Land Act, 1931
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Payment of dividends on land bonds pending distribution. |
36.—(1) Where land is vested in the Land Commission under the Land Act, 1923 , or any Act amending or extending that Act, the Judicial Commissioner may, on the application of any person interested, order that the dividends (less income tax) then accrued and thereafter to accrue on the land bonds representing the purchase-money of such land shall until the distribution of such purchase-money be paid as they accrue to the vendor or to such other person as shall appear to the Judicial Commissioner to be entitled to receive the same. | |
(2) An order made by the Judicial Commissioner under the foregoing sub-section of this section shall be final save that it may be rescinded or varied by the Judicial Commissioner as justice may require. | ||
(3) Where an order under this section for the payment of dividends on land bonds has been made, the interest on all mortgages, charges, and other interest-bearing incumbrances affecting the purchase-money or any part of the purchase-money represented by such land bonds shall, so long as such order remains in force and so far as such interest is payable out of the dividends on such land bonds and notwithstanding anything in any instrument creating or relating to such incumbrance, be payable at the rate of four and one-half per cent. per annum by equal half-yearly payments on every first day of January and first day of July from whichever of the following days is the earlier, that is to say, the day on which such land bonds were transferred to the credit of the matter, or the appointed day. | ||
(4) Where an order under this section for the payment of dividends on land bonds has been made, the Judicial Commissioner may, on the application of any interested person, fix the redemption price of any superior interest or of an apportioned part of any superior interest which then appears to affect the purchase-money represented by such land bonds, and may for that purpose apportion any such superior interest, and thereupon interest at the rate of four and one-half per cent per annum on the redemption price so fixed shall be payable to the person in possession or receipt of the income of such superior interest by the person liable to discharge such superior interest and such payment of interest shall be taken in satisfaction of the accruing income of such superior interest in respect of which such redemption price was so fixed. |