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Application of purchase money when amounting to 200l. or upwards.
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29. If any money shall be agreed or awarded to be paid for any land, ground, houses, tenements, or hereditaments, or for any other matter, right, or interest, of what nature or kind soever, purchased, taken, or used by virtue of the powers of this Act, for the purposes thereof, which shall belong to any corporation, feme covert, infant, lunatic, or other person or persons under any disability or incapacity as herein-before mentioned, such money shall, in case it shall amount to or exceed the sum of two hundred pounds, with all convenient speed be paid into the Bank of Ireland, in the name and with the privity of the Accountant General of the Court of Chancery in Ireland, to be placed to his account ex parte the said commissioners, together with the name or names of such person or persons as any three of the said commissioners shall by writing signed by them appoint; to the intent that such money shall be applied, under the direction and with the approbation of the said court, to be signified by any 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 and profits of such lands, grounds, houses, tenements, or hereditaments, in or towards the discharge of any debt or debts, or such other incumbrances, or part thereof, as the said court shall authorize to be paid, affecting the same land, ground, houses, tenements, or hereditaments, or affecting other land, ground, houses, tenements, or hereditaments standing settled therewith to the same or the like uses, intents, or purposes; or where such money shall not be so applied, then the same shall be laid out and invested, under the direction and approbation of the said court, in the purchase of other land, ground, houses, tenements, or hereditaments, which shall be conveyed to, for, and upon such and the like uses, trusts, intents, and purposes, and in the same manner as the land, ground, houses, tenements, and hereditaments, which shall be purchased, taken, or used as aforesaid, stood settled or limited, or such of them as at the time of making such conveyance shall be existing undetermined and capable of taking effect; and in the meantime and until such purchase shall be made, the said money shall, by order of the said Court of Chancery upon application thereto, be invested by the said Accountant General, in his name, in the purchase of any stocks, funds, or annuities transferable at the Bank of Ireland; and in the meantime and until the said stocks, funds, or annuities shall be ordered by the said court to be sold for the purposes aforesaid, the dividends and annual produce of such stocks, funds, or annuities shall from time to time be paid, by the order of the said court, 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, in case such purchase or settlement were made.
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