4.—(1.) Every sale shall be made at the best price that 45 & 46 can reasonably be obtained (c). Vict. c. 38. ss. 4, 5. Regula specting sale, en (2.) Every exchange and every partition shall be made for the best consideration in land or in land and money that tions recan reasonably be obtained. (3.) A sale may be made in one lot or in several lots, franchiseand either by auction or by private contract. ment, exchange, (4.) On a sale the tenant for life may fix reserve biddings and and buy in at an auction. (5.) A sale, exchange, or partition may be made subject to any stipulations respecting title, or evidence of title, or other things. (6.) On a sale, exchange, or partition, any restriction or reservation with respect to building on or other user of land, or with respect to mines and minerals, or with respect to or for the purpose of the more beneficial working thereof, or with respect to any other thing, may be imposed or reserved and made binding, as far as the law permits, by covenant, condition, or otherwise, on the tenant for life and the settled land, or any part thereof, or on the other party and any land sold or given in exchange or on partition to him. (7.) An enfranchisement may be made with or without a re grant of any right of common or other right, easement, or privilege theretofore appendant or appurtenant to or held or enjoyed with the land enfranchised, or reputed so to be (d). (8.) Settled land in England shall not be given in exchange for land out of England. Special Powers. partition. Special powers. 5, Where on a sale, exchange, or partition there is an Transfer incumbrance affecting land sold or given in exchange or on (c) Protection against any question as to the price being the best is given to the purchaser by s. 54, p. 367. (d) On an enfranchisement of copyholds it is usual to re-grant the rights of common, &c., enjoyed by the copyholder in respect of his of incumbrances on Vict. c. 38, s. 5. land sold, &c. 45 & 46 partition, the tenant for life, with the consent of the incumbrancer, may charge that incumbrance on any other part of the settled land, whether already charged therewith or not, in exoneration of the part sold or so given, and, by conveyance of the fee simple, or other estate or interest the subject of the settlement, or by creation of a term of years in the settled land, or otherwise, make provision accordingly (e). (e) See Prec. LIV. Where money has been actually raised upon mortgage of part of the settled estate, the mortgagee will very probably decline to have his security transferred to another part of the estate. If his security is very ample and the part sold is comparatively insignificant, he may not object to release that part, being satisfied with the rest of his security, and without any further charge under this section. But the mortgagee cannot be expected to allow one security to be substituted for another without being satisfied of the value of the proposed substitute or without a careful investigation of the title to it. The expense of all this will have to come out of the capital moneys under s. 21 (x). If the incumbrancer is a member of the family entitled to a rent-charge or a portion he would very likely, if competent, make no objection to releasing the part sold and having his incumbrance transferred to another part of the settled estate. But inasmuch as his charge already probably extends over the whole or the greater portion of the estates and is amply secured, it does not seem that there will be much necessity for extending it over any portion of the estate subsequently acquired or not included in his security, unless indeed the sale and purchase of lands goes on to a very large extent, or settled lands of con siderable value are exchanged. Trustees would scarcely feel justified in consenting to their security being transferred from one portion of the settled land to another without ascertaining that the title and value were equally good, still less might they feel justified in releasing any portion of their security without any equivalent, see Dart's V. and P. 5th ed. p. 612. It is not quite clear whether the tenant for life without the consent of the incumbrancer could on a sale &c. of part of the settled land charge the incumbrance on any other part of the settled land in exoneration of the part sold, as against everyone except the incumbrancer. It does not however seem clear that he cannot, and if the consent of the incumbrancer cannot be obtained a willing purchaser might prefer to take the land with such a charge rather than forego his purchase; see note (q), p. 42. These difficulties may to a considerable extent limit the utility of this section. Section 5 of the Conveyancing Act, 1881, giving the Court power to declare the land to be freed from the incumbrance only applies where sufficient money is paid into Court to discharge the whole of the incumbrance, and will not therefore be of any service where a part only of the land subject to the incumbrance is sold not producing enough to pay off the whole of the incumbrance, see note to that sect., p. 247. 45 & 46 Vict. c. 38, ss. 6, 7. IV. LEASES. General Powers and Regulations. LEASES. General powers and tions. tenant for 6. A tenant for life may lease the settled land (ƒ), or regulaany part thereof, or any easement, right, or privilege of Power for any kind, over or in relation to the same, for any purpose whatever, whether involving waste or not, for any term lease for not exceeding (i.) In case of a building lease, ninety-nine years: o ordinary tions re 7.-(1.) Every lease shall be by deed, and be made to Regula. take effect in possession not later than twelve months after its date. (2.) Every lease shall reserve the best rent that can reasonably be obtained, regard being had to any fine taken, and to any money laid out or to be laid out for the benefit of the settled land, and generally to the circumstances of the case. (3.) Every lease shall contain a covenant by the lessee for payment of the rent, and a condition of re-entry on the rent not being paid within a time therein specified not exceeding thirty days. (4.) A counterpart of every lease shall be executed by the lessee and delivered to the tenant for life; of which execution and delivery the execution of the lease by the tenant for life shall be sufficient evidence. (5.) A statement, contained in a lease or in an indorsement thereon, signed by the tenant for life, respecting any matter of fact or of calculation under this Act in relation to the lease, shall, in favour of the lessee and of those claiming under him, be sufficient evidence of the matter stated. specting leases generally. (f) See Prec. LXXI., p. 131. 45 & 46 Vict. c. 38, ss. 8, 9. Building Building and Mining Leases. 8.-(1.) Every building lease shall be made partly in and mining consideration of the lessee, or some person by whose direction the lease is granted, or some other person, having leases. Regula tions re specting building leases. Regula tions re. specting mining leases. crected, or agreeing to erect, buildings, new or additional, or having improved or repaired, or agreeing to improve or repair (g), buildings, or having executed, or agreeing to execute, on the land leased, an improvement authorised by this Act, for or in connection with building purposes. (2.) A peppercorn rent, or a nominal or other rent less than the rent ultimately payable, may be made payable for the first five years or any less part of the term. (3.) Where the land is contracted to be leased in lots, the entire amount of rent to be ultimately payable may be apportioned among the lots in any manner; save that(i.) The annual rent reserved by any lease shall not be less than ten shillings; and (ii.) The total amount of the rents reserved on all leases for the time being granted shall not be less than the total amount of the rents which, in order that the leases may be in conformity with this Act, ought to be reserved in respect of the whole land for the time being leased; and (iii) The rent reserved by any lease shall not exceed one-fifth part of the full annual value of the land comprised in that lease with the buildings thereon when completed. 9.-(1.) In a mining lease (i.) The rent may be made to be ascertainable by or to vary according to the acreage worked, or by or according to the quantities of any mineral or substance gotten, made merchantable, converted, carried away, or disposed of, in or from the settled land, or any other land, or by or according to any facilities given in that behalf; and (y) See Truscott v. Diamond Rock Boring Company, L. R 20 Ch. D. 251. (ii.) A fixed or minimum rent may be made payable, with or without power for the lessee, in case the rent, according to acreage or quantity, in any specified period does not produce an amount equal to the fixed or minimum rent, to make up the deficiency in any subsequent specified period, free of rent other than the fixed or minimum rent. (2.) A lease may be made partly in consideration of the lessee having executed, or his agreeing to execute, on the land leased, an improvement authorized by this Act, for or in connection with mining purposes. 45 & 46 Vict. c. 38, ss. 9, 10. lease 10-(1.) Where it is shown to the Court with respect Variation of building to the district in which any settled land is situate, either- or mining (i.) That it is the custom for land therein to be leased according or granted for building or mining purposes for a to circumlonger term or on other conditions than the term district. or conditions specified in that behalf in this Act, or in perpetuity; or (ii.) That it is difficult to make leases or grants for building or mining purposes of land therein, ex- the Court may, if it thinks fit, authorize generally the (2.) Thereupon the tenant for life, and, subject to any direction in the order of the Court to the contrary, each of his successors in title being a tenant for life, or having the powers of a tenant for life under this Act, may make in any case, or in the particular case, a lease or grant of or affect Z stances of |