16(1)In section 104 (powers of tenant for life not assignable etc.)—U.K.
(a)in subsection (3)(b) omit “authorised by statute for the investment of trust money”, and
(b)in subsection (4)(b) for the words from “no investment” to “trust money;” substitute “ the consent of the assignee shall be required to an investment of capital money for the time being affected by the assignment in investments other than securities, and to any application of such capital money; ”.
(2)Sub-paragraph (1) applies to the determination on or after the commencement of that sub-paragraph of whether an assignee’s consent is required to the investment or application of capital money.