Restriction on accumulation for the purchase of land

(1) No person may settle or dispose of any property in such manner that the income thereof shall be wholly or partially accumulated for the purchase of land only, for any longer period than the duration of the minority or respective minorities of any person or persons who, under the limitations of the instrument directing the accumulation, would for the time being, if of full age, be entitled to the income so directed to be accumulated. (2) This section shall not, nor do the enactments which it replaces apply to accumulations to be held as capital money for the purposes of the Settled Land Act, 1925, c. 18, or the enactments replaced by that Act, whether or not the accumulations are primarily liable to be laid out in the (3) This section shall apply to settlements and dispositions made after 27th June, 1892.