VICTORLE REGINA. CAP. CXX. An Act to facilitate Leases and Sales of Settled Estates. [29th Jly 1856.) Ww HEREAS it is expedient that the Court of Chancery should hhave Power in certain Cases to authorize Leases aid Sales of Settled Estates where it shall deem that such Leases or Sales would he proper and consistent with a due Regard for the Interests of all Parties entitled under the Settlement ; and it is also expedient that Persons in possession of Land for certain limited Interests should have Power to grant Agricultural or Oceupation Leases thereof, at Rackrent, for a reasonable Period: Be it enacted by the Queen's most Excellent Majesty, by and with the Advice sind Consent of the Lords Spinitual and ‘Temporal, and. Commons, in this present Pavliament- astembled, and by the Authority of the same, a6 follows: I, The Wont “Settlement,” as used in this Act, shall signify any Act of Parliament, Deed, Agreement, Copy of Court Roll, Wil, for other Instrument, o¢ any Number of such Instruments, under of by virtue of which any Hereditaments of any ‘Tenure or any Estates ‘or Interests in any such Hereditaments stand limited to of in trust for any Persons, by way of Suecession, including any such Instruments BE affecting Ieiarpe- sheerain Ferme1122 19° & 20° VICTORIA, Cap. 120. Leases and Sales of Settled Estates, alecting the Estates of any One or more of such Persons exclusively nnd the Term * Settled Estates." as used in this Act, shill siguify all Hereditaments of any ‘Tenure and all Estates or Interests in any such Hereditaments which are the Subject of a Settlement and for the Purposes of this Act a Tenant in Teil after Possibility of Issue extinct shall be deemed to be a Tenant for Life. Porer TL. Tt shall he lawful for the Court of Chancery in England, so ‘Gourt of far as relates to Estates in England, and for the Court of Chancery in SST rela no far as wltca to Exees in Ireland, ie aall deem eclatn iproper and content with «dae Regard for the Intrets of all Eoatcs,, Parties entitled under the Settlement, and subject to the Provisions sebjest © and Restrictions in this Act contained, to authorize Leases of any BERRoue Settled Estates, or of any Rights or Privileges over or affecting. any Settled Estates for any Purpose whatsoever, whether involving Waste ‘oF 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 Term off Years not exceeding for an Ageieultural o Occupation Lease Twenty-one Years, for a Mining Lewse, or « Lease of Water, Water Mill, Wayleaves, Waterleaves, or other Rightsor Easements, Forty Years, andfora 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 a8 the Court shall direc Secondly, on every such Lease shall be reserved the est Rent, of ‘Reservation in the Nature of Rent, either uniform or not, that can bbe reasonably obtained, to be made payable halfyearly or oftener, without taking any Fine or other Benefit in the Natore ofa Fine: ‘Thirdly, where the Lease is of any Earth, Coal, Stone, or Mineral, ‘certain Portion of the whole Rent or Payment reserved shall be from Time to Time set aside and invested as herein-aer men tioned ; namely, when and so long as the Person for the Time ‘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- tment, is entitled to work such Barth, Cosl, Stone, or Mineral fir bis own Benefit, One Fourth Part of such Rent, and otherwise ‘Thrce Fourth Parts thereof; and in every such Lense suiciont Provision shall be made to ensure such Applicaton of the afore- ssid Portion of the Rent, by the Appointment of Trustees ot otherwise, as the Court shall decm expedient: Foarthly, no such Lease shall authorize the felling of any ‘Trees, ‘except a0 far as shall be necessary for the Purpose of clearing the Ground19° & 20° VICTORIA, Cap.120. 1123 ees and Sales of Sted Bats. Grou for any Baling Erwvtos, o other Works atin fred by the ew Fithy every such Leute dhl be by De i te Lesee hl fete 2 Comer they'd every uch noe ll contin Conon fr een on Nonpayment of te Rent for a Period not ess than ‘Twenty-eight Daye after it becomes due TTT Sbjent and in adltion to the Conditions hereinbefore mene Lente may tioned, every such Lease shall contain such Covenants, Conditions, = and Stipulations as the Court shall deem expedient with reference to Sovante the special Circumstances of the Demis. IV. The Power to authorize Leasos confered hy this Act shall Pao Set extend to authorize Leases either of the whole or any Pari of the Sate Settled Bxtats, and may be exereised fom Time to Time. mm V. Any Leases granted under this Act my be suede either Zen mar for the Purpose of obtaining « Renewal of the same or not and the "22", Power to authorize Leases conferred by thie Act shall extend to racwel authorize new Leases of the whole or any Part of the Hereditaments comprised in any surendered Lea. VI. The Power to authorize Leaves conferred hy this Act shall Powsr extend to authorize preliminary Contracts to grant any such Leases ; tuba ieee ‘and any of the ‘Terms of such Contracts may be varied in the ex fo an cn VIL The Power to authorize Leases confer by this Act may Mees tp exerted by the Cour, ether by approving of particular Leases, Tube oF by ordering that Powers of lang in coforty withthe Pro ated ios of this Ac, shall be vested in Truster in manner heen er mentioned ‘VIII. When Application is made to the Court cither to approve Wa Esc oi & particulat Lense, or to vest any Powers of leasing in ‘'ntocy, me a the Court shall require the Applicant to produce such Evidence as Er'Ayi it shall deem saficent to enable it to ascertain the Nature, Value, st. and Circumstances of the Estate, and the ‘Terme and Conditions faxes ‘on which Leases thereof ought to be authorized, approved hy the Cour, the Court shall direct what Penon or Perons PO! Shall exeoute the same as Lesor; andthe Lowe or Contact Sigeeagt executed by such Person or Persons shal ake effet in ll respects as allt be een19° & 20° VICTORLE, Cap. 120. 1127 “ee nd Sa of Sled Etats Hagin a Bena the ac may i,t he Asan oe Fett dence Cave of ame pre eae emer ah a ll Si Gas adn Sa sent fe sl fom Tne Tie etme Ono ie wig Papas (ms) Tae Rac tia i aad Tso oD *: Recopos of ty cna Hen or aeat at or ny pl oatetig ay oe ivlnacnc nates e hetaar Dis ecrener etfs oa Howden toe eli he ane Viana arac Hae 'n pest of wih he My ns os : : ee XXIV, ‘The Applicaton of the Money in manner afoessid Tre ray, if the Court shall so direct, be made ly the ‘Trustees (if any) $224, without any Application to the Court or otherwise upon an Order of eta the Court upon the Petition of the Person who would be ented Ce'y.ri to the Posestion or the Receipt of the Rents and Profits of the Land tanto if the Money had been invested in the Purchase of Land. XXV. Until the Money ean be applied as aforesi, the same shal Us Nowy te fom Time to Tine livested in Exchequer Bill or in Thiee per et Contin Consliaie Pane Annuities a the Court shall think fs and are a the Interest and Dividends of such Exchequer Bills or Banke Annuities Brags shall be paid tothe Person who would Inve been eid to the Rents Ful and Profits of the Land if the Money had been invested in the ‘let Parchase of Land XXVI. ‘The Court shall be at liberty to exercise any of the Powers Cont ay conferred on it by this Act, whether the Court shall have already $20 exercised any of the Poser: conferred by this Actin respect of the rots same Property, oF nots but no such Powers shall be exercised if an Dt may "6 express Declaration or manifest Intention that they shall not be exer- thew it cise is contained in the Settlement, or may reasonably be therefrom, oF from extrinsic Cireumstances or Evidence : always, that the Circumstance of the Settlement. containing Powers to cfc similar Purposes shall not preclude the Court from exereising any of the Powers conferred. by this Act, i it shall think that the Powers contained in the Settlement ought to be extended. Cours nao XXVIL Nothing in this Act shall be eonstmed to empower the Siharse ‘Court to authorize any Lease, Sale or other Act beyond the Extent ic cult torhich in the Opinion of the Court the same tight have been autho- ft ste rized in and by the Settlement by the Settlor or Settlors. an by the XXVITL After Stee