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PURCHASE OF LAND (IRELAND) ACT 1891 - SECT 19

Extended investment of purchase money of holding.

19.(1) Where the land comprised in a holding sold to a tenant is settled land
within the meaning of the Settled Land Acts, 1882 to 1890, and the purchase
money for such holding is received by the trustees of the settlement, those
trustees, according to such direction and subject to such consent (if any) as
is required by the Settled Land Acts, 1882 to 1890, may in their discretion
invest the money not only on any security authorised by the Settled Land Acts,
1882 to 1890, but also in any other securities the investment in which is
consented to by the person who, next after the then tenant for life and his or
her wife or husband, is entitled to the money for his life or for any greater
interest, and if such person is under disability, the consent may be given in
manner provided by section seventy-three of the Landed Estates Court Act.

(2) Where the persons so entitled are trustees they may give the said consent
without incurring any liability, and may give it before the agreement for sale
is made, and where the persons so entitled are entitled as tenants in common,
a majority of the persons representing more than half the value of the whole
of the property of such tenants in common may give the said consent.

(3) In the case of settled land, if there are no trustees of the settlement,
trustees may be appointed under the Settled Land Acts, 1882 to 1890, before
any such agreement for sale is made, and the trustees of the settlement may,
before any such agreement for sale is made, consent to the securities in which
money arising from any sale is to be invested.

(4) This section shall not authorise an investment in any security
specifically forbidden by the settlement, unless such investment be authorised
by the Settled Land Acts, 1882 to 1890, but shall have effect notwithstanding
any general prohibition of investing in securities not mentioned in the
settlement.

Ss.2024 rep. by SLR 1950

© 1891 Crown Copyright

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