233Settlements of personal property invested in land

233 Settlements of personal property invested in land (1) If a settlement contains a power to invest money in the purchase of land and land is purchased in the exercise of that power— (a) the land is held by the trustees on trust for sale; and (b) the net rents and profits from the land must, after paying the costs of repairs properly payable out of income, insurance and other outgoings, be paid or applied in the same way as the income of investments made from the sale price of the land would have been payable or applicable if the land had been sold and the proceeds invested other than in the purchase of land. Dispositions on trust for sale or with power of sale Division 2.4.1 (2) This section applies unless the settlement provides to the contrary. (3) This section applies only to settlements commencing after