77Application of money in hands of trustees under powers of settlement

77 Application of money in hands of trustees under powers of settlement Where, under a settlement coming into operation either before or after the commencement of this Act money is in the hands of trustees, and is liable to be laid out in the purchase of land to be made subject to the settlement, then, in addition to such powers of dealing therewith as the trustees have independently of this Act, they may, at the option of the tenant for life, invest or apply the same as capital money arising under this Act. No. 3771 s. 78.