be advantageous to the charity, or

(ii) the owner of the land or other person having an interest requesting the Board to authorise a redemption by him of the periodical payment,