"Tenant in

Tail after Possibility, &c."

Court of Chancery may authorize Leases

of Settled Estates, subject to certain Conditions.

Purposes of this Act a Tenant in Tail after Possibility of Issue extinct shall be deemed to be a Tenant for Life.

II. It shall be lawful for the Court of Chancery in England, so
far as relates to Estates in England, and for the Court of Chancery in
Ireland, so far as relates to Estates in Ireland, if it shall deem 5
it
and consistent with a due Regard for the Interests of all
proper
Parties entitled under the Settlement, and subject to the Provisions
and Restrictions in this Act contained, to authorize Leases of any
Settled Estates, or of any Rights or Privileges over or affecting any
Settled Estates, for any Purpose whatsoever, whether involving Waste 10
or not, provided the following Conditions be observed:

First, every such Lease shall be made to take effect in possession
at or within One Year next after the making thereof, and shall
be for a Term of Years not exceeding for an Agricultural or
Occupation Lease Twenty-one Years, for a Mining Lease, or a 15
Lease of Water, Water Mills, Wayleaves, Waterleaves, or other
Rights or Easements, Forty Years, and for a Building Lease Ninety-
nine Years, or where the Court shall be satisfied that it is the
usual Custom of the District and beneficial to the Inheritance to
grant Building Leases for longer Terms, then for such Term as 20
the Court shall direct:

Secondly, on every such Lease shall be reserved the best Rent, or
Reservation in the Nature of Rent, either uniform or not, that can
be reasonably obtained, to be made payable half-yearly or
oftener, without taking any Fine or other Benefit in the Nature 25
of a Fine:

Thirdly, where the Lease is of any Earth, Coal, Stone, or Mineral,
a certain Portion of the whole Rent or Payment reserved shall be
from Time to Time set aside and invested as herein-after men-
tioned; namely, when and so long as the Person for the Time 30
being entitled to the Receipt of such Rent is a Person who by
reason of his Estate, or by virtue of any Declaration in the Settle-
ment, is entitled to work such Earth, Coal, Stone, or Mineral
for his own Benefit, One Fourth Part of such Rent, and otherwise
Three Fourth Parts thereof; and in every such Lease sufficient 35
Provision shall be made to ensure such Application of the afore-
said Portion of the Rent, by the Appointment of Trustees or
otherwise, as the Court shall deem expedient:

Fourthly, no such Lease shall authorize the felling of any Trees,
except so far as shall be necessary for the Purpose of clearing the 40
Ground for any Buildings, Excavations, or other Works autho-
rized by the Lease:

Fifthly, every such Lease shall be by Deed, and the Lessee shall execute a Counterpart thereof; and every such Lease shall con

tain a Condition for Re-entry on Nonpayment of the Rent for
a Period not less than Twenty-eight Days after it becomes due.

III. Subject and in addition to the Conditions herein-before men- Leases may tioned, every such Lease shall contain such Covenants, Conditions, contain special 5 and Stipulations as the Court shall deem expedient with reference to Covenants. the special Circumstances of the Demise.

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15

IV. The Power to authorize Leases conferred by this Act shall Parts of Setextend to authorize Leases either of the whole or any Parts of the tled Estates Settled Estates, and may be exercised from Time to Time.

may be

leased.

dered and

V. Any Leases granted under this Act may be surrendered, either Leases may for the Purpose of obtaining a Renewal of the same or not; and the be surrenPower to authorize Leases conferred by this Act shall extend to renewed. authorize new Leases of the whole or any Part of the Hereditaments comprised in any surrendered Lease.

to authorize

VI. The Power to authorize Leases conferred by this Act shall The Power extend to authorize preliminary Contracts to grant any such Leases; Leases and any of the Terms of such Contracts may be varied in the Leases. extends to preliminary Contracts.

VII. The Power to authorize Leases conferred by this Act may Mode in be exercised by the Court, either by approving of particular Leases, which Leases 20 or by ordering that Powers of leasing, in conformity with the Pro- may be visions of this Act, shall be vested in Trustees in manner hereinafter mentioned.

authorized.

produced on

VIII. When Application is made to the Court, either to approve What Eviof a particular Lease, or to vest any Powers of leasing in dence to be 25 Trustees, the Court shall require the Applicant to produce an Applisuch Evidence as it shall deem sufficient to enable it to ascertain cation to the Nature, Value, and Circumstances of the Estate, and the Leases. Terms and Conditions on which Leases thereof ought to be authorized.

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authorize

Lessor.

IX. When a particular Lease or Contract for a Lease has been After Apapproved by the Court, the Court shall direct what Person or Persons proval of a Lease, Court shali execute the same as Lessor; and the Lease or Contract to direct who executed by such Person or Persons shall take effect in all respects as shall be the if he or they was or were at the Time of the Execution thereof 35 absolutely entitled to the whole Estate or Interest which is bound by the Settlement, and had immediately afterwards settled the same according to the Settlement, and so as to operate (if necessary) by way of Revocation and Appointment of the Use, or otherwise as the Court shall direct.

Trustees.

Powers of X. Where the Court shall deem it expedient that any general leasing may be vested in Powers of leasing any Settled Estates conformably to this Act should be vested in Trustees, it may by Order vest any such Power accordingly, either in the existing Trustees of the Settlement or in any other Persons; and such Powers, when exercised by such Trustees, shall 5 take effect in all respects as if the Power so vested in them had been originally contained in the Settlement, and so as to operate (if necessary) by way of Revocation and Appointment of the Use, or otherwise as the Court shall direct; and in every such Case the Court, if it shall think fit, may impose any Conditions as to Consents 10 or otherwise on the Exercise of such Power, and the Court may also authorize the Insertion of Provisions for the Appointment of new Trustees from Time to Time for the Purpose of exercising such Powers of leasing as aforesaid.

Court may authorize

Sales of Set

and of

Timber.

XI. It shall be lawful for the Court of Chancery in England, so 15 far as relates to Estates in England, and for the Court of Chancery tled Estates, in Ireland, so far as relates to Estates in Ireland, if it shall deem it proper and consistent with a due Regard for the Interests of all Parties entitled under the Settlement, and subject to the Provisions and Restrictions in this Act contained, from Time to Time 20 to authorize a Sale of the whole or any Parts of any Settled Estates or of any Timber (not being ornamental Timber) growing on any Settled Estates; and every such Sale shall be conducted and confirmed in the same Manner as by the Rules and Practice of the Court for the Time being is or shall be required in the Sale of Lands sold under a 25 Decree of the Court.

Consider

ation for

Land sold for
Building
may be a
Fee-farm

Rent.

Minerals, &c. may be excepted from Sales.

Court may authorize Dedication

of Parts of Settled Es

tates for Roads, &c.

XII. When any Land is sold for Building Purposes it shall be lawful for the Court, if it shall see fit, to allow the whole or any Part of the Consideration to be a Rent issuing out of such Land, which may be secured and settled in such Manner as the Court shall approve.

XIII. On any Sale of Land any Earth, Coal, Stone, or Mineral, may be excepted, and any Rights or Privileges may be reserved, and the Purchaser may be required to enter into any Covenants, or submit to any Restrictions, which the Court may deem advisable.

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XIV. It shall be lawful for the Court of Chancery in England, 35 so far as relates to Estates in England, and for the Court of Chancery in Ireland, so far as relates to Estates in Ireland, if it shall deem it proper and consistent with a due Regard for the Interests of all Parties entitled under the Settlement, and subject to the Provisions and Restrictions in this Act contained, from Time to Time to direct 40 that any Part of any Settled Estates be laid out for Streets, Roads, Paths, Squares, Gardens, or other open Spaces, Sewers, Drains, or Watercourses, either to be dedicated to the Pubiic or not; and the

Court

Court may direct that the Parts so laid out shall remain vested in the Trustees of the Settlement, or be conveyed to and vested in any other Trustees, upon such Trusts for securing the continued Appropriation thereof to the Purposes aforesaid in all respects, and with such Pro5 visions for the Appointment of new Trustees when required, as by the Court shall be deemed advisable.

tions are to

XV. On every Sale or Dedication to be effected as herein-before How Sales mentioned the Court may direct what Person or Persons shall execute and Dedicathe Deed of Conveyance; and the Deed executed by such Person or be effected 10 Persons shall take effect as if the Settlement had contained a Power under the Direction of enabling such Person or Persons to effect such Sale or Dedication, the Court. and so as to operate (if necessary) by way of Revocation and Appointment of the Use, or otherwise as the Court shall direct.

to exercise

XVI. Any Person entitled to the Possession or to the Receipt of Application 15 the Rents and Profits of any Settled Estates for a Term of Years by Petition determinable on his Death, or for an Estate for Life or any greater Powers conEstate, may apply to the Court, by Petition in a summary Way, to ferred by exercise the Powers conferred by this Act.

XVII. Subject to the Exception contained in the next Section, 20 every Application to the Court must be made with the Concurrence or Consent of the following Parties; namely,

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30

35

Where there is a Tenant in Tail under the Settlement in exis-
tence, and of full Age, then the Parties to concur or consent
shall be such Tenant in Tail, or if there is more than One such
Tenant in Tail then the first of such Tenants in Tail, and all
Persons in existence having any beneficial Estate or Interest
under or by virtue of the Settlement prior to the Estate of
such Tenant in Tail, and all Trustees having any Estate or
Interest on behalf of any unborn Child prior to the Estate of
such Tenant in Tail;

And in every other Case the Parties to concur or consent shall be
all the Persons in existence having any beneficial Estate or Interest
under or by virtue of the Settlement, and also all Trustees
having any Estate or Interest on behalf of any unborn Child.

this Act.

With whose

Consent such Application to be made.

without

XVIII. Provided nevertheless, That unless there shall be a Person Petition may entitled to an Estate of Inheritance whose Consent or Concurrence be granted shall have been refused or cannot be obtained, it shall be lawful for Consent, the Court, if it shall think fit, to give effect to any Petition, subject to saving Rights of and so as not to affect the Rights, Estate, or Interest of any Person non-consent40 whose Consent or Concurrence has been refused or cannot be obtained, ing Parties. or whose Rights, Estate, or Interest ought in the Opinion of the Court to be excepted.

Notice of

Application

to be served

on all Trus tees, &c.

Notice of the

Powers to be

XIX. Notice of any Application to the Court under this Act shall be served on all Trustees who are seised or possessed of

Estate any in trust for any Person whose Consent or Concurrence to or in the Application is hereby required, and on any other Parties who in the Opinion of the Court ought to be so served, unless the Court shall 5 think fit to dispense with such Notice.

XX. The Court shall direct that some sufficient Notice of any Exercise of Exercise of any of the Powers conferred on it by this Act shall be given by the placed on the Settlement or on any Copies thereof, or otherwise recorded in any way it may think proper, in all Cases where it shall 10 appear to the Court to be practicable and expedient, for preventing Fraud or Mistake.

Court.

Court may appoint receive and apply Monies arising from

Sales.

Trustees

may apply Monies, in certain

XXI. All Money to be received on any Sale effected under the
Authority of this Act, or to be set aside out of the Rent or Payments
reserved on any Lease of Earth, Coal, Stone, or Minerals as aforesaid, 15
may, if the Court shall think fit, be paid to any Trustees of whom it
shall approve, or otherwise the same shall be paid into the Bank of
England or Ireland, as the Case may be, to the Account of the
Accountant General of the Court of Chancery, ex parte the Applicant
in the Matter of this Act, and in either Case such Money shall be 20
applied as the Court shall from Time to Time direct to some One or
more of the following Purposes; (namely,)

The Purchase or Redemption of the Land Tax, or the Discharge
or Redemption of any Incumbrance affecting the Hereditaments
in respect of which such Money was paid, or affecting any other 25
Hereditaments subject to the same Uses or Trusts; or

The Purchase of other Hereditaments to be settled in the same
Manner as the Hereditaments in respect of which the Money was
paid; or

The Payment to any Person becoming absolutely entitled.

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XXII. The Application of the Money in manner aforesaid may, if the Court shall so direct, be made by the Trustees (if any) without any Application to the Court, or otherwise upon an Order of Cases, with the Court upon the Petition of the Person who would be entitled out Application to Court. to the Possession or the Receipt of the Rents and Profits of the Land 35 if the Money had been invested in the Purchase of Land.

Until Application, Money to be

invested in Exchequer Bills, &c.

XXIII. Until the Money can be applied as aforesaid, the same shall, together with all Interest arising therefrom, be from Time to Time invested in Exchequer Bills; and if the Money arising from the ultimate Sale of such Exchequer Bills for the Purpose of any such 40 Application as herein-before directed shall exceed the Amount of the

Principal