42Notice to trustees by tenant for life intending to deal with land

42 Notice to trustees by tenant for life intending to deal with land

[Section 42 Amended by 25 Geo. V No. 78 ]

(1)  [Section 42 Subsection (1) amended by No. 66 of 2007, Sched. 1, Applied:31 Dec 2008] A tenant for life, when intending to make a sale, exchange, partition, lease, mortgage, or charge, shall give notice of his intention in that behalf to each of the trustees of the settlement by registered post to the trustees, severally, and shall give like notice to the Australian legal practitioner for the trustees if any such Australian legal practitioner is known to the tenant for life, by registered post, to the Australian legal practitioner at his place of business in Tasmania, every letter under this section being posted not less than one month before the making by the tenant for life of the sale, exchange, partition, lease, mortgage, or charge, or of a contract for the same.

(2)  At the date of notice given the number of trustees shall not be less than two, unless a contrary intention is expressed in the settlement, or unless the sole trustee is a company authorized by law to act as a trustee.

(3)  A person dealing in good faith with the tenant for life is not concerned to inquire respecting the giving of any such notice as is required by this section.

(4)  The notice required by this section may be a notice of a general intention to make a sale, exchange, partition, lease, mortgage, or charge.

(5)  The tenant for life, upon request by a trustee of the settlement, shall furnish to him such particulars as may be reasonably required by him, with reference to any sale, exchange, partition, lease, mortgage, or charge effected or in progress or immediately intended.

(6)  Any trustee may, by writing under his hand, waive notice, either in any particular case or generally, and may accept less than one month's notice.