In this Part of this Act, if not inconsistent with the context,—

For the purposes of the aforesaid definitions of the terms “settlement” and “settled estate” all estates or interests in remainder or reversion not disposed of by the settlement and reverting to a settlor or descending to the legal representatives of a testator shall be deemed to be estates coming to such settlor or representative under or by virtue of the settlement.

The Court in determining what is a settled estate within the meaning of this Act shall be governed by the state of facts and by the trusts and limitations of the settlement at the time when the settlement takes effect.

For the purposes of this Act a tenant in tail after possibility of issue extinct shall be deemed to be a tenant for life.

The Court, if it deems it proper and consistent with a due regard for the interests of all parties entitled under the settlement, and subject to the provisions and restrictions contained in this Act, may authorise leases of any settled estate or of any rights or privileges over or affecting any settled estate for any purpose whatsoever, whether involving waste or not, provided the following conditions are observed:—

Subject and in addition to the conditions hereinbefore contained, every such lease shall contain such covenants, stipulations, and conditions as the Court deems expedient with reference to the special circumstances of the demise.

The power to authorise leases conferred by this Act shall extend to authorise leases of the whole or any parts of the settled estate, and may be exercised from time to time.

Any lease, whether granted under this Act or not, may be surrendered either for the purpose of obtaining a renewal of the same or not; and the power to authorise leases conferred by this Act shall extend to authorise new leases of the whole or any part of the hereditaments comprised in the surrendered leases.

The power to authorise leases conferred by this Act shall extend to authorise preliminary contracts to grant any such leases, and any of the terms of such contracts may be varied in the leases.

The power to authorise leases conferred by this Act may be exercised by the Court either by approving of particular leases or by ordering that powers of leasing in conformity with this Act shall be vested in trustees in manner hereinafter mentioned.

The power conferred by this Act on the Court to authorise leases shall extend to empower the Court to authorise leases containing covenants or powers (either compulsory or optional) obliging or entitling the lessee, or his executors, administrators, or assigns, to purchase the fee-simple of the land demised for such price and upon such terms and conditions as the Court thinks proper.

All the provisions of this Act relating to conveyances to purchasers under this Act, and to the application of the sale-moneys, shall as far as possible extend and apply to sales made under the authority of this section.

No authority to grant a lease containing any such covenant or power as aforesaid shall be granted unless the application sets forth the terms of the intended covenant or power; and the Court, before granting such authority, shall be satisfied that the same is consistent with a due regard for the interests of the parties entitled under the settlement.

When application is made to the Court either to approve of a particular lease or to vest any powers of leasing in trustees, the Court shall require the applicant to produce such evidence as it deems sufficient to enable it to ascertain the nature, value, and circumstances of the estate, and the terms and conditions on which leases thereof ought to be authorised.

Where a particular lease or contract for a lease has been approved by the Court, the Court shall direct what person shall execute the same as lessor; and the lease or contract executed by such person shall take effect in all respects as if he was at the time of the execution thereof absolutely entitled to the whole estate or interest which is bound by the settlement, and had immediately afterwards settled the same according to the settlement, and so as to operate (if necessary) by way of revocation and appointment of the use or otherwise as the Court directs.

Where the Court deems it expedient that any general powers of leasing any settled estate conformably to this Act should be vested in trustees, it may by order vest any such power accordingly either in the existing trustees of the settlement or in any other persons; and such powers when exercised by such trustees shall take effect in all respects as if the power so vested in them had been originally contained in the settlement, and so as to operate (if necessary) by way of revocation and appointment of the use or otherwise as the Court directs.

In every such case the Court, if it thinks fit, may impose any conditions as to consents or otherwise on the exercise of such power; and the Court may also authorise the insertion of provisions for the appointment of new trustees from time to time for the purpose of exercising such powers of leasing as aforesaid.

In orders made under the last preceding section for vesting any powers of leasing in any trustees or other persons no conditions shall be inserted requiring that the leases thereby authorised should be submitted to or be settled by the Court or a Judge thereof, or be made conformable with a model lease deposited in the Judge’s Chambers, save only in any case in which the parties applying for the order desire to have such condition inserted, or in which it appears to the Court that there is some special reason rendering the insertion of such a condition necessary or expedient.

The Court may, if it deems it proper and consistent with a due regard for the interest of all parties entitled under the settlement, and subject to the provisions of this Act, from time to time authorise a sale of the whole or any part of any settled estate, or of any timber (not being ornamental timber) growing upon any settled estate.

Every such sale shall be conducted and confirmed in the manner required by the rules and practice of the Court for the time being in the sale of lands sold under a decree of the Court.

When any land is sold for building purposes the Court, if it thinks fit, may allow the whole or any part of the consideration to be a rent issuing out of such land, which may be secured and settled in such manner as the Court approves.

On any sale of land any earth, stone, coal, or mineral may be excepted, and any rights or privileges may be reserved, and the purchaser may be required to enter into any covenants or submit to any restrictions which the Court deems advisable.

The Court may, if it deems it proper and consistent with a due regard to the interests of all parties entitled under the settlement, and subject to the provisions of this Act, from time to time direct that any part of any settled estate be laid out for streets, roads, paths, squares, gardens, or other open spaces, sewers, drains, or watercourses, either to be dedicated to the public or not.

The Court may direct that the parts so laid out shall remain vested in the trustees of the settlement, or be conveyed to and vested in any other trustees, upon such trusts for securing the continued appropriation thereof to the purposes aforesaid in all respects, and with such provisions for the appointment of new trustees when required as the Court deems advisable.

On every sale and dedication to be effected as hereinbefore mentioned the Court may direct what person shall execute the deed of conveyance, and the deed executed by such person shall take effect as if the settlement had contained a power enabling such person to effect such sale or dedication, and so as to operate (if necessary) by way of revocation and appointment of the use or otherwise as the Court directs.

Any person entitled to the possession or to the receipt of the rents and profits of any settled estate for a term of years determinable on his death, or for any estate for life, or for any greater estate, may apply to the Court by petition in a summary way to exercise the powers conferred by this Act.

Except as hereinafter provided by this Act, every application to the Court must be made with the concurrence or consent of the following parties:—

Provided nevertheless that unless there is a person entitled to an estate of inheritance whose consent or concurrence has been refused or cannot be obtained, the Court may, if it thinks fit, give effect to any petition subject to and so as not to affect the rights, estate, or interest of any person whose consent or concurrence has been refused or cannot be obtained, or whose rights, estate, or interest ought in the opinion of the Court to be excepted.

Notice of any application to the Court under this Act shall be served on all trustees who are seised or possessed of any estate in trust for any person whose consent or concurrence to or in the application is hereby required, and on any other parties who in the opinion of the Court ought to be served unless the Court thinks fit to dispense with such notice.

When under this Act the concurrence or consent of any person in or to any application is required, and such concurrence or consent has not been obtained, notice shall be given to such person in such manner as the Court to which such application is made directs, requiring him to notify, within a time to be specified in such notice, whether he assents or dissents from such application, or submits his rights or interests, so far as they may be affected by such application, to be dealt with by the Court; and every such notice shall specify to whom and in what manner such notice is to be delivered or left.

If no notification is delivered or left in accordance with the notice, and within the time thereby limited, the person to or for whom such notice is given or left shall be deemed to have submitted his rights and interests to be dealt with by the Court.

An order under this Act may be made upon any such application, notwithstanding that the concurrence or consent of any such person as aforesaid has not been obtained or has been refused; but the Court in considering the application shall have regard to the number of persons who concur in or consent to the application and who dissent therefrom, or who submit or are to be deemed to submit their rights or interests to be dealt with by the Court, and to the estates or interests which such persons respectively have or claim to have in the estate as to which such application is made; and every order of the Court made upon such application shall have the same effect as if all such persons had been consenting parties thereto.

All such applications shall be otherwise dealt with in such manner as are prescribed by this Act, or any order made in pursuance thereof with regard to the exercise of the powers conferred by this Act.

Notice of any application to the Court under this Act shall be inserted in such newspapers as the Court directs, and any person (whether interested in the estate or not) may apply to the Court to be heard in opposition to or in support of the application.

The Court may allow such person to appear and be heard in opposition to or in support of the application on such terms as to costs or otherwise and in such manner as it thinks fit.

The Court shall direct that some sufficient written notice of any exercise of any of the powers conferred on it by this Act shall be registered in the proper Register Office in accordance with the provisions of “The Deeds Registration Act, 1908,” or “The Land Transfer Act, 1908,” as the case may be, and shall also be placed on the settlement or on any copies thereof, or otherwise recorded in any way the Court thinks proper, in all cases where it appears to the Court to be practicable and expedient for preventing fraud or mistake.

All money to be received under any sale effected under the authority of this Act, or to be set aside out of the rent or payments reserved on any lease of earth, coal, stone, or mineral as aforesaid may, if the Court thinks fit, be paid to any trustees of whom it approves, and shall be applied as the Court from time to time directs to some one or more of the following purposes:—

The application of the money in manner aforesaid may, if the Court so directs, be made by the trustees (if any) without any application to the Court, or otherwise upon an order of the Court on the petition of the person who would be entitled to the possession or the receipt of the rents and profits of the land if the money had been invested in the purchase of land.

Until the money can be applied as aforesaid the same shall be from time to time invested in such New Zealand Government securities, or in such other manner, as the Court directs, and the interest and dividends thereof shall be paid to the person who would have been entitled to the rents and profits of the lands if the money had been invested in the purchase of land.

The Court may exercise any of the powers conferred on it by this Act, whether the Court has already exercised any of the powers conferred by this Act in respect of the same property or not; but no such powers shall be exercised if any express declaration or manifest intention that they shall not be exercised is contained in the settlement, or may reasonably be inferred therefrom or from extrinsic circumstances or evidence:

Provided that the circumstances of the settlement containing powers to effect similar purposes shall not preclude the Court from exercising any of the powers conferred by this Act if it thinks that the powers contained in the settlement ought to be extended.

Nothing in this Act shall be construed to empower the Court to authorise any lease, sale, or other act beyond the extent to which in the opinion of the Court the same might have been authorised in and by the settlement by the settlor.

In addition to any other powers in this Act, the Court or a Judge thereof, in granting power to the trustees of any settled estate to grant leases, may authorise the insertion in every or any building lease of provisions for valuation and renewal from time to time similar in effect to all or any of those which are set out in the Second Schedule hereto, mutatis mutandis.

Any decree or order already made by the Court or a Judge thereof may be amended or varied on the application of any person interested, so as to grant all or any of the powers authorised to be given by this section; and any decree or order heretofore made sanctioning the payment for buildings or other improvements on the demised land, or the renewal of the term from time to time, shall be deemed to have been valid from the making thereof.

The trustees of any settled estate already or hereafter authorised by the Court or a Judge thereof to grant building leases may, if they think fit, enter into covenants to give renewed leases from time to time of all or any parts of such settled estate, and may insert in any or every such lease provisions for valuation and renewal from time to time similar in effect to those which are set out in the said Second Schedule, mutatis mutandis, notwithstanding that the covenant to grant renewed leases may be or might be construed to be a lease in perpetuity.

The term for which a renewed lease may be granted shall not exceed a period of twenty-one years at any one time, and the payment of the value of the buildings or other improvements by an incoming tenant shall not be deemed to be a fine, premium, or foregift.

After the completion of any lease, sale, or other act under the authority of the Court, and purporting to be in pursuance of this Act, the same shall not be invalidated on the ground that the Court was not hereby empowered to authorise the same, except that no such lease, sale, or other act shall have any effect against any person whose consent to or concurrence in the application ought to have been obtained and was not obtained.

The Court may, if it thinks fit, order that all or any costs or expenses of all or any parties of and incidental to any application under this Act shall be a charge on the hereditaments which are the subject of the application, or of any other hereditaments included in the same settlement and subject to the same limitations; and the Court may also direct that such costs and expenses shall be raised by sale or mortgage of a sufficient part of such hereditaments, or out of the rents or profits thereof, such costs and expenses to be taxed as the Court directs.

Any three or more of the Judges of the Court, of whom the Chief Justice shall be one, may from time to time make general rules and orders for carrying the purposes of this Act into effect, and for regulating the times and form and mode of procedure, and generally the practice of the Court in respect of the matters to which this Act relates, And for regulating the fees and allowances to all officers and solicitors of the Court in respect of such matters.

All such rules and orders shall be subject to the approval of the Governor in Council.

It shall be lawful for any person entitled to the possession or to the receipt of the rents and profits of any settled estate for an estate for life, or for a term of years determinable with his life, or for any greater estate, either in his own right or in right of his wife (unless the settlement contains an express declaration forbidding such person to make such demise), and also for any person who is entitled to the possession or to the receipt of the rents and profits of any unsettled estate as tenant by the curtesy, or in dower, or in right of a wife who is seised in fee, without any application to the Court, to demise the same or any part thereof from time to time for any period not exceeding twenty-one years, to take effect in possession:

Provided nevertheless as follows:—

Every demise authorised by this section shall be valid against the person granting the same, and all other persons entitled to estates subsequent to the estate of such person under or by virtue of the same settlement, if the estate is settled; and, in the case of unsettled estates, against all persons claiming through or under the wife or husband, as the case may be, of the person granting the same, and also against the wife of any husband making such demise of any estate to which he is entitled in right of such wife.

The execution of any lease by the lessor shall be sufficient evidence that a counterpart of such lease has been duly executed by the lessee thereof.

All powers given by this Act, and all applications to the Court under this Act, and consents to such applications, may be exercised, made, or given by guardians on behalf of infants and by committees on behalf of lunatics, and by trustees or assignees of bankrupts:

Provided that in the case of infant or lunatic tenants in tail no application to the Court or consent to any application shall be made or given by any guardian or committee without the special direction of the Court.

Where a married woman applies to the Court under this Act, she shall first be examined apart from her husband touching her knowledge of the nature and effect of the application, and it shall be ascertained that she freely desires to make or consent to such application.

Such examination shall be made whether the hereditaments which are the subject of the application are settled in trust for the separate use of such married woman independently of her husband or not.

No clause or provision in any settlement restraining anticipation shall prevent the Court from exercising, if it thinks fit, any of the powers given by this Act, and no such exercise shall occasion any forfeiture, notwithstanding anything in the settlement to the contrary.

The examination of such married woman shall be made either by the Court, or by the Registrar of the Court, or by some solicitor of the Court duly appointed by the Court for that purpose, or, if such married woman is resident out of New Zealand, by any person (whether a solicitor or not) appointed by the Court for that purpose.

Such Registrar, solicitor, or other person, as the case may be, shall certify under his hand that he has examined her apart from her husband, and is satisfied that she is aware of the nature and effect of the intended application, and that she freely desires to make or consent to the same.

The appointment by the Court of any person to make such examination of a married woman out of New Zealand shall afford conclusive evidence that she was at the time of such examination out of New Zealand and the jurisdiction of the Court.

The concurrence or consent of a married woman resident in any place within His Majesty’s dominions to any application under this Act may be signified by an acknowledgment made by her before and certified by a Commissioner duly appointed for taking the acknowledgments of married women at such place as aforesaid, and any concurrence or consent so signified shall be sufficient.

Subject to such examination as aforesaid, married women may make or consent to any application, whether they are of full age or infants.

Nothing in this Act shall be construed to create any obligation on any person to make or consent to any application to the Court or to exercise any power.

For the purposes of this Act a person shall be deemed to be entitled to the possession or to the receipt of the rents and profits of estates although his estate may be charged or incumbered either by himself or by the settlor, or otherwise howsoever, to any extent, but the estates or interests of the parties entitled to any such charge or incumbrance shall not be affected by the acts of the person entitled to the possession or to the receipt of the rents and profits as aforesaid unless they concur therein.

The provisions of this Act shall extend to all settlements, whether made before or after it comes into operation, except the provisions as to demises to be made without application to the Court, which shall extend only to settlements made on or after the twenty-fifth day of August, one thousand eight hundred and sixty-five (being the date of the coming into operation of “The Leases and Sales of Settled Estates Act, 1865”).

This Act shall not extend or apply to any lands to and over which the Native title has not been extinguished.

Nothing in this Act shall be deemed to affect in any manner any of the provisions of “The Property Law Act, 1908.”

Any deed, will, agreement for a settlement, or other agreement or other instrument, or any number of instruments, whether made before or after, or partly before and partly after, the coming into operation of this Act, under or by virtue of which instrument or instruments any land, or any estate or interest in land, stands for the time being limited to or in trust for any persons by way of succession, creates or is for purposes of this Act a settlement, and is in this Act referred to as “a settlement” or as “the settlement” as the case requires.

An estate or interest in remainder or reversion not disposed of by a settlement, and reverting to the settlor or descending to the testator’s legal personal representative, is for purposes of this Act an estate or interest coming to the settlor or legal personal representative under or by virtue of the settlement, and comprised in the subject of the settlement.

Land, and any estate or interest therein, which is or may become the subject of a settlement is for purposes of this Act settled land, and is, in relation to the. settlement, referred to in this Act as “the settled land.”

The determination of the question whether land is settled land for purposes of this Act or not is governed by the state of facts and the limitations of the settlement at the time of the settlement taking effect.

The person who is for the time being under a settlement beneficially entitled to possession of settled land for his life is for the purposes of this Act the tenant for life of that land and the tenant for life under that settlement.

If in any case there are two or more persons so entitled as tenants in common, or as joint tenants, or for other concurrent estates or interests, they together constitute the tenant for life for the purposes of this Act.

A person being tenant for life within the foregoing definitions shall be deemed to be such notwithstanding that, under the settlement or otherwise, the settled land, or his estate or interest therein, is incumbered or charged in any manner or to any extent.

The persons (if any) who are for the time being under a settlement trustees with power of sale of settled land, or with power of consent to or approval of the exercise of such a power of sale, or if under a settlement there are no such trustees, then the persons (if any) for the time being who are by the settlement declared to be trustees thereof for the purposes of this Act are for the purposes of this Act trustees of the settlement.

Capital money arising under this Act, and receivable for the trusts and purposes of the settlement, is in this Act referred to as “capital money arising under this Act.”

In this Part of this Act—

A tenant for life, with the consent of the Court, may sell the settled land, or any part thereof, or any easement, right, or privilege of any kind over or in relation to the same.

Every sale shall be made at the best price that can reasonably be obtained.

A sale may be made in one lot or in several lots, and either by auction or by private contract.

On a sale the tenant for life, with the consent of the Court, may fix reserve biddings and buy in at an auction.

A sale may be made subject to any stipulations respecting title, or evidence of title, or other things.

On a sale any restriction or reservation with respect to building on or other user of land, or with respect to mines and minerals, or with respect to or for the purpose of the more beneficial working thereof, or with respect to any other thing, may be imposed or reserved and made binding, as far as the law permits, by covenant, condition, or otherwise on the tenant for life and the settled land, or any part thereof, or on the other party and any land sold to him.

Where the settled land comprises an undivided share in land, or under the settlement the settled land has come to be held in undivided shares, the tenant for life of an undivided share may join or concur, in any manner and to any extent 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.

On a sale the tenant for life may, as regards land sold or intended so to be (including leasehold land vested in trustees), convey the same by deed or, if the land is under “The Land Transfer Act, 1908,” by instrument in accordance therewith for the estate or interest the subject of the settlement, in the manner requisite for giving effect to the sale.

Such a deed or instrument, 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, 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—

Capital money arising under this Act, subject to payment of claims properly payable thereout, 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:—

Notwithstanding anything in this Act, it shall not be lawful for any trustee or tenant for life to invest capital money arising under this Act in the purchase of land where by the terms of the settlement investment of trust funds in the purchase of land is prohibited.

Capital money arising under this Act shall, in order to its being invested or applied as aforesaid, be paid either to the trustees of the settlement or into Court, at the option of the tenant for life, and shall be invested or applied by the trustees or under the direction of the Court, as the case may be, accordingly.

The investment or other application by the trustees shall be made according to the direction of the tenant for life, and with the consent of the Court when the same is required by section fifty hereof; and, in default of such direction, according to the discretion of the trustees; but in the last-mentioned case subject to any consent required or direction given by the settlement with respect to the investment or other application by the trustees of trust-money of the settlement; and any investment shall be in the names or under the control of the trustees.

The investment or other application under the direction of the Court shall be made on the application of the tenant for life or of the trustees.

Any investment or other application shall not, during the life of the tenant for life, be altered without his consent, except in case of mortgage of land.

Capital money arising under this Act, while remaining uninvested or unapplied, and securities on which an investment of any such capital money is made, shall, for all purposes of disposition, transmission, and devolution, be held for and go to the same persons successively in the same manner and for and on the same estates, interests, and trusts as the land wherefrom the money arises would, if not disposed of, have been held and have gone under the settlement.

The income of those securities shall be paid or applied as the income of that land, if not disposed of, would have been payable or applicable under the settlement.

Those securities may be converted into money, which shall be capital money arising under this Act. -

Capital money arising under this Act from settled land in New Zealand shall not be applied in the purchase of land out of New Zealand, unless the settlement expressly authorises the same.

Land acquired by purchase shall be made subject to the settlement in manner directed in this section.

Freehold land shall be conveyed or transferred to the uses, on the trusts, and subject to the powers and provisions which under the settlement, or by reason of the exercise of any power of charging therein contained, are subsisting with respect to the settled land, or as near thereto as circumstances permit, but not so as to increase or multiply charges or powers of charging.

With the consent of any mortgagee or incumbrancee, land acquired as aforesaid may be made a substituted security for any charge in respect of money actually raised, and remaining unpaid, from which the settled land, or any part thereof, or any undivided share therein, has heretofore been released on the occasion and in order to the completion of a sale.

Where a charge does not affect the whole of the settled land, then the land acquired shall not be subjected thereto, unless the land is acquired either by purchase with money arising from sale of land which was before the sale subject to the charge.

On land being so acquired any person who, by the direction of the tenant for life, so conveys the land as to subject it to any charge is not concerned to inquire whether or not it is proper that the land should be subjected to the charge.

A tenant for life—

Every contract shall be binding on and shall endure for the benefit of the settled land, and shall be enforceable against and by every successor in title for the time being of the tenant for life, and may be carried into effect by any such successor; but so that it may be varied or rescinded by any such successor in the like case and manner, if any, as if it had been made by himself.

The Court may, on the application of the tenant for fife, or the reversioner or remainder-man, or of any such successor, or of any person interested in any contract, give directions respecting the enforcing, carrying into effect, varying, or rescinding thereof.

If at any time there are no trustees of a settlement within the definition in this Act, or where in any other case it is expedient for purposes of this Act that new trustees of a settlement be appointed, the Court may, if it thinks fit, on the application of the tenant for life or of any other person having under the settlement an estate or interest in the settled land in possession, remainder, or otherwise, or, in the case of an infant, of his testamentary or other guardian or next friend, appoint fit persons to be trustees under the settlement for the purposes of this Act, or, with the consent of the Public Trustee, may appoint him to be trustee of the settlement.

The persons so appointed, and the survivors and survivor of them, while continuing to be trustees or trustee, and, until the appointment of new trustees, the personal representatives or representative for the time being of the last surviving or continuing trustee, shall, for the purposes of this Act, become and be the trustees or trustee of the settlement.

Notwithstanding anything in this Act, capital money arising under this Act shall not be paid to fewer than two persons as trustees of a settlement, unless the settlement authorises the receipt of capital trust money of the settlement by one trustee.

Subject thereto, the provisions of the Act referring to the trustees of a settlement apply to the surviving or continuing trustees or trustee of the settlement for the time being.

The receipt in writing of the trustees of a settlement, or, where one trustee is empowered to act, of one trustee, or of the personal representatives or representative of the last surviving or continuing trustee, or any money or securities paid or transferred to the trustees, trustee, representatives, or representative, as the case may be, effectually discharges the payer or transferror therefrom, and from being bound to see to the application or being answerable for any loss or misapplication thereof.

Each person who is for the time being trustee of a settlement is answerable for what he actually receives only, notwithstanding his signing any receipt for conformity, and in respect of his own acts, receipts, and defaults only, and is not answerable in respect of those of any other trustee, or of any banker, broker, or other person, or for the insufficiency or deficiency of any securities, or for any loss not happening through his own wilful default.

The trustees of a settlement, or any of them, are not liable for giving any consent, or for not making, bringing, taking, or doing any such application, action, proceeding, or thing as they might make, bring, take, or do; and in case of purchase of land with capital money arising under this Act are not liable for adopting any contract made by the tenant for life, or bound to inquire as to the propriety of the purchase, or answerable as regards any price, consideration, or fine; and are not liable to see to or answerable for the investigation of the title, or answerable for a conveyance of land if the conveyance purports to convey the land in the proper mode, or liable in respect of purchase-money paid by them by direction of the tenant for fife to any person joining in the conveyance as a conveying party, or as giving a receipt for the purchase-money, or in any other character, or in respect of any other money paid by them by direction of the tenant for life on the purchase.

The trustees of a settlement may reimburse themselves or pay and discharge out of the trust property all expenses properly incurred by them.

If at any time a difference arises between a tenant for life and the trustee of the settlement respecting the exercise of any of the powers of this Act, or respecting any matter relating thereto, the Court may, on the application of either party, give such directions respecting the matter in difference, and respecting the costs of the application, as the Court thinks fit.

A tenant for life, when intending to make a sale, shall give notice of his intention in that behalf to each of the trustees of the settlement by serving the same personally, or by posting registered letters containing the notice addressed to the trustees severally each at his usual or last known place of abode in New Zealand, and shall give like notice to the solicitor for the trustees, if any such solicitor is known to the tenant for life, by serving the same personally, or by posting a registered letter containing the notice addressed to the solicitor at his place of business in New Zealand.

Provided that at the date of notice given the number of trustees shall not be less than two, unless a contrary intention is expressed in the settlement.

Every notice or letter under this section shall be served or posted not less than one month before the making by the tenant for life of the sale or of a contract for the same.

A person dealing in good faith with the tenant for life is not concerned to inquire respecting the giving of any such notice as is required by this section.

Every application to the Court shall be by petition or by summons at Chambers, and be made in accordance with any statute, rule, or regulation for the time being regulating the practice of the Court.

Payment of money into Court effectually exonerates therefrom the person making the payment.

On an application by the trustees of a settlement notice shall be served in the first instance on the tenant for life.

On any application notice shall be served on such persons (if any) as the Court thinks fit.

The Court shall have full power and discretion to make such order as it thinks fit respecting the costs, charges, or expenses of all or any of the parties to any application, and may, if it thinks fit, order that all or any of those costs, charges, or expenses be paid out of property subject to the settlement, or otherwise as the Court directs.

General rules for purposes of this Act shall be deemed rules within section thirty-three hereof, and may be made accordingly.

Where the Court directs that any costs, charges, or expenses be paid out of property subject to a settlement the same shall, subject and according to the directions of the Court, be raised and paid out of capital money arising under this Act, or other money liable to be laid out in the purchase of land to be made subject to the settlement, or out of investments representing such money, or out of income of any such money or investments, or out of any accumulations of income of land, money, or investments, or by means of a sale of part of the settled land in respect whereof the costs, charges, or expenses are incurred, or of other settled land comprised in the same settlement and subject to the same limitations, or by means of a mortgage of the settled land or any part thereof, to be made by such person as the Court directs, and either by conveyance of the fee-simple or other estate or interest the subject of the settlement, or by creation of a term or otherwise, or by means of a charge on the settled land or any part thereof, or partly in one of those modes and partly in another or others, or in such other mode as the Court thinks fit.

The powers under this Act of a tenant for life are not capable of assignment or release, and do not pass to a person as being by operation of law or otherwise an assignee of a tenant for life, and remain exercisable by the tenant for life after and notwithstanding any assignment, by operation of law or otherwise, of his estate or interest under the settlement.

A contract by a tenant for life not to exercise any of his powers under this Act is void.

But this section shall operate without prejudice to the rights of any person being an assignee for value of the estate or interest of the tenant for life; and in that case the assignee’s rights shall not be affected without his consent.

This section extends to assignments made or coming into operation before or after and to acts done before or after the coming into operation of this Act; and in this section “assignment” includes assignment by way of mortgage, and any partial or qualified assignment, and any charge or incumbrance; and “assignee” has a meaning corresponding with that of assignment.

If in a settlement, will, assurance, or other instrument executed or made before or after, or partly before and partly after, the coming into operation of this Act a provision is inserted purporting or attempting, by way of direction, declaration, or otherwise, to forbid a tenant for life to exercise any power under this Act, or attempting, or tending, or intended, by a limitation, gift, or disposition over of settled land, or by a limitation, gift, or disposition of other real or any personal property, or by the imposition of any condition, or by forfeiture, or in any other manner whatever, to prohibit or prevent him from exercising, or to induce him to abstain from exercising, or to put him into a position inconsistent with his exercising, any power under this Act, that provision, as far as it purports, or attempts, or tends, or is intended to have, or would or might have, the operation aforesaid, shall be deemed to be void.

For the purposes of this section an estate or interest limited to continue so long only as a person abstains from exercising any power shall be and take effect as an estate or interest to continue for the period for which it would continue if that person were to abstain from exercising the power, discharged from liability to determination or cesser by or on his exercising the same.

Notwithstanding anything in a settlement, the exercise by the tenant for life of any power under this Act shall not occasion a forfeiture.

A tenant for life shall, in exercising any power under this Act, have regard to the interests of all parties entitled under the settlement, and shall, in relation to the exercise thereof by him, be deemed to be in the position and to have the duties and liabilities of a trustee for those parties.

Where a sale of settled land is to be made to the tenant for life, or a purchase is to be made from him of land to be made subject to the limitations of the settlement, or an exchange is to be made with him of settled land for other land, or a partition is to be made with him of land an undivided share whereof is subject to the limitations of the settlement, the trustees of the settlement shall stand in the place of and represent the tenant for life, and shall, in addition to their powers as trustees, have all the powers of the tenant for life in reference to negotiating and completing the transaction.

On a sale a purchaser or other person dealing in good faith with a tenant for life shall, as against all parties entitled under the settlement, be conclusively taken to have given the best price, consideration, or rent, as the case may require, that could reasonably be obtained by the tenant for life, and to have complied with all the requisitions of this Act.

Powers and authorities conferred by this Act on a tenant for life, or trustees, or the Court are exercisable from time to time.

Where a power of sale or other power is exercised by a tenant for life, or by the trustees of a settlement, he and they may respectively execute, make, and do all deeds, instruments, and things necessary or proper in that behalf.

Where any provision in this Act refers to sale, purchase, or other dealing, or to any power, consent, payment, receipt, deed, assurance, contract, expenses, act, or transaction, the same shall be construed to extend only (unless it is otherwise expressed) to sales, purchases, dealings, powers, consents, payments, receipts, deeds, assurances, contracts, expenses, acts, and transactions under this Act.

Nothing in this Act shall take away, abridge, or prejudicially affect any power for the time being subsisting under a settlement, or by statute, or otherwise, exercisable by a tenant for life, or by trustees with his consent, or on his request, or by his direction, or otherwise; and the powers given by this Act are cumulative.

But in case of conflict between the provisions of a settlement and the provisions of this Act relative to any matter in respect whereof the tenant for life exercises, or contracts or intends to exercise, any power under this Act the provisions of this Act shall prevail; and accordingly, notwithstanding anything in the settlement, the consent of the tenant for life shall, by virtue of this Act, be necessary to the exercise by the trustees of the settlement or other person of any power conferred by the settlement exercisable for any purpose provided for in this Act.

If a question arises or a doubt is entertained respecting any matter within this section, the Court may, on the application of the trustees of the settlement, or of the tenant for life, or of any other person interested, give its decision, opinion, advice, or direction thereon.

Nothing in this Act shall preclude a settlor from conferring on the tenant for life or the trustees of the settlement any powers additional to or larger than those conferred by this Act.

Any additional or larger powers so conferred shall, as far as may be, notwithstanding anything in this Act, operate and be exercisable in the like manner and with all the like incidents, effects, and consequences as if they were conferred by this Act, unless a contrary intention is expressed in the settlement.

Each person as follows shall, when the estate or interest of each of them is in possession, have the powers of a tenant for life under this Act as if each of them were a tenant for life as defined in this Act, namely:—

In every such case the provisions of this Act referring to a tenant for life, either as conferring powers on him or otherwise, and to a settlement, and to settled land, shall extend to each of the persons aforesaid, and to the instrument under which his estate or interest arises, and to the land therein comprised.

In any such case any reference in this Act to death as regards a tenant for life shall, where necessary, be deemed to refer to the determination by death or otherwise of such estate or interest as last aforesaid.

Where a person who is in his own right seised of or entitled in possession to land is an infant, then for the purposes of this Act the land is settled land, and the infant shall be deemed tenant for life thereof.

Where a tenant for life, or a person having the powers of a tenant for life under this Act, is an infant, or an infant would, if he were of full age, be a tenant for life, or have the powers of a tenant for life under this Act, the powers of a tenant for life under this Act may be exercised on his behalf by the trustees of the settlement, and if there are none, then by such person and in such manner as the Court, on the application of a testamentary or other guardian or next friend of the infant, either generally or in a particular instance, orders.

The foregoing provisions of this Act do not apply in the case of a married woman.

Where a married woman who, if she had not been a married woman, would have been a tenant for life, or would have had the powers of a tenant for life under the foregoing provisions of this Act, is entitled for her separate use, or is entitled under any statute, passed or to be passed, for her separate property, or as a feme sole, then she, without her husband, shall have the powers of a tenant for life under this Act.

Where she is entitled otherwise than as aforesaid, then she and her husband together shall have the powers of a tenant for life under this Act.

The provisions of this Act referring to a tenant for life and a settlement and settled land shall extend to the married woman without her husband, or to her and her husband together, as the case may require, and to the instrument under which her estate or interest arises, and to the land therein comprised.

The married woman may execute, make, and do all deeds, instruments, and things necessary or proper for giving effect to the provisions of this section.

A restraint on anticipation in the settlement shall not prevent the exercise by her of any power under this Act.

Where a tenant for life, or a person having the powers of a tenant for life under this Act, is a lunatic, so found by inquisition, the committee of his estate may, in his name and on his behalf, under an order of the Court, exercise the powers of a tenant for life under this Act; and the order may be made on the petition of any person interested in the settled land, or of the committee of the estate.