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Application of the Settled Land Acts.
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43.—(1) The powers of a tenant for life or a person having the powers of a tenant for life under the Settled Land Acts, 1882 to 1890, to make leases other than building leases and mining leases shall extend to and include the making by a landlord of a lease granting a new tenancy which such landlord is required by or under this Part or any preceding Part of this Act to grant, notwithstanding that the duration of such new tenancy exceeds thirty-five years.
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(2) Capital money arising under the Settled Land Acts, 1882 to 1890, may be applied—
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(a) in payment of any sum payable to a tenant in respect of compensation under this Act and any costs, charges, and expenses payable to such tenant in relation to his claim for such compensation; or
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(b) in payment, as for an improvement authorised by the said Acts, of any money expended and costs incurred under and in pursuance of this Act in or about the execution of an improvement; or
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(c) in payment of the costs, charges, and expenses incurred in or in relation to making or opposing an application to the Court under this Act.
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(3) The satisfaction of a claim for compensation under this Act shall be included amongst the purposes for which a tenant for life may raise money under section 18 of the Settled Land Act, 1882.
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(4) Where a landlord liable to pay compensation under this Act is a tenant for life or in a fiduciary position he may require the sum payable in respect of such compensation and all costs, charges, and expenses payable in relation thereto to be paid out of any capital money held on the same trusts as the settled land.
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In this sub-section the expression “capital money” includes any personal estate held on the same trusts as the land, and the expression “settled land” includes land held on trust for sale.
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