|
|
Payments by the Land Commission.
|
11.—(1) Interest at the rate of four and one-half per cent. per annum shall be paid by the Land Commission to the Land Bond Fund on the nominal amount of all Bonds issued under this Act by the Minister for Finance to the Land Commission and not certified by the Minister for Finance to have been repaid.
|
|
| |
(2) The Land Commission, where land is vested in them under this Act, shall, until the purchase annuities charged on the land cease to be payable, pay to the Land Bond Fund in respect of Sinking Fund five shillings per cent. per annum—
|
|
| |
(a) in the case of tenanted land on the standard price thereof together with the addition (if any) in respect of compounded arrears of rent added to the purchase money from the appointed day;
|
|
| |
(b) in the case of untenanted land on the amount of the advances made in respect of such land from the date on which such advances become repayable, and, in so far as such land has not been disposed of within a period of five years from the appointed day, on the amount of the price of such land from the expiration of said period until the lands have been resold;
|
|
| |
(c) on the nominal amount of all Bonds issued for contribution to price and for the Costs Fund from the date of the issue of such Bonds until the same shall be certified by the Minister for Finance to have been repaid.
|
|
| |
(3) The Land Commission shall pay to the Land Bond Fund in respect of Sinking Fund five shillings per cent. per annum—
|
|
| |
(a) on the nominal amount of all Bonds issued for the price of Sporting Rights and Fisheries purchased by them under this Act from the date of the issue of such Bonds until the same shall be certified by the Minister for Finance to have been repaid;
|
|
| |
(b) on the amount of advances made by them to proprietors of parcels of untenanted land in non-congested districts counties and of parcels purchased under the Land Purchase Acts for the redemption of Fee-farm or other rents, superior interests and charges from the date on which Land Bonds shall be issued in respect of such advances until the advances have been repaid.
|
|
| |
(4) The Land Commission shall pay to the Land Bond Fund all sums received by them for the redemption of purchase annuities payable under this Act, and all sums paid in cash by purchasers on the sale by the Land Commission of any land vested in them under this Act.
|
|
| |
(5) If at any time the said annual payments shall be in arrear for forty days, the amount in arrear shall be charged on, and forthwith made good out of, the Guarantee Fund.
|
|
| |
(6) Payments by the Land Commission under the preceding sub-sections shall be made at such times in each year as may be prescribed by the Minister for Finance.
|
|
| |
(7) A sum sufficient to pay the interest and sinking fund on the Bonds issued under this Act for contribution to price and for the Costs Fund shall be paid in each year to the Land Commission out of moneys provided by the Oireachtas.
|
