PART IIPowers of a Tenant for Life.
Miscellaneous Powers.
51Power to grant options.
1
A tenant for life may at any time, either with or without consideration, grant by writing an option to purchase or take a lease of the settled land, or any part thereof, or any easement, right, or privilege over or in relation to the same at a price or rent fixed at the time of the granting of the option.
2
Every such option shall be made exercisable within an agreed number of years not exceeding ten.
3
The price or rent shall be the best which, having regard to all the circumstances, can reasonably be obtained and either—
a
may be a specified sum of money or rent, or at a specified rate according to the superficial area of the land with respect to which the option is exercised, or the frontage thereof or otherwise; or
b
in the case of an option to purchase contained in a lease or agreement for a lease, may be a stated number of years' purchase of the highest rent reserved by the lease or agreement; or
c
if the option is exercisable as regards part of the land comprised in the lease or agreement, may be a proportionate part of such highest rent;
and any aggregate price or rent may be made to be apportionable in any manner, or according to any system, or by reference to arbitration.
4
An option to take a mining lease may be coupled with the grant of a licence to search for and prove any mines or minerals under the settled land, or any part thereof, pending the exercise of the option.
5
The consideration for the grant of the option shall be capital money arising under this Act.