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Part III.
Land Purchase.
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Alteration of mode of calculating purchase annuity.
54 & 55 Vict. c. 66.
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25.—(1) In the case of every advance under the Land Purchase Acts made after the commencement of this Act the purchase annuity shall be calculated and payable—
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(a) during the first decade of the annuity, upon the total advance; and
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(b) during the second and third decades, upon the portion of the advance which is ascertained, as provided by this section, to be unpaid at the end of the previous decade; and
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(c) after the end of the third decade, upon the portion of the advance which is ascertained, as provided by this section, to be then unpaid,
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and shall continue to be paid until the whole advance is ascertained as provided by this section to have been repaid.
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(2) The Land Commission shall, in accordance with such rules as the Treasury may make—
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(a) at the end of each of the said decades ascertain how much of the advance has been repaid by means of the accumulation during the decade of that portion of the purchase annuity which represents repayment of capital, and the residue of the advance shall be the unpaid amount upon which the subsequent annuity is to be calculated and paid; and
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(b) ascertain when the whole advance has been repaid by means of the accumulation of that portion of the purchase annuity which represents repayment of capital.
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(3) If the proprietor of a holding charged with an annuity applies to the Land Commission within the prescribed time and in the prescribed manner, prior to the end of each of the said decades, that the annuity during the next decade shall not be reduced under this section, no alteration of the annuity shall then be made.
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(4) The amount of the annuity, when re-calculated as provided by this section, shall be certified by the Land Commission, and that certificate shall be conclusive for all purposes, and shall be sent by them for registration to the registration authority under the Local Registration of Title (Ireland) Act, 1891.
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(5) The foregoing provisions of this section shall apply in the case of an annuity for any advance made under the Land Purchase Acts before the commencement of this Act, subject as follows:—
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(a) Where more than ten years have elapsed since an annuity for the repayment of the advance began, the amount of the advance remaining unpaid shall be ascertained as at the end of the last completed decade since that beginning, and the reduction of the annuity in the current decade shall date from the gale day next after the commencement of this Act:
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(b) In a case where purchaser’s insurance money has been paid, the amount so paid, and not set off against arrears, shall be taken into account at the end of the first decade, as if it were a portion of the purchase annuity which represents repayment of capital; and the provisions with respect to setting off against arrears purchaser’s insurance money so paid shall not apply after the end of such decade.
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