19Capital money under Act: How to be invested and applied

19 Capital money under Act: How to be invested and applied

*[Section 19 Amended by 25 Geo. V No. 78 ]*Capital money arising under this Act, subject to payment of claims properly payable thereout, and to application thereof for any special authorized 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:

(a) In investment on Government securities, or on other securities on which the trustees of the settlement are by the settlement or by law authorized to invest trust money of the settlement, with power to vary the investment into or for any other such securities;

(b) In discharge, purchase, or redemption of incumbrances affecting the inheritance of the settled land, or other the whole estate the subject of the settlement, charged on or payable out of the settled land;

(c) In payment for any improvement authorized by this Act;

(d) In payment for equality of exchange or partition of settled land;

(e) In purchase of the reversion or freehold in fee of any part of the settled land, being leasehold land held for years, or life or years determinable on life;

(f) In purchase of land in fee simple or of leasehold land held for sixty years or more unexpired at the time of purchase;

(g) In payment to any person becoming absolutely entitled or empowered to give an absolute discharge;

(h) 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 Act;

(i) In any other mode in which money produced by the exercise of a power of sale in the settlement is applicable thereunder.