Powers of management, etc., conferred on trustees for sale

(1) Trustees for sale shall, in relation to land and to the proceeds of sale, have all the powers of a tenant for life and the trustees of a settlement under the Settled Land Act, 1925, c. 18, including in relation to the land the powers of management conferred by that Act during a minority. (2) Where by statute settled land is or becomes vested in the trustees of the settlement upon the statutory trusts, such trustees and their successors in office shall also have all the additional or larger powers (if any) conferred by the settlement on the tenant for life, statutory owner or trustees of the settlement, and (subject to any express trust to the contrary) all capital money arising under the said powers shall, unless paid 24 or applied for any purpose authorised by the Settled Land Act, 1925, c. 18, be applicable in the same manner as if the money represented proceeds of sale arising under the trusts for sale. (3) All land acquired under this section shall be transferred to the trustees on trust for sale. (4) The power conferred by this section shall be exercised with such consents (if any) as would have been required on a sale under the trust for sale, and when exercised shall operate to overreach any equitable interests or powers which are by virtue of this Act or otherwise made to attach to the net proceeds of sale as if created by a trust affecting those sale.