Settled Land Act 1958

Capital money arising under this Act, subject to payment of claims properly payable thereout and to the application thereof for any special authorized object for which the capital money was raised, shall, when received, be invested or otherwise applied wholly in one, or partly in one and partly in another or others, of the following modes, namely:

In investment in Government securities, or in other securities in which the trustees of the settlement are by the settlement or by law authorized to invest trust money of the settlement, with power to vary the investment into or for any other such securities;

In discharge, purchase, or redemption of incumbrances affecting the whole estate the subject of the settlement, Crown rent, chief rent, or quit rent, charged on or payable out of the settled land;

In payment for any improvement authorized by this Act;

In payment for equality of exchange or partition of settled land;

In purchase of the freehold reversion in fee of any part of the settled land, being leasehold land held for years or life or years determinable on life or land held under lease or licence from the Crown;

In purchase of land in fee-simple, 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;

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;

In the purchase, with the leave of the Court, of any leasehold interest where the immediate reversion is settled land, so as to merge the leasehold interest (unless the Court otherwise directs) in the reversion, and notwithstanding that the leasehold interest may have less than sixty years to run;

In payment to a local or other authority of such sum as may be agreed in consideration of such authority taking over and becoming liable to repair a private road on the settled land;

In payment to any person becoming absolutely entitled or empowered to give an absolute discharge;

In payment of costs, charges and expenses of or incidental to the exercise of any of the powers, or the execution of any of the provisions of this Act including the costs and expenses incidental to any of the matters referred to in this section;

^[19]In redemption of an improvement security that is to say any mortgage or other security given whether before or after the commencement of this Act in pursuance of any Act of Parliament with the object of defraying the expenses of an improvement of any kind authorized by Part I of the Second Schedule to this Act;

In any other mode authorized by the settlement with respect to money produced by the sale of the settled land.

Notwithstanding anything in this section capital money arising under this Act from settled land in Victoria shall not be applied in the purchase of land out of Victoria, unless the settlement expressly authorizes the same.