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Guarantee deposits.
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21.—(1) Where the purchase money of an estate is distributed before the vesting orders in respect of all the holdings comprised in such estate have been made, the Judicial Commissioner may, on the application of the Land Commission made on such distribution retain in land bonds out of such purchase-money such sum (in this Act referred to as the guarantee deposit) as the Judicial Commissioner shall think proper but not exceeding in any case one-tenth of such purchase-money.
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(2) Every guarantee deposit shall be applicable for the purposes hereinafter mentioned and, subject to such application, shall be retained until an order is made under this section for the release thereof and upon such order being made such guarantee deposit or so much thereof as has not been so applied shall be paid out to the person found to be entitled thereto.
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(3) The dividends on land bonds for the time being retained as a guarantee deposit shall be paid out as they accrue to the person found to be entitled thereto.
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(4) The following moneys, if or so far as they are not otherwise paid, shall be payable to the Land Commission in money out of the appropriate guarantee deposit so far as that deposit will extend, that is to say:—
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(a) moneys payable under this Act to the Land Commission in repayment of moneys paid into the land bond fund by the Land Commission to redeem land bonds; and
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(b) moneys payable under this Act to the Land Commission in repayment of moneys paid by the Land Commission to a tenant by way of refund of excess payments by such tenant; and
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(c) moneys payable under this Act to the Land Commission in repayment of moneys paid by the Land Commission for interest and sinking fund on so much of the land bonds redeemed as were issued for the contribution of the State to the standard price of a holding; and
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(d) so much of moneys expended by the Land Commission on or to be retained by the Land Commission for the repair or maintenance of embankments or other works as the Judicial Commissioner shall under this Act order to be repayable to the Land Commission by a person to whom the purchase-money or any part thereof has been paid.
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(5) The Judicial Commissioner, on being satisfied that all moneys for the payment of which a guarantee deposit may be resorted to under this section, have been duly paid out of such guarantee deposit or otherwise, may make an order releasing (as the case may require) such guarantee deposit or so much thereof as has not been applied in or towards making such payments.
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