(b)if such purchase cannot be effected forthwith, then in such Government or other approved securities as it thinks fit; and shall direct the payment of the interest or other proceeds arising from such investment to the person or persons who would for the time being have been entitled to the possession of the said land, and such moneys shall remain so deposited and invested until the same are applied-(i)in the purchase of such other lands as aforesaid; or(ii)in payment 16 any person or persons becoming absolutely entitled thereto.