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[EN]

Uimhir 25 de 1925.


[EN]

ACHT NA mBANNAÍ TALMHAN, 1925.


ACHT CHUN SOCRÚ EILE A BHEIDH NÍOS FEARR DO DHÉANAMH I dTAOBH BANNAÍ TALMHAN DO THABHAIRT AMACH FÉN ACHT TALMHAN, 1923, AGUS I dTAOBH URRAÍOCHT AGUS FUASCAILT DO DHÉANAMH ORTHA AGUS ÍOC AN ÚIS ORTHA AGUS CHUN DEIGHLEÁIL LE BLIANACHTAÍ CEANNAIGH A hÍOCTAR FÉN ACHT SAN. [3adh Iúl, 1925.] ACHTUIGHEADH OIREACHTAS SHAORSTáIT ÉIREANN MAR LEANAS:— [EN]

An Príomh-Acht.

1.—San Acht so cialluíonn an focal “an Príomh-Acht” an tAcht Talmhan, 1923 (Uimh. 42 de 1923).

[EN]

Urraíocht Bhriotáineach ar Bhannaí Talmhan.

2.—(1) Má tugtar aon tsuim amach as an gCiste Có-dhlúite Briotáineach no as a thora fáis chun aon urraíocht do chó-líona a thug an Cisteán Briotáineach ar íoc cholann agus ús aon Bhannaí Talmhan a bunuíodh chun crícheanna an Phríomh-Achta, cuirfar mar mhuirear ar an bPrímh-Chiste no ar a thora fáis agus íocfar amach as, láithreach i ndiaidh an mhuirir a bunuíodh le fo-alt (4) d'alt 1 den Phríomh-Acht, mar a leasuítear é leis an Acht so, suim is leor chun aon tsuim a tugadh amach mar adubhradh d'aisíoc leis an gCisteán Briotáineach maraon le hús uirthi o dháta na tabhartha amach san do réir pé ráta a có-aontófar idir an Aire Airgid agus an Cisteán Briotáineach no mara gcó-aontuítear amhlaidh, do réir ráta cúig per cent. per annum.

[EN]

(2) Gach suim a tabharfar amach as an bPrímh-Chiste do réir an mhuirir a bunuítear leis an bhfo-alt san roimhe seo aisíocfar í leis an gCiste sin amach as an gCiste Urraíochta.

[EN]

Bunú agus fuascailt Bannaí Talmhan 4½ per cent.

3.—Léireofar an Príomh-Acht agus beidh éifeacht aige agus tuigfar go raibh éifeacht riamh aige fé is dá gcuirtí an t-alt so a leanas ann in ionad an ailt 1 atá anois ann, sé sin le rá:—

[EN]

1.—(1) Chun soláthar do dhéanamh chun íoctha na suimeanna a bheidh le n'íoc i mbannaí fén Acht so beidh comhacht ag an Aire Airgid, nuair is gá é agus fé mar is gá chun na críche sin, bannaí dá ngairmfear Bannaí Talmhan 4½ per cent. do bhunú agus do thabhairt amach, de pé tomhasanna (nách lú in aon chás ná púnt) a cheapfidh an tAire.

[EN]

(2) Tabharfidh na bannaí ús do réir 4½ per cent. per annum dá n-ainm-luach, ús a bheidh iníoctha in airgead Briotáineach ina chó-choda leath-bhliantúla ar pé uaire i ngach bliain a ceapfar leis na Rialacháin fé n-a dtabharfar amach iad.

[EN]

(3) Beidh na bannaí ionfhuascailte ar par in airgead Briotáineach maraon le híoc gach riaráiste úis, agus déanfidh an tAire Airgid socruithe chun iad d'fhuascailt le tarraicí bliantúla no leath-bhliantúla laistigh de cheithre fichid bliain ón 18adh lá de Mhí na Nodlag, 1924, agus féadfidh an tAire sin rialacháin do dhéanamh i gcóir tarrac na mbannaí sin. Socrófar leis na rialacháin sin i dtaobh fuascailt do dhéanamh láithreach ar bhannaí a haistreofar le hordú an Choimisineura Bhreithiúntais in íoc Diúitéthe Báis no i bhfuascailt blianachtaí talamh-cheannaigh a bheidh ina muirear ar na tailte a thiocfidh i seilbh Choimisiún na Talmhan fén Acht so:

[EN]

Ach, aon uair tar éis deich mbliana fichead a bheith caithte o tugadh amach iad, féadfar, marar fuascladh cheana iad, aon bhannaí d'fhuascailt ar par pé uair agus le tarraicí no ar pé slí eile a ordóidh an tAire Airgid.

[EN]

(4) As Ciste na mBannaí Talmhan a bunófar fén Acht so isea a híocfar an t-ús ar na bannaí talmhan agus na suimeanna theastóidh chun bannaí talmhan d'fhuascailt do réir forálacha an ailt seo, agus marar leor an céanna beidh a muirear agus a n-íoc ar Phrímh-Chiste Shaorstáit Éireann no ar a thora fáis mar chéad-mhuirear air i ndiaidh aon mhuirearacha a bunuíodh roimh rith an Achta so. Aon tsuimeanna a híocfar mar sin as an bPrímh-Chiste áireofar iad mar roimh-íoc sealadach le Ciste na mBannaí Talmhan agus déanfar suas iad as an gCiste Urraíochta.

[EN]

(5) Chun fuascailte na mbannaí cuirfar na suimeanna so a leanas i leataoibh i gCiste na mBannaí Talmhan i ndeire gach leath-bhliana dar críoch an 1adh lá de Bhealtaine, no an 1adh lá de Mhí na Samhna, go dtí go mbeidh fuascailt déanta ar gach banna a tugadh amach fén Acht so, sé sin le rá:—

[EN]

(a) suim chó mór le dó agus trí ochtú per cent. de sna suimeanna uile a roimh-íocadh no a híocadh tré bhannaí talmhan do thabhairt amach fén Acht so go dtí deire na leath-bhliana roimhe sin agus nár dheimhnigh an tAire Airgid a bheith aisíoctha agus, ina theanta san, más ar an lá deiridh den leath-bhliain roimhe sin a tugadh amach na bannaí talmhan, suim a háireofar do réir ráta 4¾per cent. per annum in aghaidh na tréimhse o dheire na leath-bhliana go dtí an chéad lá dividendum ina dhiaidh sin, agus

[EN]

(b) suim a háireofar do réir ráta ceathair agus trí ceathrúin per cent. per annum de sna suimeanna uile a roimhíocadh no a híocadh tré bhannaí talmhan do thabhairt amach fén Acht so o thosach na leath-bhliana san agus nár dheimhnigh an tAire Airgid a bheith aisíoctha, agus is in aghaidh na tréimhse o dháta an bhanna do thabhairt amach go dtí an chéad lá dividendum tar éis deire na leath-bhliana san a háireofar an tsuim sin amhlaidh, agus

[EN]

(c) gach suim a íocfidh ceannathóirí tionóntacha i rith na leath-bhliana san i bhfuascailt blianachtaí cheannaigh is iníoctha fén Acht so, agus

[EN]

(d) gach suim a íocfidh ceannathóir in airgead i rith na leath-bhliana san tar éis do Choimisiún na Talmhan aon talamh a dílsíodh ionta fén Acht so do dhíol leis.

[EN]

Déanfar na méideanna so a leanas do bhaint as na suimeanna a cuirfar i leataoibh amhlaidh i ndeire aon leath-bhliana, sé sin le rá:—

[EN]

(e) méid an úis is iníoctha an chéad lá dividendum eile ar scór gach banna a tugadh amach amhlaidh agus nár fuascladh go deire na leath-bhliana san, agus

[EN]

(f) an méid a theastóidh, má theastuíonn sé, chun lán-íoctha gach banna a haistríodh fén Acht so i rith na leathbhliana san, le hordú an Choimisineura Bhreithiúntais, in íoc Diúitéthe Báis no i bhfuascailt blianachtaí talamh-cheannaigh, agus

[EN]

(g) méid aon roimh-íoca a híocadh amach as an gCiste Urraíochta i rith na leath-bhliana san in íoc úis ar bhannaí talmhan a tugadh amach an lá deiridh den leath-bhliain roimhe sin, no tar éis an lae sin, agus roimh an lá dividendum a tháinig sa leathbhliain a céad-luaidhtear, in aghaidh na tréimhse idir an tabhairt-amach san agus an lá dividendum san.

[EN]

Isé suim a theastóidh chun bannaí d'fhuascailt nuair a déanfar aon tarrac bliantúil no leath-bhliantúil ná méid iomlán na suim uile a cuireadh i leataoibh fén bhfo-alt so (ach na méideanna roimhráite do bhaint as) o dineadh an tarrac deiridh roimhe sin maraon le pé ús a hordófar le rialacháin a déanfar fén Acht so.”

[EN]

I mBannaí Talmhan a híocfar éilithe i gcoinnibh airgid cheannaigh.

4.—Léireofar an Príomh-Acht agus beidh éifeacht aige agus tuigfar go raibh éifeacht riamh aige fé is dá gcuirtí an t-alt so a leanas ann in ionad an ailt 3 atá anois ann, sé sin le rá:—

[EN]

“3.—(1) Déanfar gach éileamh i gcoinnibh an airgid cheannaigh d'íoc agus do ghlana, sa mhéid gur leor chuige na bannaí talmhan a bheidh ag seasamh don airgead cheannaigh, tré bhannaí talmhan is ionann ainm-luach le méid an éilimh d'aistriú chun an éilitheora amach as na bannaí talmhan a bheidh ag seasamh don airgead cheannaigh, agus i ngach cás den tsórt san beidh teideal ag an éilitheoir chun an úis d'fhás ón lá ceaptha ar na bannaí talmhan a haistríodh chuige amhlaidh.

[EN]

(2) Tuigfar íoc éilimh i gcoinnibh an airgid cheannaigh do réir an ailt seo do bheith ina shásamh san éileamh chó fada le méid ainm-luach na mbannaí talmhan a haistríodh chun an éilitheora in íoc an éilimh.

[EN]

(3) D'ainneoin forálacha an ailt seo, féadfidh an Coimisinéir Breithiúntais, in aon chás áirithe ina bhfeicfar do gur gá é do réir chirt, pé ordú is dó leis is ceart, ordú bunoscionn leis na forálacha san roimhe seo den alt so, do dhéanamh i dtaobh aon éilimh i gcoinnibh an airgid cheannaigh no i dtaobh na mbannaí talmhan is ionaistrithe in íoc an éilimh no i dtaobh an úis ar na bannaí talmhan san.

[EN]

(4) Ag socrú praghas fuascailte leasanna uachtaracha dho, tabharfidh an Coimisinéir Breithiúntais aire don phraghas a fuair an díoltóir ar na tailte as a ngluaiseann na leasanna uachtaracha san.

[EN]

(5) San alt so foluíonn an focal “éileamh i gcoinnibh an airgid cheannaigh” na nithe seo a leanas sa mhéid go bhfuilid fé seach iníoctha amach as an airgead ceannaigh, sé sin le rá:—

[EN]

(a) praghas fuascailte gach leasa, ualaigh, agus éilimh eile, uachtarach agus eadarghabhálach, a bhaineann le hairgead ceannaigh a híocfar le bannaí talmhan 4½ per cent. no is iníoctha amach as na leasanna, na hualaighe, agus na héilithe sin, agus

[EN]

(b) riaráiste uile na leasanna, na n-ualach, agus na n-éilithe sin agus gach ús ortha, agus

[EN]

(c) na costaisí a bhain le cruthú an teidil chun na leasanna, na n-ualach, agus na n-éilithe sin, agus

[EN]

(d) costaisí díola an díoltóra,

[EN]

agus gairmtear an t-éilitheoir den té go bhfuil teideal aige chun méid éilimh i gcoinnibh an airgid cheannaigh d'fháil.”

[EN]

Alt 27 den Phríomh-Acht ar lár.

5.—Léireofar an Príomh-Acht agus beidh éifeacht aige agus tuigfar go raibh éifeacht riamh aige fé is dá bhfágtí ar lár ann alt 27 atá anois ann.

[EN]

Iocaíochtaí o Choimisiún na Talmhan i gcásanna áirithe.

6.—(1) Iocfidh Coimisiún na Talmhan le Ciste na mBannaí Talmhan ús do réir ráta ceathair go leith per cent. per annum agus ciste fiach-luíoduithe do réir ráta an cheathrú cuid d'aon per cent. per annum ar gach suim a roimh-íocadh no a híocadh tré bhannaí talmhan do thabhairt amach fén bPríomh-Acht agus nár dheimhnigh an tAire Airgid a bheith aisíoctha.

[EN]

(2) Bainfidh fo-ailt (5) agus (6) d'alt 11 den Phríomh-Acht leis na híocaíochtaí atá le n'íoc ag Coimisiún na Talmhan fén alt so fé mar a bhainid leis na híocaíochtaí bliantúla agus eile atá le n'íoc ag Coimisiún na Talmhan fén alt san.

[EN]

(3) Athghairmtear leis seo fo-ailt (1), (2), agus (3) d'alt 11 den Phríomh-Acht.

[EN]

Conus a deighleálfar le blianachtaí áirithe ceannaigh.

7.—(1) Má ath-dhíolann Coimisiún na Talmhan ar phraghas níos aoirde, tar éis rithte an Phríomh-Achta, tailte do cheannuíodar féin no Bord na gCeanntar gCumhang fé sna hAchtanna Talamh-Cheannaigh roimh rith an Phríomh-Achta, déanfar gach suim a bailíodh ar scór na blianachta ceannaigh is iníoctha ar scór an phraghais ar ar hath-dhíoladh na tailte sin amhlaidh d'íoc isteach i gCiste na mBlianachtaí Ceannaigh d'ainneoin an bhlianacht cheannaigh sin no cuid éigin di do bheith ionchurtha i leith caiteachais nár híocadh aon roimh-íoc amach as Ciste Ceannach Talmhan na hÉireann ina chóir.

[EN]

(2) Pé méid, d'aon bhlianacht cheannaigh a híocadh isteach i gCiste na mBlianachtaí Ceannaigh do réir an fho-ailt sin roimhe seo, pé méid di sin is ionchurtha i leith caiteachais nár híocadh aon roimh-íoc amach as Ciste Ceannach Talmhan na hÉireann ina chóir deighleálfidh an tAire Airgid leis do réir rialachán a dhéanfa sé chuige sin fén bhfo-alt so, agus leis na rialacháin sin féadfar a ordú cadé an modh ar a bhfuighfar amach cadé an cion den bhlianacht cheannaigh is ionchurtha i leith an chaiteachais sin.

[EN]

(3) Má dhineann Coimisiún na Talmhan (pe'ca roimh rith an Achta so no dá éis é) tailte a cheannuíodar fén bPríomh-Acht d'ath-dhíol ar phraghas níos aoirde déanfar pé méid, den bhliantacht cheannaigh is iníoctha ar scór an phraghais sin, pé méid di sin is ionchurtha i leith caiteachais nár híocadh aon roimh-íoc ina chóir tré bhannaí talmhan do thabhairt amach, déanfar é d'íoc isteach sa Stát-Chiste no deighleálfar leis chun sochair den Stát-Chiste i pé slí a cheapfidh an tAire Airgid le rialacháin a déanfar fén bhfo-alt so, agus leis na rialacháin sin féadfar a ordú cadé an modh ar a bhfuighfar amach cadé an cion den bhlianacht cheannaigh is ionchurtha i leith an chaiteachais sin.

[EN]

Suimeanna áirithe a híocadh amach as an gCiste Urraíochta d'aisíoc leis.

8.—Má híocadh amach as an gCiste Urraíochta, le Cuntas Ceannach na Talmhan no le Ciste Ceannach Talmhan na hÉireann, roimh-íoc ar scór an úis ar roimh-íoc a híocadh le ceannathóir in aghaidh na tréimhse idir—

[EN]

(a) an lá sé mhí roimh an gcéad lá gála chun an bhlianacht cheannaigh d'íoc ar scór an roimh-íoca san, agus

[EN]

(b) an chéad lá ina dhiaidh sin go raibh dividenda iníoctha ar stoc a tugadh amach fén Purchase of Land (Ireland) Act, 1891, no fén Irish Land Act, 1903,

[EN]

íocfar isteach sa Chiste Urraíochta, in ainneoin éinní contrárdha dho san i bhfo-alt (2) d'alt 12 den Phríomh-Acht, gach suim a gheobhaidh Coimisiún na Talmhan o cheannathóir ar scór an úis sin.

[EN]

Gearr-theideal, léiriú agus luadh.

9.—(1) Féadfar Acht na mBannaí Talmhan, 1925, do ghairm den Acht so.

[EN]

(2) Léireofar an tAcht so mar éinní amháin leis na hAchtanna Talamh-Cheannaigh agus féadfar é do luadh i dteanta na nAcht san.

[GA]

harp.jpg


Number 25 of 1925.


[GA]

LAND BOND ACT, 1925.


ARRANGEMENT OF SECTIONS

Section

1.

The Principal Act.

2.

British guarantee of Land Bonds.

3.

Creation and redemption of 4½ per cent. Land Bonds.

4.

Claims against purchase money to be paid in Land Bonds.

5.

Section 27 of the Principal Act deleted.

6.

Payments by the Land Commission in certain cases.

7.

Disposal of certain purchase annuities.

8.

Repayment to Guarantee Fund of certain sums paid thereout.

9.

Short title, construction, and citation.


Act Referred to

Land Act, 1923

No. 42 of 1923

harp.jpg


Number 25 of 1925.


LAND BOND ACT, 1925.


AN ACT TO MAKE FURTHER AND BETTER PROVISION IN RELATION TO THE ISSUE OF LAND BONDS UNDER THE LAND ACT, 1923, AND THE GUARANTEE AND REDEMPTION THEREOF AND PAYMENT OF INTEREST THEREON AND FOR THE DISPOSAL OF PURCHASE ANNUITIES PAID UNDER THAT ACT. [3rd July, 1925.] BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:— [GA]

The Principal Act.

1.—In this Act the expression “the Principal Act” means the Land Act, 1923 (No. 42 of 1923).

[GA]

British guarantee of Land Bonds.

2.—(1) In the event of any sum being issued out of the British Consolidated Fund or the growing produce thereof for fulfilling any guarantee given by the British Treasury for the payment of the principal and interest on any Land Bonds created for the purposes of the Principal Act, there shall be charged on and payable out of the Central Fund or the growing produce thereof immediately after the charge created by sub-section (4) of section 1 of the Principal Act as amended by this Act, an amount sufficient to repay to the British Treasury any sum so issued as aforesaid together with interest thereon from the date of such issue at such rate as may be agreed between the Minister for Finance and the British Treasury or in default of such agreement at the rate of five per cent. per annum.

[GA]

(2) All sums issued out of the Central Fund pursuant to the charge created by the foregoing sub-section shall be made good to that Fund out of the Guarantee Fund.

[GA]

Creation and redemption of 4½ per cent. Land Bonds.

3.—The Principal Act shall be construed and have effect and be deemed always to have had effect as if the following section were inserted therein in lieu of the section 1 now contained therein, that is to say:—

[GA]

“1.—(1) In order to provide for the payment of the sums which under this Act are to be paid in bonds, the Minister for Finance shall have power to create and issue, when and as required for the purpose, bonds to be called 4½ per cent. Land Bonds, of such denominations (not in any case less than one pound) as the Minister may determine.

[GA]

(2) The bonds shall bear interest at the rate of 4½ per cent. per annum on the nominal amount thereof payable in British currency by equal half-yearly instalments at such times in each year as may be fixed by the Regulations under which they are issued.

[GA]

(3) The bonds shall be redeemable at par in British currency together with the payment of all arrears of interest, and the Minister for Finance shall make arrangements for the redemption thereof within eighty years from the 18th day of December, 1924, by means of yearly or half-yearly drawings and the said Minister may make regulations for the drawing of such bonds. Such regulations shall provide for the immediate redemption of bonds transferred by order of the Judicial Commissioner in satisfaction of Death Duties, or in redemption of land purchase annuities charged on the lands acquired by the Land Commission under this Act:

[GA]

Provided that any bonds may at any time after the expiration of thirty years from the issue thereof, if not previously redeemed, be redeemed at par at such time and either by drawings or otherwise as the Minister for Finance may direct.

[GA]

(4) The interest on the land bonds and the sums required for redemption of land bonds in accordance with the provisions of this section shall be paid out of the Land Bond Fund established under this Act, and if the same shall be insufficient shall be charged upon and paid out of the Central Fund of Saorstát Eireann or the growing produce thereof as a first charge thereon after any charges created before the passing of this Act. Any sums so paid out of the Central Fund shall be treated as a temporary advance to the Land Bond Fund, and shall be made good out of the Guarantee Fund.

[GA]

(5) For the purpose of the redemption of the bonds there shall be set aside in the Land Bond Fund at the close of every half-year ending on the 1st day of May, or the 1st day of November until all the bonds issued under this Act have been redeemed the following sums, that is to say:—

[GA]

(a) a sum equivalent to two and three-eights per cent. on all sums advanced or paid by the issue of land bonds under this Act up to the close of the previous half-year and not certified by the Minister for Finance to have been repaid, together with, where the land bonds were issued on the last day of the previous half-year, a sum calculated at the rate of 4¾ per cent. per annum for the period from the close of the half-year up to the next following dividend day, and

[GA]

(b) a sum calculated at the rate of four and three-quarters per cent. per annum on all sums advanced or paid by the issue of land bonds under this Act since the beginning of such half-year and not certified by the Minister for Finance to have been repaid, such sum being so calculated for the period from the date of issue of the bond up to the dividend day next after the end of such half-year, and

[GA]

(c) all sums paid during such half-year by tenant-purchasers in redemption of purchase annuities payable under this Act, and

[GA]

(d) every sum paid during such half-year in cash by a purchaser on the sale to him by the Land Commission of any land vested in them under this Act.

[GA]

The sums so set aside at the close of any half-year shall be subject to the following deductions, that is to say:—

[GA]

(e) the amount of the interest payable on the next dividend day in respect of all bonds so issued and not redeemed up to the end of such half-year, and

[GA]

(f) the amount, if any, required for the payment off of all bonds which under this Act were transferred during that half-year by order of the Judicial Commissioner in satisfaction of Death Duties or in redemption of land purchase annuities, and

[GA]

(g) the amount of any advance made from the Guarantee Fund during such half-year for payment of interest on land bonds issued on or after the last day of the previous half-year and before the dividend day accruing in the first-mentioned half-year for the period between such issue and such dividend day.

[GA]

The sum required for the redemption of bonds on any yearly or half-yearly drawing shall be the total amount of all sums set aside under this sub-section (less by the deductions aforesaid) since the next previous drawing together with such interest as shall be prescribed by regulations made under this Act.”

[GA]

Claims against purchase money to be paid in Land Bonds.

4.—The Principal Act shall be construed and have effect and be deemed always to have had effect as if the following section were inserted therein in lieu of the section 3 now contained therein, that is to say:—

[GA]

“3.—(1) Every claim against the purchase money shall be paid and discharged, so far as the land bonds representing the purchase money are sufficient for the purpose, by transferring to the claimant out of the land bonds representing the purchase money land bonds equal in nominal value to the amount of the claim, and in every such case the claimant shall be entitled to the interest accrued since the appointed day on the land bonds so transferred to him.

[GA]

(2) Payment of a claim against the purchase money in accordance with this section shall be deemed to be a satisfaction of the claim to the extent of the amount of the nominal value of the land bonds transferred to the claimant in payment thereof.

[GA]

(3) Notwithstanding the provisions of this section, the Judicial Commissioner may, in any particular case in which justice appears to him so to require, make such order inconsistent with the foregoing provisions of this section as appears to him to be proper in regard to any claim against the purchase money or the land bonds transferable in payment thereof or the interest on such land bonds.

[GA]

(4) In fixing the redemption price of superior interests the Judicial Commissioner shall have regard to the price received by the vendor for the lands out of which such superior interests issue.

[GA]

(5) In this section the expression “claim against the purchase money” includes the following things so far as the same are respectively payable out of the purchase money, that is to say:—

[GA]

(a) the redemption price of all superior and intervening interests, incumbrances, and other claims attaching to purchase money paid by means of 4½ per cent. land bonds or payable out of such interests, incumbrances, and claims, and

[GA]

(b) all arrears of and interest on such interests, incumbrances, and claims, and

[GA]

(c) the costs of making title to such interests, incumbrances, and claims, and

[GA]

(d) the vendor's costs of sale,

[GA]

and the person entitled to receive the amount of a claim against the purchase money is referred to as the claimant.”

[GA]

Section 27 of Principal Act deleted.

5.—The Principal Act shall be construed and have effect and be deemed always to have had effect as if section 27 now contained therein were omitted therefrom.

[GA]

Payments by the Land Commission in certain cases.

6.—(1) Interest at the rate of four and one-half per cent. per annum and sinking fund at the rate of one-quarter of one per cent. per annum shall be paid by the Land Commission to the Land Bond Fund on all sums advanced or paid by the issue of land bonds under the Principal Act and not certified by the Minister for Finance to have been repaid.

[GA]

(2) Sub-sections (5) and (6) of section 11 of the Principal Act shall apply to the payments to be made by the Land Commission under this section in like manner as they apply to the annual and other payments to be made by the Land Commission under that section.

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(3) Sub-sections (1), (2), and (3) of section 11 of the Principal Act are hereby repealed.

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Disposal of certain purchase annuities.

7.—(1) Where the Land Commission, after the passing of the Principal Act, resell at an enhanced price, lands which were purchased by them or by the Congested Districts Board under the Land Purchase Acts prior to the Principal Act, all sums collected in respect of the purchase annuity payable in respect of the price for which such lands were so re-sold shall be paid into the Purchase Annuities Fund notwithstanding that such purchase annuity or some portion thereof is attributable to expenditure for which no advance has been made out of the Irish Land Purchase Fund.

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(2) So much of any purchase annuity paid into the Purchase Annuities Fund in pursuance of the foregoing sub-section as is attributable to expenditure for which no advance has been made out of the Irish Land Purchase Fund shall be disposed of by the Minister for Finance in accordance with regulations to be made by him for that purpose under this sub-section, and such regulations may prescribe the method of ascertaining the proportion of the purchase annuity attributable to such expenditure.

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(3) Where the Land Commission (whether before or after the passing of this Act) resell at an enhanced price lands purchased by them under the Principal Act, so much of the purchase annuity payable in respect of such price as is attributable to expenditure for which no advance has been made by the issue of land bonds shall be paid into or disposed for the benefit of the Exchequer in such manner as the Minister for Finance shall appoint by regulations made under this sub-section, and such regulations may prescribe the method of ascertaining the proportion of the purchase annuity attributable to such expenditure.

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Repayment to Guarantee Fund of certain sums paid thereout.

8.—Where an advance has been made from the Guarantee Fund to the Land Purchase Account or the Irish Land Purchase Fund in respect of the interest on an advance made to a purchaser for the period between—

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(a) the day six months before the first gale day for the payment of the purchase annuity in respect of such advance, and

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(b) the next subsequent day on which dividends were payable on stock issued under the Purchase of Land (Ireland) Act, 1891, or the Irish Land Act, 1903,

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all sums received by the Land Commission from a purchaser in respect of such interest shall, notwithstanding anything to the contrary contained in sub-section (2) of section 12 of the Principal Act, be paid into the Guarantee Fund.

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Short title, construction, and citation.

9.—(1) This Act may be cited as the Land Bond Act, 1925.

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(2) This Act shall be construed as one with the Land Purchase Acts and may be cited with those Acts.