69Settled estates

69 Settled estates (1) For the purposes of this section: (a) "settled land to which The Settled Estates Act 1880 applied" means all hereditaments of any tenure, and all estates or interests in any such hereditaments that are the subject of a settlement; and (b) "settlement" means an Act of Parliament, deed, agreement, will or other instrument, or any number of such instruments, under or by virtue of which any hereditaments of any tenure or any estates or interests in any such hereditaments stand limited to or in trust for any persons by way of succession, including any such instruments affecting the estates of any one or more of such persons exclusively. (2) If there is settled land to which The Settled Estates Act 1880 applied in the Territory, on the commencement of this section: (a) if the land is settled on trust – the provisions of this Act apply to the trustee or trustees; (b) if the land is not held on trust – the tenant for life is to be taken to be a trustee and the provisions of this Act apply accordingly; (c) a future interest in the land takes effect as an equitable, not a legal, interest; and (d) a person who holds an equitable interest in the land, whether by virtue of paragraph (c) or otherwise, is to be taken to be a beneficiary for the purposes of this Act.