The price of any entailed land sold under the provisions of the Entail Acts, when such price is entailed estate within the meaning of those Acts, may be applied by the heir of entail in respect of the remaining portion of the entailed estate, or in respect of any other estate belonging to him and entailed upon the same series of heirs, in payment of any expenditure and expenses incurred by him in pursuance of this Act in carrying out or paying compensation for any old improvement specified in Part I or Part II of the Second or Third Schedule to this Act or any new improvement specified in Part I or Part II of the First Schedule thereto, or in discharge of any charge with which the estate is burdened in pursuance of this Act in respect of such an improvement.