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BUSINESS TENANCIES ACT (NORTHERN IRELAND) 1964 - SECT 49

Application of capital money under the Settled Land Acts.

49.(1) Capital money arising under the Settled Land Acts 1882 and 1890 may be
applied

(a)in payment, as for an improvement authorised by the said Acts, of any money
expended and costs incurred under and in pursuance of this Act in or about the
execution of an improvement;

(b)in payment of any sum payable to a tenant in respect of
compensation under this Act and any costs, charges, and expenses payable to
such tenant in relation to his claim for such compensation;

(c)in payment of the costs, charges, and expenses incurred in or in relation
to opposing an application to the Lands Tribunal under this Act.

(2) The satisfaction of a claim for compensation under this Act shall be
included amongst the purposes for which a tenant for life may raise money
under section 18 of the Settled Land Act 1882.

(3) Where a landlord liable to pay compensation under this Act, or to pay such
costs, charges and expenses as are mentioned in subsection (1)(c), is a tenant
for life or in a fiduciary position, he may require the sum payable in respect
of such compensation and all such costs, charges and expenses to be paid out
of any capital money held on the same trusts as the settled land.

(4) In subsection (3) the expression "capital money" includes any personal
estate held on the same trusts as the land, and the expression "settled land"
includes land held on trust for sale.

© 1964 Crown Copyright

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