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Subsequent purchase agreements by tenants.
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28.—(1) The tenant of every holding of tenanted land vested in the Land Commission by virtue of this Act, and to which this section applies, shall be deemed on the appointed day to have entered into a subsequent purchase agreement for the purchase the holding from the Land Commission at the standard price.
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(2) There shall be payable by the tenant to the Land Commission an annual sum, equivalent to the standard purchase annuity for the holding, and the additional annuity (if any) in respect of compounded arrears of rent added to the purchase money, from the appointed day until the gale day next after the holding is vested in the tenant. The Land Commission shall have for the recovery of such annual sum the same remedies as they have for the recovery of unpaid instalments of purchase annuity.
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(3) There shall be payable by the tenant to the Land Commission on the gale day on which the first instalment of the said annual sum shall become payable by him an additional sum, equivalent to a proportion of the said annual sum in respect of the period between the said gale day and the day on which the next dividends are payable on Land Bonds issued under this Act. The Land Commission shall have for the recovery of such additional sum the same remedies as they have for the recovery of unpaid instalments of purchase annuity.
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(4) Every holding to which this section applies shall be vested in the tenant by the Land Commission by vesting order or otherwise.
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(5) All payments made by the tenant after the appointed day on foot of the annual sum payable by him to the Land Commission under this section shall, from and after the vesting of the holding in him, be treated for all purposes as if they had been payments in respect of purchase annuity.
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(6) This section shall not apply to—
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(a) any holding in respect of which the standard price exceeds three thousand pounds; or
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(b) any holding in the beneficial occupation of a tenant who is on the appointed day the proprietor of lands for the purchase of which advances have been made under any of the Land Purchase Acts, unless redeemed, if the total amount resulting from the addition to the standard price of the amount obtained by capitalising at the rate of four and three-quarters per cent. the original annuities payable on such advances, exceeds £3,000; or
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(c) any holding as respects which the Land Commission declare that it is not in the public interest that the holding shall be resold to the tenant as aforesaid, whether on the ground that the improvement of the holding is essential and practicable, or otherwise; or
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(d) any holding which in the opinion of the Land Commission ought to be retained for improvement or enlargement, or for utilisation in connection with the relief of congestion;
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all which holdings are in this Act referred to as retained holdings.
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