Section 24Part 5 — Investment or other Application of Capital Trust Money
Capital money under Law; investment, etc., by trustees of Court
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A fine received on the grant of a lease under any power conferred by this Law is to be deemed capital money arising under this Law.
Capital money arising under this Law, subject to payment of claims properly payable thereout, and to application thereof for any special authorised object for which the same was raised, shall, when received, be invested or otherwise applied wholly in one, or partly in one and partly in another or others, of the following modes namely —
in investment on Government securities of Great Britain or of the Islands, or on other securities on which the trustees of the settlement are by the settlement or by law authorised to invest trust money of the settlement, or on the security of the bonds, mortgages or debentures, or in the purchase of the debenture stock of any railway company in Great Britain or Ireland incorporated by special Act of Parliament, and having for ten years next before the date of investment paid a dividend on its ordinary stock or shares, with power to vary the investment into or for any other such securities;
in discharge, purchase or redemption of incumbrances affecting the inheritance of the settled land, or other the whole estate the subject of the settlement, or of property tax, Crown rent, chief rent or quit rent charged on or payable out of the settled land;
in payment for any improvement authorised by this Law;
in payment for equality of exchange or partition of settled land;
in purchase of the reversion or freehold in fee of any part of the settled land, being leasehold and held for years or life, or years determinable on life;
in purchase of land in fee simple or of leasehold land held for sixty years or more unexpired at the time of purchase, subject or not to any exception or reservation of or in respect of mines or minerals therein, or of or in respect of rights or powers relative to the working of mines or minerals therein, or in other land;
in purchase, either in fee simple, or for a term of sixty years or more, of mines and minerals convenient to be held or worked with the settled land, or of any easement, right or privilege convenient to be held with the settled land for mining or other purposes; in payment to any person becoming absolutely entitled or empowered to give an absolute discharge; in payment of costs, charges, and expenses of or incidental to the exercise of any of the powers, or the execution of any of the provisions of this Law; in any other mode in which money produced by the exercise of a power of sale in the settlement is applicable thereunder.