Vict. c. 38, 8. 22. 45 & 46 of the trustees, but in the last-mentioned case subject to any consent required or direction given by the settlement with respect to the investment or other application by the trustees of trust money of the settlement; and any investment shall be in the names or under the control of the trustees. (3.) The investment or other application under the direction of the Court shall be made on the application of the tenant for life, or of the trustees. (4.) Any investment or other application shall not during the life of the tenant for life be altered without his consent. (5.) Capital money arising under this Act while remaining uninvested or unapplied, and securities on which an investment of any such capital money is made, shall, for all purposes of disposition, transmission, and devolution, be considered as land, and the same shall be held for and go to the same persons successively, in the same manner and for and on the same estates, interests, and trusts, as the land wherefrom the money arises would, if not disposed of, have been held and have gone under the settlement (x). (6.) The income of those securities shall be paid or applied as the income of that land, if not disposed of, would have been payable or applicable under the settle ment. ject to the uses and trusts of the (7.) Those securities may be converted into money, 45 & 46 which shall be capital money arising under this Act. Vict. c. 38, ss. 22-24. ment in 23. Capital money arising under this Act from settled Investland in England shall not be applied in the purchase of land in land out of England, unless the settlement expressly England. authorizes the same. 24. (1.) Land acquired by purchase or in exchange, or on partition, shall be made subject to the settlement in manner directed in this section (y). Settleland pur ment of chased, taken in (2.) Freehold land shall be conveyed to the uses, on the exchange, trusts, and subject to the powers and provisions which, &c. under the settlement, or by reason of the exercise of any power of charging therein contained, are subsisting with respect to the settled land, or as near thereto as circumstances permit, but not so as to increase or multiply charges or powers of charging. (3.) Copyhold, customary, or leasehold land shall be conveyed to and vested in the trustees of the settlement on trusts and subject to powers and provisions corresponding, as nearly as the law and circumstances permit, with the uses, trusts, powers, and provisions to on and subject to which freehold land is to be conveyed as aforesaid; so nevertheless that the beneficial interest in land held by lease for years shall not vest absolutely in a person who is by the settlement made by purchase tenant in tail, or in tail male, or in tail female, and who dies under the age of twenty-one years, but shall, on the death of that person under that age, go as freehold land conveyed as aforesaid would go. (4.) Land acquired as aforesaid may be made a substituted security for any charge in respect of money actually raised, and remaining unpaid, from which the settled land, or any part thereof, or any undivided share therein, has theretofore been released on the occasion and in order to the completion of a sale, exchange, or partition (z). (y) See Precedents XXIX., XXX., XXXI., pp. 53, 55, 57. (z) This section provides that when the capital money is re-invested 45 & 46 Vict. c. 38, (5.) Where a charge does not affect the whole of the BS. 24, 25. settled land, then the land acquired shall not be subjected thereto, unless the land is acquired either by purchase with money arising from sale of land which was before the sale subject to the charge, or by an exchange or partition of land which, or an undivided share wherein, was before the exchange or partition subject to the charge. IMPROVE MENTS. Improvements with capital trust money. Descrip tion of improve (6.) On land being so acquired, any person who, by the direction of the tenant for life, so conveys the land as to subject it to any charge, is not concerned to inquire whether or not it is proper that the land should be subjected to the charge. (7.) The provisions of this section referring to land extend and apply, as far as may be, to mines and minerals, and to easements, rights, and privileges over and in relation to land. VII.-IMPROVEMENTS (α). Improvements with Capital Trust Money. 25. Improvements authorized by this Act are the making or execution on, or in connection with, and for the benefit of settled land, of any of the following works, or of any works for any of the following purposes, and any in land, that land may be made sub- (a) The improvements authorized the tenant for life an uncontrolled option with regard to such application of the capital money, but in the interests of the remaindermen safeguards such application by the provisions of s. 26, which require the sanction of the trustees or of the Court to any such improvement. That sanction ought, of course, to be withheld from any improvement not of a sufficiently lasting character. By ss. 28, 29, the improvements are to be maintained. Under the Improvement of Land Act, 1864, 27 & 28 Vict. c. 114, the tenant for life has power to charge the settled land with money raised for improvements as therein authorized, s. 25. operation incident to or necessary or proper in the 45 & 46 Vict. c. 38, execution of any of those works, or necessary or proper for carrying into effect any of those purposes, or for securing the full benefit of any of those works or purposes authorized (namely): (i.) Drainage, including the straightening, widening, or deepening of drains, streams, and water courses: (ii.) Irrigation; warping: (iii.) Drains, pipes, and machinery for supply and distribution of sewage as manure : (iv.) Embanking or weiring from a river or lake, or from the sea, or a tidal water : (v.) Groynes; sea walls; defences against water: (vi.) Inclosing; straightening of fences; re-division of fields: (vii.) Reclamation; dry warping: (viii.) Farm roads; private roads; roads or streets in villages or towns: (ix.) Clearing; trenching; planting : (x.) Cottages for labourers, farm-servants, and artisans, employed on the settled land or not: (xi.) Farmhouses, offices, and out-buildings, and other (xii.) Saw-mills, scutch-mills, and other mills, water- (xiv.) Tramways; railways; canals; docks: the sea, or tidal waters, for facilitating transport ments by Act. 45 & 46 Vict. c. 38, 88. 25, 26. Approval by Land scheme for and of manure and other things required for agricultural purposes, and of minerals, and of things required for mining purposes: (xvi.) Markets and market-places: (xvii.) Streets, roads, paths, squares, gardens, or other open spaces for the use, gratuitously or on payment, of the public or of individuals, or for dedication to the public, the same being necessary or proper in connection with the conversion of land into building land: (xviii.) Sewers, drains, watercourses, pipe-making, fencing, paving, brick-making, tile-making and other works necessary or proper in connection with any of the objects aforesaid : (xix.) Trial pits for mines, and other preliminary works necessary or proper in connection with development of mines: (xx.) Reconstruction, enlargement, or improvement of any of those works. 26.-(1.) Where the tenant for life is desirous that Commis. capital money arising under this Act shall be applied in or sioners of towards payment for an improvement authorized by this improve Act, he may submit for approval to the trustees of the ment and settlement, or to the Court, as the case may require, a scheme for the execution of the improvement, showing the proposed expenditure thereon. payment thereon. (2). Where the capital money to be expended is in the hands of trustees, then, after a scheme is approved by them, the trustees may apply that money in or towards payment for the whole or part of any work or operation comprised in the improvement, on— (i.) A certificate of the Land Commissioners certifying that the work or operation, or some specified part thereof, has been properly executed, and what amount is properly payable by the trustees in respect thereof, which certificate shall be conclusive in favour of the trustees as an autho |