3Definitions

3 Definitions (1) In this Act, unless inconsistent with the context or subject-matter— ***building purposes*** includes the erecting and the improving of, and the adding to, and the repairing of buildings; and a ***building lease*** is a lease for any building purpose or purposes connected therewith; ***capital money arising under this Act*** means capital money arising under the powers and provisions of this Act or any corresponding previous enactment and receivable for the trusts and purposes of the settlement and includes securities representing capital money; S. 3(1) def. of *Court* substituted by No. 16/1986 s. 20(a). ***Court*** means the Supreme Court and, in relation to land or an estate or interest in land the value of which land does not exceed the jurisdictional limit of the County Court, the Supreme Court or the County Court; ***determinable fee*** means a fee determinable whether by limitation or condition; ***disposition*** and ***conveyance*** include a mortgage, lease, assent, disclaimer, release and every other assurance of property or of an interest therein by any instrument, except a will, and ***dispose of*** and ***convey*** have corresponding meanings; ***hereditaments*** means real property which on an intestacy might under the law formerly in force have devolved on an heir; ***income*** includes rents and profits; ***instrument*** does not include a statute unless the statute creates a settlement; ***land*** includes land of any tenure, and mines and minerals whether or not held apart from the surface, buildings or parts of buildings (whether the division is horizontal, vertical or made in any other way) and other corporeal hereditaments; also a rent and other incorporeal hereditaments, and an easement right, privilege, or benefit in, over, or derived from land, and any estate or interest in land and also an undivided share in land; S. 3(1) def. of *legal practitioner* inserted by No. 18/2005 s. 18(Sch. 1 item 98), amended by No. 17/2014 s. 160(Sch. 2 item 89). ***legal practitioner*** means an Australian legal practitioner; ***limitation*** includes a trust, and ***trust*** includes an implied or constructive trust; ***mines and minerals*** mean mines and minerals whether already opened or in work or not, and include all minerals and substances in, on, or under the land, obtainable by underground or by surface working; and ***mining purposes*** includes the sinking and searching for, winning, working, getting, making merchantable, smelting or otherwise converting or working for the purposes of any manufacture, carrying away, and disposing of mines and minerals, in or under the settled land, or any other land, and the erection of buildings, and the execution of engineering and other works suitable for those purposes; and a ***mining lease*** is a lease for any mining purposes or purposes connected therewith, and includes a grant or licence for any mining purposes; ***notice*** includes constructive notice; ***personal representative*** means the executor, original or by representation, or administrator, for the time being of a deceased person; ***possession*** includes receipt of rents and profits, or the right to receive the same (if any); ***property*** includes any thing in action, and any interest in real or personal property; ***purchaser*** means a purchaser in good faith for value, and includes a lessee, mortgagee or other person who in good faith acquires an interest in settled land for value; ***rent*** includes yearly or other rent, and toll, duty, royalty, or other reservation, by the acre, or the ton, or otherwise; and, in relation to rent, ***payment*** includes delivery; and ***fine*** includes premium or fore-gift, and any payment, consideration or benefit in the nature of a fine, premium or fore-gift; ***securities*** include stocks, funds and shares; ***settled land*** includes land which is deemed to be settled land; ***settlement*** includes an instrument or instruments which under this Act or the corresponding previous enactments is or are deemed to be or which together constitute a settlement, and a settlement which is deemed to have been made by any person or to be subsisting for the purposes of this Act; ***a settlement subsisting at the commencement of this Act*** includes a settlement created by virtue of this Act immediately on the commencement thereof; and ***trustees of the settlement*** mean the trustees thereof for the purposes of this Act howsoever appointed or constituted; **[[1]](#endnote-1)*statutory owner*** means the trustees of the settlement or other persons who at any time when there is no tenant for life have the powers of a tenant for life under this Act, but does not include the trustees of the settlement where by virtue of an order of the Court or otherwise the trustees have power to convey the settled land in the name of the tenant for life; ***tenant for life*** includes a person (not being a statutory owner) who has the powers of a tenant for life under this Act, and also (where the context requires) one of two or more persons who together constitute the tenant for life, or have the powers of a tenant for life; and ***tenant in tail*** includes a person entitled to an entailed interest in any property; and ***entailed interest*** has the same meaning as in the **Property Law Act 1958**; **[[2]](#endnote-2)*term of years absolute*** means a term of years, taking effect either in possession or in reversion, with or without impeachment for waste, whether at a rent or not and whether subject or not to another legal estate, and whether certain or liable to determination by notice, re-entry, operation of law, or by a provision for cesser on redemption, or in any other event but does not include if created after the commencement of the **Settled Land Act 1928** a term of years which is not expressed to take effect in possession within twenty-one years after the creation thereof where required by statute to take effect within that period; and in this definition the expression ***term of years*** includes a term for less than a year, or for a year or years and a fraction of a year or from year to year; S. 3(1) def. of *trust for sale, trustees for sale* and *power to postpone a sale* amended by No. 29/2011 s. 3(Sch. 1 item 85). ***trust for sale****,* ***trustees for sale*** and ***power to postpone a sale*** have the same meanings as in the **Property Law Act 1958**; S. 3(1) def. of *trustee* amended by Nos 55/1987 s. 57(3)(Sch. 5 item 45), 45/1994 s. 42(Sch. item 8.1). ***trustee*** includes a trustee company, and a trustee company shall be qualified to be appointed and to act as trustee of the settlement for the purposes of this Act; S. 3(1) def. of *trustee company* amended by No. 10168 s. 3. ***trustee company*** means a trustee company under the **Trustee Companies Act 1984**; ***will*** includes codicil and every other testamentary instrument. (2) Where an equitable interest in or power over property arises by statute or operation of law, references to the ***creation*** of an interest or power include any interest or power so arising. No. 3771 s. 4.