Section 79 Application of money paid for lease or reversion.
Where capital money arising under this Act is purchase-money paid in respect of—
a lease for years; or
any other estate or interest in land less than the fee simple; or
a reversion dependent on any such lease, estate, or interest;
the trustees of the settlement or the court, as the case may be, and in the case of the court on the application of any party interested in that money, may, notwithstanding anything in this Act, require and cause the same to be laid out, invested, accumulated, and paid in such manner as, in the judgment of the trustees or of the court, as the case may be, will give to the parties interested in that money the like benefit therefrom as they might lawfully have had from the lease, estate, interest, or reversion in respect whereof the money was paid, or as near thereto as may be.
Notes on Part III
Modifications
- C1
Pt. III applied with modifications by Chequers Estate Act 1917 (c. 55), Sch. clause 6A now inserted by Chequers Estate Act 1958 (c. 60), s. 1, Sch. para. 7; saved by Trafalgar Estate Act 1947 (c. 34), s. 2(3)