PART IGeneral Preliminary Provisions.
Settlements and Settled Land.
10Procedure on acquisition of land to be made subject to a settlement.
(1)
Where after the commencement of this Act land is acquired with capital money arising under this Act or in exchange for settled land, or a rentcharge is reserved on a grant of settled land, the land shall be conveyed to, and the rentcharge shall by virtue of this Act become vested in, the tenant for life or statutory owner, and such conveyance or grant is in this Act referred to as a subsidiary vesting deed :
Provided that, where an instrument is subsisting at the commencement of this Act, or is made or comes into operation after such commencement, by virtue of which, any money or securities are liable under this Act, or the Acts which it replaces, or under a trust or direction contained in the instrument, to be invested in the purchase of land to be conveyed so as to become settled land, but at the commencement of this Act, or when such instrument is made or comes into operation after such commencement, as the case may be, there is no land in respect of which a principal vesting deed is capable of being executed, the first deed after the commencement of this Act by which any land is acquired as aforesaid shall be a principal, vesting deed and shall be framed accordingly.
(2)
A subsidiary vesting deed executed on the acquisition of land to be made subject to a settlement shall contain the following statements and particulars, namely—
(a)
particulars of the last or only principal vesting instrument affecting land subject to the settlement;
(b)
a statement that the land conveyed is to be held upon and subject to the same trusts and powers as the land comprised in such last or only principal vesting instrument;
(c)
the names of the persons who are the trustees of the settlement;
(d)
the name of any person for the time being entitled to appoint new trustees of the settlement.
(3)
A subsidiary vesting deed reserving a rentcharge on a grant of settled land shall contain the following statements and particulars—
(a)
a statement that the rentcharge is vested in the grantor and is subject to the settlement which, immediately before the grant, was subsisting with respect to the land out of which it was reserved;
(b)
particulars of the last or only principal vesting instrument affecting such land.
(4)
A subsidiary vesting deed shall not be invalidated by reason only of any error in any of the statements or particulars by this Act required to be contained therein.
(5)
The acquisition of the land shall not operate to increase or multiply charges or powers of charging.