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Redemption of new land bonds.
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5.—(1) For the purpose of the redemption of new land bonds in pursuance of this Act, there shall be set aside in the Land Bond Fund at the close of every half-year ending on the 1st day of May or the 1st day of November, until all new land bonds issued under this Act have been redeemed, the following sums, that is to say:—
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(a) a sum equivalent to two and three-eights per cent. on all sums advanced or paid by the issue of new land bonds up to the close of the previous half-year and not certified by the Minister for Finance to have been repaid, together with, where the new land bonds were issued on the last day of the previous half-year, a sum calculated at the rate of four and three-quarters per cent. per annum for the period from the close of the half-year up to the next following dividend day; and
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(b) a sum calculated at the rate of four and three-quarters per cent. per annum on all sums advanced or paid by the issue of new land bonds since the beginning of such half-year and not certified by the Minister for Finance to have been repaid, such sum being so calculated for the period from the date of issue of the bonds up to the dividend day next after the end of such half-year; and
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(c) all sums paid during such half-year by tenant-purchasers in redemption of purchase annuities payable under the Principal Act in respect of advances made by means of an issue of new land bonds under this Act; and
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(d) every sum paid during such half-year in cash by a purchaser on the sale to him by the Land Commission of any land vested in them under the Principal Act the purchase money whereof was paid by means of an issue of new land bonds under this Act.
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The sums so set aside at the close of any half-year shall be subject to the following deductions, that is to say:—
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(e) the amount of the interest payable on the next dividend day in respect of all new land bonds issued and not redeemed up to the end of such half-year; and
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(f) the amount, if any, required for the payment off of all new land bonds which were transferred during that half-year by order of the Judicial Commissioner in redemption of land purchase annuities; and
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(g) the amount of any advance made from the Guarantee Fund during such half year for payment of interest on new land bonds issued on or after the last day of the previous half-year and before the dividend day occurring in the first-mentioned half-year for the period between such issue and such dividend day.
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(2) The sum required for the redemption of new land bonds issued under this Act on any drawing shall be the total amount of all sums set aside under this section (less by the deductions mentioned in the foregoing sub-section) since the next previous drawing together with such interest as shall be prescribed by regulations made under this Act.
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