s 71 Power to raise money by mortgage.
(1) Where money is required for any of the following purposes namely:— (i) Discharging an incumbrance on the settled land or part thereof; (ii) paying for any improvement authorised by this Act or by the settlement; (iii) Equality of exchange: (iv) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (vi) Redeeming a compensation rentcharge in respect of the extinguishment of manorial incidents and affecting the settled land; (vii) Commuting any additional rent made payable on the conversion of a perpetually renewable leasehold interest into a long term; (viii) Satisfying any claims for compensation on the conversion of a perpetually renewable leasehold interest into a long term by any officer, solicitor, or other agent of the lessor in respect of fees or remuneration which would have been payable by the lessee or under-lessee on any renewal; (ix) Payment of the costs of any transaction authorised by this section or either of the two last preceding sections; the tenant for life may raise the money so required, on the security of the settled land, or of any part thereof, by a legal mortgage, and the money so raised shall be capital money for that purpose, and may be paid or applied accordingly. (2) “ Incumbrance ” in this section does not include any annual sum payable only during a life or lives or during a term of years absolute or determinable. (3) The restrictions imposed by this Part of this Act on the leasing powers of a tenant for life do not apply in relation to a mortgage term created under this Act.