§ DISPOSITIONS ON TRUST FOR SALE.
§ Clause 4:
§ Powers of management given to trustees for sale, trust of rents and props till sale, and provisions as to partition among persons interested in the proceeds of sale.
§ (3) Where the net proceeds of sale have under the trusts affecting the same become absolutely vested in persons of full age in undivided shares (whether or not such shares may be subject to a derivative trust for sale or a settlement) the trustees for sale may (with the consent of the persons, if any, of full age interested in possession in the net rents and profits of the land until sale) partition the land remaining unsold or any part thereof, and provide (by way of mortgage or otherwise) for the payment of any equality money, and, upon such partition being arranged, the trustees for sale shall give effect thereto by conveying the land so partitioned in severalty (subject or not to any mortgage term created for raising equality money) to persons of full age and either absolutely or on trust for sale or, where any part of the land becomes settled land by a vesting deed, or partly in one way and partly in another in accordance with the rights of the persons interested under the partition, but a purchaser shall not be concerned to see or inquire whether any such consent as aforesaid has been given.
§ THE LORD CHANCELLOR moved, at the end of subsection (3) of Clause 4, to insert:
(a) If a share in the net proceeds is absolutely vested in an infant, the trustees for sale may act on his behalf and retain land (to be held on trust for sale) or other property to represent his share, and in other respects the foregoing power shall apply as if the infant had been of full age.
(b) If a share in the net proceeds belongs to a lunatic or defective, the consent of his committee or receiver shall be sufficient to protect the trustees for sale.
§ The noble and learned Lord said: These words are drafting, and are inserted to meet the views of the Land Union.
Page 204, line 3, at end insert the said proviso.—(The Lord Chancellor.)
§ On Question, Amendment agreed to.
§ Moved accordingly, and, on Question, privilege Amendments agreed to.
§ Bill passed, and sent to the Commons.