Cutting and sale of timber and capitalisation of part of proceeds
66 Cutting and sale of timber and capitalisation of part of proceeds
Where a tenant for life is impeachable for waste in respect of timber, and there is on the settled land timber ripe and fit for cutting, the tenant for life, on obtaining the consent of the trustees of the settlement or an order of the Court, may cut and sell that timber, or any part thereof.
Three fourth parts of the net proceeds of the sale shall be set aside as and be capital money arising under this Act, and the other fourth part shall go as rents and profits.
For the purpose of this section the expression timber includes trees of any species or size growing or standing on the settled land which at the date of such consent or order and in their then condition have a market value for their wood for any use or purpose whatsoever.
Nos 3771 s. 67, 5217 s. 2.
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