63Payment and application of moneys arising from sales or set aside out of rent

#### 63 Payment and application of moneys arising from sales or set aside out of rent 63 Payment and application of moneys arising from sales or set aside out of rent > All money to be received on any sale effected under the authority of this part, or to be set aside out of the rent or payments reserved on any lease of earth, coal, stone, or minerals as aforesaid may, if the Court thinks fit, be paid to any trustees of whom it shall approve, or otherwise the same shall be paid into Court as prescribed by rules of the Court, and such money shall be invested, deposited, or otherwise applied as the Court shall from time to time direct in some one or more of the following modes, namely: > > > (a) In investment in Government securities, or on other securities on which trustees are by law authorised to invest trust moneys, or on which the trustees of the settlement are by the settlement authorised so to invest: > > > > Provided that in case of investment in terminable securities provision shall be made by way of sinking fund or otherwise in respect of any premiums or discount so as to secure the full capital for persons having remoter interests. > > > (b) By deposit at interest in the Colonial Treasury or in any bank, building society or credit union as authorised by the present or any future rules of Court. > > > (c) 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 affecting any other hereditaments subject to the same uses or trusts. > > > (d) In purchase of the reversion in fee of any part of the settled land being leasehold land for years or life or years determinable on life. > > > (e) In purchase of land in fee simple, or of leasehold land held for sixty years or more unexpired at the time of purchase, to be settled in the same manner as the hereditaments in respect of which the money was paid, or as near thereto as the different nature of the property purchased may admit. > > > (f) In payment to any person becoming absolutely entitled or empowered to give an absolute discharge. > > > (g) 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 part. > > > (h) In any other mode in which money produced by the exercise of a power of sale in the settlement is applicable thereunder. > > **s 63:** Am 1970 No 52, Second Sch (am 1972 No 41, Second Sch); 1996 No 24, Sch 1.