13 Power to apply and raise capital money.E+W
(1)Capital money arising under the M1Settled Land Act, 1925 F1. . ., or under the M2University and College Estates Act, 1925, may be applied—
(a)in payment as for an improvement authorised by the Act of any money expended and costs incurred by a landlord under or in pursuance of this Part of this Act in or about the execution of any improvement;
(b)in payment of any sum due to a tenant under this Part of this Act in respect of compensation for an improvement . . . . . . F2 and any costs, charges, and expenses incidental thereto;
(c)in payment of the costs, charges, and expenses of opposing any proposal by a tenant to execute an improvement.
(2)The satisfaction of a claim for such compensation as aforesaid shall be included amongst the purposes for which a tenant for life, statutory owner F3. . . may raise money under section seventy-one of the M3Settled Land Act, 1925.
(3)Where the landlord liable to pay compensation for an improvement . . . . . . F2 is a tenant for life or in a fiduciary position, he may require the sum payable as compensation and any costs, charges, and expenses incidental thereto, to be paid out of any capital money held on the same trusts as the settled land.
In this subsection “capital money” includes any personal estate held on the same trusts as the land F4. . ..
Textual Amendments
F1Words in s. 13(1) repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch. 4 (with ss. 24(2), 25(4), 25(5)); S.I. 1996/2974, art. 2
F2Words repealed by Landlord and Tenant Act 1954 (c. 56), s. 45, Sch. 7 Pt. I
F3Words in s. 13(2) repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch. 4 (with ss. 24(2), 25(4), 25(5)); S.I. 1996/2974, art. 2
F4Words in s. 13(3) repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch. 4 (with ss. 24(2), 25(4), 25(5)); S.I. 1996/2974, art. 2
Marginal Citations