Section 46 Application of purchase money when amounting to 200l..C2C1

In all case in which there shall be any money to be paid for any messuages, lands, tenements, or hereditaments, contracted for or purchased, which shall belong to any body corporate, collegiate, or ecclesiastical, tenat for life or in tail or for years, trustee, feme covert, infant, lunatic, or person or persons under any disability or incapacity as aforesaid, such money shall, in case the same shall amount to or exceed the sum of two hundred pounds, with all convenient speed be paid F1into the F2Senior Courts ; to the intent that such money may be applies, under the direction and with the approbation of F3the said courts, to be signified by an order made upon a petition to be preferred in a summary way by the person or persons who would have been entitled to the rents and profits of the said lands, tenements, and hereditaments, in the purchase of other lands, tenenments, and hereditaments, which shall be conveyed and settled to, for, and upon such and the like uses, trusts, intents, and purposes, and in the same manner as the messuages, lands, tenements, and hereditaments which have been or shall be purchased for the purposes aforesaid stood and were settled and limited, or such of them as at the time of making such conveyance and settlement shall be existing undetermined, and capable of taking effect; and if, before the said money is so applied, it is F4invested under section 38 of the Administration of Justice Act 1982, the annual proceeds thereof shall from time to time be paid, by order of the said courts, to the person or persons who would for the time being have been entitled to the rents and profits of the said lands, tenements, and hereditaments, so hereby directed to be purchased, in case such purchase and settlement thereof were then actually made.