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Limitation of advance.
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9.[1]
—(1) Advances under the Land Purchase Acts as amended by this Act, in addition to the amount of ten million pounds authorised by the Land Purchase Acts, 1885 and 1888, may be made by the issue of guaranteed land stock to the amount from time to time required by the Land Commission, but such advances for the purchase of holdings in any county shall not, except in so far as is hereafter provided, exceed [2
thirty] times the share of the county in the Guarantee Fund; and the Treasury, when of opinion that the advances made for the purchase of holdings in any county approximate to this limit, shall certify their opinion to the Lord Lieutenant, who shall forthwith ascertain, on the basis of the preceding financial year, the share of each county in the Guarantee Fund.
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(2) The Treasury, in communication with the Lord Lieutenant, may authorise, by order, additional advances in the county, not exceeding the capital value for the time being of that part of the Sinking Fund which has been accumulated out of the Sinking Fund payments paid out of purchase-annuities, or out of payments for the redemption of purchase annuities, in the county, and such capital value shall include the capital of any guaranteed land stock redeemed by the said payments.
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(3) So long as any money authorised to be issued under the Land Purchase Acts, 1885 and 1888, remains available for advances under those Acts, an advance may be made, out of the money so available, in any case where the landlord and tenant so agree, and every such advance and the repayment thereof shall in all respects be subject to the provisions of the Land Purchase Acts as if this Act had not passed.
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(4) An advance shall not be made under the Land Purchase Acts, as amended by this Act, for the purchase of any holding for the purchase of which advances have been made under the Land Purchase Acts, whether before or after the passing of this Act, and whether under this Act or otherwise, until the entire annuity for the repayment of such advances has been paid or redeemed.
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(5) Where it appears to the Treasury that the payment of annuities in any county has fallen into arrear, and that there is probability that the share of the county in the cash portion of the Guarantee Fund will be annually exhausted in meeting the deficiency of the Land Purchase Account, they shall certify the same to the Lord Lieutenant, and the Lord Lieutenant shall thereupon direct the Land Commission to cease making advances in such county, until the Treasury shall notify to the Lord Lieutenant that, in their opinion, the advances may again be safely resumed.
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[1 Amended by 1 Edw. 7. c. 3. s. 1 (1).]
[2 “Thirty” substituted for “twenty-five” by 3 Edw. 7. c. 37, s. 40 (3).] |
