(1)The purposes authorised by section 73 of the Settled Land Act 1925 F1. . . or section 26 of the M1Universities and College Estates Act 1925 for the application of capital money shall include—
(a)the payment of expenses incurred by a landlord under a farm business tenancy in, or in connection with, the making of any physical improvement on the holding,
(b)the payment of compensation under section 16 of this Act, and
(c)the payment of the costs, charges and expenses incurred by him on a reference to arbitration under section 19 or 22 of this Act.
(2)The purposes authorised by section 71 of the Settled Land Act 1925 F1. . . as purposes for which money may be raised by mortgage shall include the payment of compensation under section 16 of this Act.
(3)Where the landlord under a farm business tenancy—
(a)is a tenant for life or in a fiduciary position, and
(b)is liable to pay compensation under section 16 of this Act,
he may require the sum payable as compensation and any costs, charges and expenses incurred by him in connection with the tenant’s claim under that section to be paid out of any capital money held on the same trusts as the settled land.
(4)In subsection (3) above—
Textual Amendments
F1Words in s. 33(1)(2) repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch. 4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2.
F2Definition of “settled land” and the word preceding it in s. 33(4) repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch. 4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2.
Marginal Citations