(1)  A person who is directed by a tenant for life to pay into Court any capital money arising under the Settled Land Act may apply to a judge sitting in chambers for leave to pay the money into Court.

(2)  An application under subrule (1) is to be accompanied by an affidavit setting out the following:

(a) the name and address of the person wishing to make the payment;

(b) the place at which that person is to be served with notice of any proceeding relating to the money;

(c) the amount of money to be paid into Court and the account to the credit of which it is to be placed;

(d) the name and address of the tenant for life under the settlement by whose direction the money is to be paid into Court;

(e) brief details of the transaction in respect of which the money is payable.

(3)  The order made on an application under subrule (1) may contain directions for –

(a) investment of the money on any securities authorised by section 19(a) of the Settled Land Act; and

(b) the payment of the income to the tenant for life, either immediately or on production of the consent in writing of the applicant.

(4)  If the transaction in respect of which the money arises is not complete at the date of payment into Court, the money is not to be ordered to be invested in any securities other than those in which cash under the control of the Court may be invested, except with the consent of the applicant.