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Allocation of the sum available for purchase in proportion to the value of holdings.
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11.—(1) The Lord Lieutenant shall, within one year from the passing of this Act, ascertain as nearly as may be and declare as regards each county the proportion between the total number of agricultural and pastoral holdings for the purchase of which advances may be made under this Act, and the number of such holdings of a rateable value exceeding fifty pounds.
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(2) The Land Commission, in making advances under this Act, shall have regard to such proportion, so that as far as practicable the total amount advanced under this Act for the purchase of agricultural and pastoral holdings the rent of which exceeds fifty pounds each in any county, as compared with the total amount advanced under this Act in the county, shall not exceed the above proportion, except where in the opinion of the Land Commission an advance to a tenant of any of such holdings is necessary for carrying into effect sales of other holdings, the rent of which does not exceed fifty pounds each, on the estate of the same landlord.
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(3) (a) If the advances applied for (and which appear to the Land Commission likely to be sanctioned) for the purchase of holdings exceeding fifty pounds rental fall short in any year of the proportion of the annual share of the county in the guarantee fund ascertained in accordance with subsections (1) and (2) of this section with reference to the class of holdings exceeding fifty pounds valuation, the difference shall be carried to a common fund to be available for the purchase of any holding within the county for the purchase of which advances may be made under this Act.
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(b) If the advances applied for (and which appear to the Land Commission likely to be sanctioned) for the purchase of holdings not exceeding fifty pounds rental fall short in any year of the proportion of the annual share of the county in the guarantee fund ascertained in accordance with subsections (1) and (2) of this section with reference to the class of holdings not exceeding fifty pounds valuation, the difference shall be carried to a common fund to be available for the purchase of any holding within the county for the purchase of which advances may be made under this Act.
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(c) Returns shall be published by the Land Commission at the end of each financial year in at least two newspapers circulating in each county setting out the amount (if any) carried to the common fund under the provisions of this subsection in the preceding year, and the class of holdings in respect of which such amount has been so carried.
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(d) In sanctioning advances out of such common fund the Land Commission shall give the preference, so far as is practicable, to applications which would have been sanctioned earlier but for the proportions fixed as aforesaid having prevented such applications being sanctioned.
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(4) Nothing in this section contained shall invalidate any advance hereafter actually made.
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