Land Act, 1923
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Redemption of superior interests on purchased holdings. |
39.—Where a holding has at any time been vested in a purchaser under the Land Purchase Acts subject to a superior interest or charge the Judicial Commissioner shall on the application of the proprietor after hearing all persons concerned order the redemption of the said interest or charge and all interests superior to them and fix the redemption price thereof. The redemption price so fixed together with such costs as may be allowed by the Judicial Commissioner shall notwithstanding the provisions contained in sub-section (4) of section 9 of the Purchase of Land (Ireland) Act, 1891 , be advanced and paid by means of 4½ per cent. Land Bonds and distributed by the Judicial Commissioner as if the redemption price were the purchase money of land vested in the Land Commission under this Act. The advance shall be repayable by the proprietor of the holding by means of an annuity calculated at the rate of 4¾ per cent. on the amount of the advance and the said annuity shall be recoverable in like manner as a purchase annuity. |