Land Act, 1933
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Amount and revision of future purchase annuities. |
19.—(1) Every advance made under the Land Purchase Acts on or after the date of the passing of this Act to a purchaser in pursuance of an agreement to purchase entered into or deemed to have been entered into by him (whether before or after the passing of this Act) shall be repayable by means of a purchase annuity of such amount as would have been payable if this Act had not been passed and such purchase annuity shall be deemed to be the first or original annuity referred to in section 5 of the Finance Act, 1923 (No. 21 of 1923). | |
(2) Subject to the provisions of the next following sub-section of this section, the amount payable by the purchaser in respect of each instalment of any such purchase annuity as is mentioned in the next preceding sub-section of this section (other than a purchase annuity in repayment of an advance made to an owner of land for the repurchase of such land otherwise than under section 11 of the Land Act, 1927 ) shall— | ||
(a) in the case of a purchase annuity payable in respect of an advance to an allottee of a parcel of land which was purchased under the Irish Land (Provision for Sailors and Soldiers) Act, 1919 , or was on the 28th day of June, 1933, vested in the Land Commission under the Land Act, 1923 , or any Act amending or extending that Act, be forty-five per cent. and no more of the full amount of such instalment, and | ||
(b) in every other case, be fifty per cent. and no more of the full amount of such instalment. | ||
(3) The next preceding sub-section of this section shall apply to a purchase annuity notwithstanding that the holding in respect of which such annuity is payable was sold at an enhanced price owing to expenditure by the Land Commission on improvements, but the said sub-section shall not apply to an annuity payable wholly in repayment of an advance sanctioned after the 28th day of June, 1933, to a purchaser specifically for the improvement of his holding nor to so much of a purchase annuity (payable partly in repayment of such an advance) as is attributable to such advance. | ||
(4) In this section the expression “purchase annuities” includes annual sums and additional sums payable under either section 9 or section 27 of the Land Act, 1931 . |