sub-sect. (i.), to give effect to a contract of the settlor, the right of the tenant for life to rents is the same as if the lease has been granted by the settlor, sect. 11 not applying (Re Kemeys-Tynte, 1892, 2 Ch. 211).

Special Powers.

45 & 46 Vict.

c. 38, s. 11.

12. The leasing power of a tenant for life extends to the Leasing making of—

powers for

special (i.) A lease for giving effect to a contract entered into by any objects. of his predecessors in title for making a lease, which, if made by the predecessor, would have been binding on the successors in title (v); and

(ii.) A lease for giving effect to a covenant of renewal, performance whereof could be enforced against the owner for the time being of the settled land; and

(iii.) A lease for confirming, as far as may be, a previous lease, being void or voidable; but so that every lease, as and when confirmed, shall be such a lease as might at the date of the original lease have been lawfully granted, under this act, or otherwise, as the case may require.

(v) See Re Kemeys-Tynte (1892, 2 Ch. 211).

Surrenders.

leases.

13.—(1.) A tenant for life may accept, with or without con- Surrender and sideration, a surrender of any lease of settled land, whether new grant of made under this act or not, in respect of the whole land leased, or any part thereof, with or without an exception of all or any of the mines and minerals therein, or in respect of mines and minerals, or any of them.

(2.) On a surrender of a lease in respect of part only of the land or mines and minerals leased, the rent may be apportioned.

(3.) On a surrender, the tenant for life may make of the land or mines and minerals surrendered, or of any part thereof, a new or other lease, or new or other leases in lots.

(4.) A new or other lease may comprise additional land or mines and minerals, and may reserve any apportioned or other rent.

(5.) On a surrender, and the making of a new or other lease, whether for the same or for any extended or other term, and whether or not subject to the same or to any other covenants, provisions, or conditions, the value of the lessee's interest in the lease surrendered may be taken into account in the determination of the amount of the rent to be reserved, and of any fine to be taken, and of the nature of the covenants, provisions, and conditions to be inserted in the new or other lease.

act.

(6.) Every new or other lease shall be in conformity with this

45 & 46 Vict.

c. 88, s. 14.

Power to grant to copyholders licences for leasing.

Dedication for streets,

open spaces, &c.

Copyholds.

14.-(1.) A tenant for life may grant to a tenant of copyhold or customary land, parcel of a manor comprised in the settlement, a licence to make any such lease of that land, or of a specified part thereof, as the tenant for life is by this act empowered to make of freehold land.

(2.) The licence may fix the annual value whereon fines, fees, or other customary payments are to be assessed, or the amount of those fines, fees, or payments.

(3.) The licence shall be entered on the court rolls of the manor, of which entry a certificate in writing of the steward shall be sufficient evidence.

V.-SALES, LEASES, AND OTHER DISPOSITIONS.

[Sect. 15 was repealed and other provisions substituted by S. L. Act, 1890, 8. 10, post, p. 722.]

Streets and open Spaces.

16. On or in connexion with a sale or grant for building purposes, or a building lease, the tenant for life, for the general benefit of the residents on the settled land, or on any part thereof,

(i.) May cause or require any parts of the settled land to be appropriated and laid out for streets, roads, paths, squares, gardens, or other open spaces, for the use, gratuitously or on payment, of the public or of individuals, with sewers, drains, watercourses, fencing, paving, or other works necessary or proper in connexion therewith; and

(ii.) May provide that the parts so appropriated shall be conveyed to or vested in the trustees of the settlement, or other trustees, or any company or public body, on trusts or subject to provisions for securing the continued appropriation thereof to the purposes aforesaid, and the continued repair or maintenance of streets and other places and works aforesaid, with or without provision for appointment of new trustees when required; and

(iii.) May execute any general or other deed necessary or proper for giving effect to the provisions of this section (which deed may be inrolled in the Central Office of the Supreme Court of Judicature), and thereby declare the mode, terms, and conditions of the appropriation, and the manner in which and the persons by whom the benefit thereof is to be enjoyed, and the nature and extent of the privileges and conveniences granted.

Surface and Minerals apart.

45 & 46 Vict.

c. 38, s. 17.

out way

17.-(1.) A sale, exchange, partition, or mining lease, may Separate be made either of land, with or without an exception or surface and dealing with reservation of all or any of the mines and minerals therein, minerals, or of any mines and minerals, and in any such case with with or with or without a grant or reservation of powers of working, way- leaves, &c. leaves or rights of way, rights of water and drainage, and other powers, easements, rights, and privileges for or incident to or connected with mining purposes, in relation to the settled land, or any part thereof, or any other land.

(2.) An exchange or partition may be made subject to and in consideration of the reservation of an undivided share in mines or minerals (w).

(w) In the following cases land has been sold separately from the minerals: Re Newcastle, 24 Ch. D. 129; Re Brown, 27 Ch. D. 179. See, as to the power of trustees to dispose of land and minerals separately, 25 & 26 Vict. c. 108, post, p. 735.

Mortgage.

money, &c.

18. Where money is required for enfranchisement, or for Mortgage equality of exchange or partition, the tenant for life may raise for equality the same on mortgage of the settled land, or of any part thereof, by conveyance of the fee simple, or other estate or interest the subject of the settlement, or by creation of a term of years in the settled land, or otherwise, and the money raised shall be capital money arising under this act (x).

(x) For form of summons, see R. S. L. Act, Form 11, post, p. 731. See S. L. Act, 1890, s. 11, post, p. 723.

Undivided Share.

powers as to

19. Where the settled land comprises an undivided share in Concurrence land, or, under the settlement, the settled land has come to be in exercise of held in undivided shares, the tenant for life of an undivided undivided share may join or concur, in any manner and to any extent share. necessary or proper for any purpose of this act, with any person entitled to or having power or right of disposition of or over another undivided share (y).

(y) It has been held that a tenant for life of an undivided share cannot sell alone (Re Collinge, 36 Ch. D. 516). See ante, p. 677, note (ƒ); Re Powell, Allaway v. Oakley (1884, W. N. 67).

Conveyance.

20.-(1.) On a sale, exchange, partition, lease, mortgage, or charge, the tenant for life may, as regards land sold, given

Completion of sale, lease,

in

&c. by con

veyance.

exchange or on partition, leased, mortgaged, or charged, or intended so to be, including copyhold or customary or leasehold land vested in trustees, or as regards easements or other rights or privileges sold or leased, or intended so to be, convey or create the same by deed, for the estate or interest the subject of the settlement, or for any less estate or interest, to the uses and in the manner requisite for giving effect to the sale, exchange, partition, lease, mortgage, or charge.

(2.) Such a deed, to the extent and in the manner to and in which it is expressed or intended to operate and can operate under this act, is effectual to pass the land conveyed, or the easements, rights, or privileges created, discharged from all the limitations, powers, and provisions of the settlement, and from all estates, interests, and charges subsisting or to arise thereunder, but subject to and with the exception of (s)—

(i.) All estates, interests, and charges having priority to the
settlement; and

(ii.) All such other, if any, estates, interests, and charges as
have been conveyed or created for securing money
actually raised at the date of the deed; and (a)
(iii.) All leases and grants at fee-farm rents or otherwise, and
all grants of easements, rights of common, or other
rights or privileges granted or made for value in
money or money's worth, or agreed so to be, before
the date of the deed, by the tenant for life, or by any
of his predecessors in title, or by any trustees for him
or them, under the settlement, or under any statutory
power, or being otherwise binding on the successors in
title of the tenant for life.

(3.) In case of a deed relating to copyhold or customary land, it is sufficient that the deed be entered on the court rolls of the manor, and the steward is hereby required on production to him of the deed to make the proper entry; and on that production, and on payment of customary fines, fees, and other dues or payments, any person whose title under the deed requires to be perfected by admittance shall be admitted accordingly; but if the steward so requires, there shall also be produced to him so much of the settlement as may be necessary to show the title of the person executing the deed; and the same may, if the steward thinks fit, be also entered on the court rolls (b).

(2) A building lease granted by a tenant by the curtesy as absolute owner was held by virtue of this section to operate as a good lease under the act (Mogridge v. Clapp, 66 L. T. 558).

(a) Sub-sect. 2 (ii.) includes all estates and interests created subsequently to the settlement, and therefore includes not only charges for raising portions, but a mortgage of his life interest by the tenant for life (Re Sebright, 33 Ch. D. 438; but see Cardigan v. Curzon-Howe, 40 Ch. D. 343).

(b) Where copyholds are devised to trustees, and the tenant for life sells before they have been admitted, only one fine is payable (Re Naylor and Spendla, 34 Ch. Div. 217).

VI.-INVESTMENT OR OTHER APPLICATION OF CAPITAL TRUST

MONEY.

45 & 46 Vict.

c. 38, s. 21.

21. Capital money arising under this act, subject to payment Capital of claims properly payable thereout, and to application thereof money under act; investfor any special authorized object for which the same was raised, ment, &c. by shall, when received, be invested or otherwise applied wholly in trustees or one, or partly in one and partly in another or others of the court. following modes (namely) (c):

(i.) 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, or on the security of the
bonds, mortgages, or debentures, or in the purchase of
the debenture stock of any railway company in Great
Britain or Ireland incorporated by special act of
parliament, and having for ten years next before the
date of investment paid a dividend on its ordinary
stock or shares, with power to vary the investment
into or for any other such securities (d) :

(ii.) In discharge, purchase, or redemption of incumbrances
affecting the inheritance of the settled land, or other
the whole estate the subject of the settlement, or of
land tax, rentcharge in lieu of tithe, Crown rent,
chief rent, or quit rent, charged on or payable out of
the settled land (e) :

(iii.) In payment for any improvement authorized by this act (f):

(iv.) In payment for equality of exchange or partition of settled land:

(v.) In purchase of the seignory of any part of the settled land, being freehold land, or in purchase of the fee simple of any part of the settled land, being copyhold or customary land:

(vi.) 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:

(vii.) In purchase of land in fee simple, or of copyhold or customary land, or of leasehold land held for sixty years or more unexpired at the time of purchase, subject or not to any exception or reservation of or in respect of mines or minerals therein, or of or in respect of rights or powers relative to the working of mines or minerals therein, or in other land:

(viii.) In purchase, either in fee simple, or for a term of sixty years or more, of mines and minerals convenient to be held or worked with the settled land, or of any easement, right, or privilege convenient to be held with the settled land for mining or other purposes: