The Law of Property Act stated that 'where there is a rent being either - (a) a quit rent or other annual or periodical sum issuing out of land; or (b) a rent reserved on a sale, or made payable under a grant or licence (not operating as an agreement for a lease or tenancy) for building purposes; or (c) a compensation rent charge created as the consideration for the extinguishment of manorial incidents - the minister shall at any time on the requisition of the owner of the land or of any person interested therein, certify the amount of money in consideration whereof the rent may be redeemed.
'Where the rent is not perpetual, the minister may authorise the purchase of a Government annuity of an amount equal to the rent, payable during the residue of the period for which the rent would have been payable, in such names as he may think fit, and give directions as to the payment of the annuity, and the amount required to purchase that annuity shall be the redemption money. Where the rent is perpetual and was reserved on a sale, or was made payable under a grant or licence for building purposes, the redemption money shall be such a sum as would (according to the average price, at the date of redemption, of such Government securities as may for the time being be prescribed by the Treasury) purchase sufficient of such Government securities to yield annual dividends equal to the amount of the yearly rent redeemed. Where the person entitled to the rent is absolutely entitled thereto in fee simple in possession, or is empowered to dispose thereof absolutely, or to give an absolute discharge for the capital value thereof, the owner of the land, or any other person interested therein, may, after serving one month's notice on the person entitled to the rent, pay or tender to that person the amount certified by the minister.
'If the Minister is satisfied - (a) that any person who has been in receipt of a rent, or claims to be entitled thereto, is unable or unwilling to prove his title, either to dispose thereof absolutely, or to give absolute discharge for the capital value thereof, or neglects to apply to any competent body or person for any requisite order or consent; or (b) that a person entitled to the rent or any part thereof cannot be found or ascertained; or (c) that by any reasons of complications in the title to the rent, or the want of two or more trustees, or for any other reason a tender of the redemption money cannot be effected, or cannot be effected without incurring or involving unreasonable cost or delay - the minister may authorise the owner or other person interested in the land affected by the rent to pay the amount of the redemption money certified by the minister or the Government annuity into court, to an account entitled in the matter of the rent and of the land affected.
'On proof to the minister that such payment (whether into court or otherwise) or tender has been made, he shall certify that the rent is redeemed under this Act; and that certificate shall be final and conclusive, and the land shall be thereby freed and discharged from the rent. Any person claiming to be interested in the annuity or fund in court, or who would have been interested in the rent had it not been redeemed, may apply to the court for an order giving directions for the payment of the annuity or of the fund in court or any part thereof, or of the income thereof to the persons entitled to give a receipt therefor, and it shall not be necessary to serve the owner of the land or the minister with notice of the proceedings'.