The chancellor may also, in vacation as well as in term, but if in vacation, on reasonable notice to the opposite party, regulate and control all proceedings in the master's office, and, for good cause shown, may set aside, modify or alter any such proceedings, upon such terms as appear equitable.
Code 1858, § 4416 (deriv. Acts 1801, ch. 6, § 41); Shan., § 6226; Code 1932, § 10495; T.C.A. (orig. ed.), § 21-1106.