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SETTLED LAND ACT 1882 - SECT 21

21. Capital money arising under this Act, subject to payment of claims
properly payable thereout, and to application thereof for any special
authorized object for which the same was raised, shall, when received, be
invested or otherwise applied wholly in one, or partly in one and partly in
another or others, of the following modes (namely):

(i)In investment on Government securities, or on other securities on which the
trustees of the settlement are by the settlement or by law authorized to
invest trust money of the settlement, or on the security of the bonds,
mortgages, or debentures, or in the purchase of the debenture stock, of any
railway company in Great Britain or Ireland incorporated by special Act of
Parliament, and having for ten years next before the date of investment paid a
dividend on its ordinary stock or shares, with power to vary the investment
into or for any other such securities:

(ii)In discharge, purchase, or redemption of incumbrances affecting the
inheritance of the settled land, or other the whole estate the subject of the
settlement, or of land-tax, rentcharge in lieu of tithe, Crown rent, chief
rent, or quit rent, charged on or payable out of the settled land:

(iii)In payment for any improvement authorized by this Act:

(iv)In payment for equality of exchange or partition of settled land:

(v)In purchase of the seignory of any part of the settled land, being freehold
land, ...:

(vi)In purchase of the reversion or freehold in fee of any part of the settled
land, being leasehold land held for years, or life, or years determinable on
life:

<(vii)In purchase of land in fee simple, ... or of leasehold land held for sixty years or more unexpired at the time of purchase, subject or not to any exception or reservation of or in respect of mines or minerals therein, or of or in respect of rights or powers relative to the working of mines or minerals therein, or in other land:


(viii)In purchase, either in fee simple, or for a term of sixty years or more,
of mines and minerals convenient to be held or worked with the settled land,
or of any easement, right, or privilege convenient to be held with the settled
land for mining or other purposes:

(ix)In payment to any person becoming absolutely entitled or empowered to give
an absolute discharge:

(x)In payment of costs, charges, and expenses of or incidental to the exercise
of any of the powers, or the execution of any of the provisions, of this Act:

<(xi)In any other mode in which money produced by the exercise of a power of sale in the settlement is applicable thereunder.

© 1882 Crown Copyright

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