Land Bond Act, 1934
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Creation of land bonds by order. |
4.—(1) In order to provide for the making of advances and the payment of purchase moneys which are required by this Act to be made or paid by means of an issue under this Act of land bonds, the Minister for Finance may, from time to time as occasion requires but subject to the provisions of this Act, by order create a series of land bonds of such total amount and such denominations (not less in any case than one pound) and bearing interest at such rate (not less than three nor more than four per cent. per annum) and subject to such conditions in relation to registration or inscription as the said Minister shall think proper and shall specify in such order. | |
(2) Every order made under this section shall restrict the issue of land bonds of the series created by such order to the purpose of making advances and paying purchase moneys the amounts of which are agreed or fixed during a specified period. | ||
(3) When fixing under this section the rate of interest to be borne by any series of land bonds, the Minister for Finance shall have regard to the prices at which the latest issue of National Loan and previous issues of land bonds under this Act or the Land Bond Act, 1933 (No. 33 of 1933), are quoted on the Dublin Stock Exchange, to the intent that the rate of interest so fixed may (within the limits imposed by this section) be such as to secure that the market price of land bonds of the said series shall, for a reasonable time after the creation of the said series, be at or near par. | ||
(4) Where the rate of interest payable on a series of land bonds created by an order under this section is the same as the rate of interest payable on a series of land bonds created by a previous order under this section, such first-mentioned series of land bonds may, by the order creating the same, be consolidated with such previous series of land bonds. | ||
(5) Every order made under this section shall fix the sums to be set aside in the Land Bond Fund at the close of every half-year ending on the 1st day of May and the 1st day of November for the redemption of the series of land bonds created by such order, and shall also fix the rate of interest and sinking fund to be paid by the Land Commission to the Land Bond Fund on all sums advanced and paid by the issue of land bonds of the said series and not certified by the Minister for Finance to have been repaid. | ||
(6) Every order made under this section shall fix or make provision for the fixing by the Minister for Finance of the rate of the purchase annuities and other annual sums payable for the repayment of purchase money paid or advances made by means of an issue of land bonds of the series created by such order. | ||
(7) Every order made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made. |