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Duchy of Lancaster Act 1787
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X1[I.]
So much of Act 19 Geo. 3. c. 45. as restricts the Sale of the Rents therein described to not less than 25 Years Purchase, repealed. Authority given to sell the said Rents at any Prices not under the following Rates, viz. For Rents upwards of 10s. per Ann.24 Years Purchase ; 5s. and under 10s. 22 Years Purchase ; 5s. and under 10s. 22 Years Purchase ; 1s. and under 5s. 20 Years Purchase. Owners of Lands to have the Preference of Purchase. Money arisen or to arise by the Sale of the said Rates, may be applied in Satisfaction of any Sums charged upon His Majesty’s Lands on Account of Inclosures in the Duchy of Lancaster, &c. Bank to permit any Person authorised by the Chancellor and Council of the said Duchy, to transfer the Stock standing in the Name of the Duchy. Chancellor and Council may retain Money arising by Sale of the Rates to answer Expenses. After Payment of all Costs and Charges before mentioned, the Residue of Purchase Money to be laid out, &c. according to Act 19 Geo. 3. c. 45. Agreements entered into by Order of the Chancellor and Council with Mortgagees, &c. to be valid. Interest due to his Majesty under any Agreement in pursuance of this Act may be distrained for as for Rent.
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X1The text of s. 1 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
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