SETTLED LAND ACT 1882 - SECT 22 Regulations respecting investment, devolution, and income of securities, etc.

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> SETTLED LAND ACT 1882

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

SETTLED LAND ACT 1882 - SECT 22

Regulations respecting investment, devolution, and income of securities, etc.

22.(1) Capital money arising under this Act shall, in order to its being
invested or applied as aforesaid, be paid either to the trustees of the
settlement or into Court, at the option of the tenant for life, and shall be
invested or applied by the trustees, or under the direction of the Court, as
the case may be, accordingly.

(2) The investment or other application by the trustees shall be made
according to the direction of the tenant for life, and in default thereof,
according to the discretion of the trustees, but in the last-mentioned case
subject to any consent required or direction given by the settlement with
respect to the investment or other application by the trustees of trust money
of the settlement; and any investment shall be in the names or under the
control of the trustees.

(3) The investment or other application under the direction of the Court shall
be made on the application of the tenant for life, or of the trustees.

(4) Any investment or other application shall not during the life of the
tenant for life be altered without his consent.

(5) Capital money arising under this Act while remaining uninvested or
unapplied, and securities on which an investment of any such capital money is
made, shall, for all purposes of disposition, transmission, and devolution, be
considered as land, and the same shall be held for and go to the same persons
successively, in the same manner and for and on the same estates, interests,
and trusts, as the land wherefrom the money arises would, if not disposed of,
have been held and have gone under the settlement.

(6) The income of those securities shall be paid or applied as the income of
that land, if not disposed of, would have been payable or applicable under the
settlement.

(7) Those securities may be converted into money, which shall be capital money
arising under this Act.

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/sla1882126/s22.html

Northern Irish Legislation

SETTLED LAND ACT 1882 - SECT 22