FOURTH SCHEDULESettled Land
PART IIProvisions Facilitating Consolidation or the Law relating to Settled Land
Application of money held by trustees.
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(1)
The words “This paragraph shall apply to costs ” and expenses incurred in opposing any such proposed scheme " as aforesaid whether or not a scheme is made;" shall be inserted at the end of subsection (1) (iii) of section sixty-four of the principal Act.
(2)
Where—
(a)
under any instrument coming into operation either before or after the commencement of the principal Act money is in the hands of trustees, and is liable to be laid out in the purchase of land to be made subject to the trusts declared by that instrument; or
(b)
under any instrument coming into operation after the commencement of the principal Act money or securities or the proceeds of sale of any property is or are held. by trustees on trusts, creating entailed interests therein;
then, in addition to such powers of dealing therewith as the trustees have independently of the Settled Land Acts, they may, at the option of the tenant for life, invest or apply the money, securities or proceeds as if they were capital money arising under the Settled Land Acts.
(3)
The foregoing provisions of this paragraph shall have effect in substitution for section thirty-three of the Act of 1882.