Settled Land Act interested. settlement, and shall, in relation to the exercise thereof by him, be parties 46 and 46 Vic., 56. On a sale, exchange, partition, lease, mortgage, or charge, a purchaser, lessee, mortgagee, or other person dealing in good faith with a tenant for life shall, as against all parties entitled under the settlement, be conclusively taken to have given the best price, consideration, or rent, as the case may require, that could reasonably be obtained by the tenant for life, and to have complied with all the requisitions of this Act. 57. (1) Powers and authorities conferred by this Act on a tenant for life or trustees or the Court may be exercised from time to time. (2) Where a power of sale, exchange, partition, leasing, mortgaging, charging, or other power is exercised by a tenant for life, or by the trustees of a settlement, he and they may respectively execute, make, and do all deeds, instruments, and things necessary or proper in that behalf. (3) Where any provision in this Act refers to sale, purchase, exchange, partition, leasing, or other dealing, or to any power, consent, payment, receipt, deed, assurance, contract, expenses, act, or transaction, the same shall be construed to extend only (unless it is otherwise expressed) to sales, purchases, exchanges, partitions, leasings, dealings, powers, consents, payments, receipts, deeds, assurances, contracts, expenses, acts, and transactions under this Act. 58. (1) Nothing in this Act shall take away, abridge, or prejudicially affect any power for the time being subsisting under a settlement, or by statute or otherwise, exercisable by a tenant for life, or by trustees with his consent, or on his request, or by his direction, or otherwise; and the powers given by this Act are cumulative. (2) But, in case of conflict between the provisions of a settlement and the provisions of this Act, relative to any matter in respect whereof the tenant for life exercises or contracts or intends to exercise any power under this Act, the provisions of this Act shall prevail; and, accordingly, notwithstanding anything in the settlement, the consent of the tenant for life shall, by virtue of this Act, be necessary to the exercise by the trustees of the settlement or other person of any power conferred by the settlement exercisable for any purpose provided for in this Act. (3) If a question arises, or a doubt is entertained, respecting any matter within this section, the Court may, on the application of the trustees of the settlement, or of the tenant for life, or of any other person interested, give its decision, opinion, advice, or direction thereon. 59. (1) Nothing in this Act shall preclude a settlor from conferring on the tenant for life, or the trustees of the settlement, any powers additional to or larger than those conferred by this Act. (2) Any additional or larger powers so conferred shall, as far as may be, notwithstanding anything in this Act, operate and be exercisable in the like manner, and with all the like incidents, effects, tion of General protec- c. 38, s. 54 Exercise of c. power, limitation of provisions, &c. 45 and 46 Vic., 38, s. 55 Saving for other powers. c. 38, s. 56 larger powers by Additional or settlement. 45 and 46 Vic., c. 38, s. 57 Cutting and sale of timber, and part of proceeds to be set aside. 45 and 46 Vic., c. 38, s. 35 as settled. Settled Land Act Application of paid for 45 and 46 Vic., c. 38, s. 34 61. Where capital money arising under this Act is purchaselease or reversion. money paid in respect of a lease for years, or life, or years determinable on life, or in respect of any other estate or interest in land less than the fee-simple, or in respect of a reversion dependent on any such lease, estate, or interest, the trustees of the settlement or the Court, as the case may be, and in the case of the Court on the application of any party interested in that money, may, notwithstanding anything in this Act, require and cause the same to be laid out, invested, accumulated, and paid in such manner as, in the judgment of the trustees or of the Court, as the case may be, will give to the parties interested in that money the like benefit therefrom as they might lawfully have had from the lease, estate, interest, or reversion in respect whereof the money was paid, or as near thereto as may be. Heirlooms. 45 and 46 Vic., c. 38, s. 37 and consequences, as if they were conferred by this Act, unless a contrary intention is expresssed in the settlement. and 60. Where, under a settlement, money is in the hands of trustees, liable to be laid out in the purchase of land to be made subject to the settlement, then, in addition to such powers of dealing therewith as the trustees have independently of this Act, they may, at the option of the tenant for life, invest or apply the same as capital money arising under this Act. 62. (1) Where a tenant for life is impeachable for waste in respect of timber, and there is on the settled land timber ripe and fit for cutting, the tenant for life, on obtaining the consent of the trustees of the settlement or an order of the Court, may cut and sell that timber, or any part thereof. Proceedings for 63. The Court may, if it thinks fit, approve of any action, defence, petition to Parliament, parliamentary opposition, or other proceeding settled or claimed taken or proposed to be taken for protection of settled land, or of any action or proceeding taken or proposed to be taken for recovery of land being or alleged to be subject to a settlement, and may direct that any costs, charges, or expenses incurred or to be incurred in relation thereto, or any part thereof, be paid out of property subject to the settlement. (2) Three fourth parts of the net proceeds of the sale shall be set aside as and be capital money arising under this Act, and the other fourth part shall go as rents and profits. 64. (1) Where personal chattels are settled on trust so as to devolve with land until a tenant in tail by purchase is born or attains the age of twenty-one years, or so as otherwise to vest in some person becoming entitled to an estate of freehold of inheritance in the land, a tenant for life of the land may sell the chattels or any of them. (2) The money arising by the sale shall be capital money arising under this Act, and shall be paid, invested, or applied and otherwise dealt with in like manner in all respects as by this Act directed with respect to other capital money arising under this Act, or may be invested in the purchase of other chattels of the same or any other nature, which, when purchased, shall be settled and held on the same trusts, and shall devolve in the same manner as the chattels sold. Settled Land Act (3) A sale or purchase of chattels under this section shall not be made without an order of the Court. 65. Payment of money into Court effectually exonerates therefrom Payment into the person making the payment. Court. PART VIII.—SETTLEMENTS BY WAY OF TRUST FOR SALE 66. (1) Any land, or any estate or interest in land, which under or by virtue of any deed, will, or agreement, covenant to surrender, Act of Parliament, or other instrument or any number of instruments, whether made or passed before or after, or partly before and partly after, the commencement of this Act, is subject to a trust or direction for sale of that land, estate, or interest, and for the application or disposal of the money to arise from the sale, or the income of that money, or the income of the land until sale, or any part of that money or income, for the benefit of any person for his life, or any other limited period, or for the benefit of two or more persons concurrently for any limited period, and whether absolutely, or subject to a trust for accumulation of income for payment of debts or other purpose, or to any other restriction, shall be deemed to be settled land, and the instrument or instruments under which the trust arises shall be deemed to be a settlement; and the person for the time being beneficially entitled to the income of the land, estate, or interest aforesaid until sale, whether absolutely or subject as aforesaid, shall be deemed to be tenant for life thereof; or if two or more persons are so entitled concurrently, then those persons shall be deemed to constitute together the tenant for life thereof; and the persons, if any, who are for the time being under the settlement trustees for sale of the settled land, or having power of consent to, or approval of, or control over the sale, or if under the settlement there are no such trustees, then the persons, if any, for the time being, who are by the settlement declared to be trustees thereof for the purposes of this Act, are for the purposes of this Act the trustees of the settlement. (2) In every such case the provisions of this Act referring to a tenant for life, and to a settlement, and to settled land, shall extend to the person or persons aforesaid, and to the instrument or instruments under which his or their estate or interest arises, and to the land therein comprised, subject and except as in this section provided, that is to say : (a) Any reference in this Act to the predecessors or succes- (b) Capital money arising under this Act from the settled 45 and 46 Vic., c. 38, s. 45 (1) As to consents of tenants for life. 47 and 48 Vic., c. 18, s. 6 (1) Powers given by Settled Land Act from sales or other dispositions of the settled land, but may, in addition to any other mode of application authorised by this Act, be applied in any mode in which capital money arising under the settlement from any such sale or other disposition is applicable thereunder, subject to any consent required or direction given by the settlement with respect to the application of trust money of the settlement; (c) Capital money arising under this Act from the settled land and the securities in which the same is invested, shall not for the purpose of disposition, transmission, or devolution, be considered as land unless the same would, if arising under the settlement from a sale or disposition of the settled land, have been so considered, and the same shall be held in trust for and shall go to the same persons successively in the same manner, and for and on the same estates, interests, and trusts as the same would have gone and been held if arising under the settlement from a sale or disposition of the settled land, and the income of such capital money and securities shall be paid or applied accordingly; (d) Land of whatever tenure acquired under this Act by purchase, or in exchange, or on partition, shall be conveyed to and vested in the trustees of the settlement, on the trusts, and subject to the powers and provisions which, under the settlement or by reason of the exercise of any power of appointment or charging therein contained, are subsisting with respect to the settled land, or would be so subsisting if the same had not been sold, or as near thereto as circumstances permit, but so as not to increase or multiply charges or powers of charging. 67. In the case of a settlement within the meaning of the last preceding section, any consent not required by the terms of the settlement is not by force of anything contained in this Act to be deemed necessary to enable the trustees of the settlement or any other person to execute any of the trusts or powers created by the settlement. 68. With respect to the powers conferred by the last preceding section but one the following provisions shall have effect:-- (a) Those powers are not to be exercised without the leave of the Court; (b) The Court may, by order, in any case in which it thinks fit, give leave to exercise all or any of those powers, and the order is to name the person or persons to whom leave is given; (c) The Court may from time to time rescind, or vary, any order made under this section, or may make any new or further order; Settled Land Act (d) So long as an order under this section is in force, (e) An order under this section may be registered in the (f) Any person dealing with the trustees from time to time, or with any other person acting under the (g) An application to the Court under this section may be (h) An application to rescind or vary an order, or to make (i) The person or persons to whom leave is given by an () This section is not to affect any dealing which has PART IX.—APPLICATION OF ACT TO LAND HELD UNDER 69. In the application of this Act to settled land held under the provisions of The Transfer of Land Act, 1874,' the following pro " visions shall have effect : (1) If any person or persons is or are the registered proprietor Application of under The Act to land held Transfer of Land |
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