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In This Volume

  • 11 (1) All money to be received on any sale under this Act, or to be set aside out of the rents or payments reserved, on any lease of earth, coal, stone or minerals may, if the court orders, be paid to any trustees approved by the court.
  • (2) If no order is made under subsection (1), the money must be paid into a chartered bank as the court directs, to the account of the registrar of the court in the matter of this Act.
  • (3) Money paid under subsection (1) or (2) must be applied, as the court directs, to one or more of the following purposes:
  • (a) the discharge or redemption of any encumbrance affecting the property in respect of which the money was paid, or affecting any other property, subject to the same uses or trusts;
  • (b) the purchase of other property to be settled in the same manner as the property in respect of which the money was paid;
  • (c) the payment to any person becoming absolutely entitled.

1979-311-11.