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Application of Purchase Money of incapacitated Persons exceeding 200l.
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XXV. And be it enacted, That any Money agreed, awarded, or adjudged to be paid for the Purchase of any Lands, Tenements, or Hereditaments, or as Compensation for any Injury thereto, or any Portion of such Money, (if the said Money or said Portion thereof shall belong to any Corporation, Feme Covert, Infant, Lunatic, or Person or Persons under any Disability or Incapacity,) shall (in case the same exceed Two hundred Pounds) be paid into the Bank of Ireland in the Name and with the Privity of the Accountant General of the Court of Chancery of Ireland, to be placed to his Account there ex parte the said Commissioners, to the Intent that such Money, or such Portion thereof, shall be applied, under the Direction and with the Approbation of the Senior Master of Chancery, to be signified by an Order made upon a Petition to be preferred in a summary Way by the Person or Persons who would have been entitled to the Rents or Profits of the said Lands, Tenements, or Hereditaments, in the Discharge of any Debt or Debts, or Part thereof, affecting the same, or affecting the Lands, Tenements, or Hereditaments, standing settled therewith to the same or the like Uses or Purposes; or where such Money or such Portion thereof shall not be so applied, then the same shall be laid out and invested, under the like Direction and Approbation of the Senior Master of Chancery, in the Purchase of Lands, Tenements, or Hereditaments, which shall be conveyed and settled to, for, and upon such other like Uses, Trusts, Intents, and Purposes, and in the same Manner, as the Lands, Tenements, and Hereditaments which shall be purchased or injured as aforesaid stood settled or limited, or such of them as shall be then existing and capable of taking effect; and in the meantime, until such Purchase shall be made, the said Money shall on the Request of the Person or Persons who would for the Time being be entitled to the Rents and Profits of the Lands, Tenements, or Hereditaments so hereby directed to be purchased, (such Request to be in Writing signed by him, her, or them,) and without any Order of the said Master, be invested by the said Accountant General in his Name in the Purchase of any Stocks, Funds, or Annuities transferrable at the Bank of Ireland; and in the meantime, and until the said Stocks, Funds, or Annuities shall be ordered by the said Master of Chancery to be sold for the Purposes aforesaid, the Dividends and annual Produce thereof shall from Time to Time go and belong to the Person or Persons who would for the Time being have been entitled to the Rents and Profits of the said Lands, Tenements, and Hereditaments so hereby directed to be purchased if such Purchase had been made.
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