Land Bond Act, 1934
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Interest on and redemption of land bonds. |
7.—(1) Land bonds created and issued under this Act shall bear interest at such rate as shall be specified in the order by which they are created and such interest shall be payable by equal half-yearly instalments at such times in each year as may be fixed by the Minister for Finance either in the said order or by regulations made by him under this Act. | |
(2) Land bonds created and issued under this Act shall be redeemable at par together with payment of all arrears of interest, and the Minister for Finance shall, either by the order creating the land bonds or by regulations made by him under this Act, make arrangements for such redemption by means of periodical drawings. | ||
(3) The Minister for Finance shall, either by the order creating the land bonds or by regulations made by him under this Act, provide for the immediate redemption of land bonds created and issued under this Act which are transferred by order of the Judicial Commissioner in redemption of land purchase annuities charged on lands acquired by the Land Commission under the Principal Act. | ||
(4) At any time after the expiration of thirty years from the passing of this Act, all or any land bonds created and issued under this Act and not previously redeemed may be redeemed at par at such time or times and either by drawings or otherwise as the Minister for Finance may direct. | ||
(5) The interest on land bonds created and issued under this Act and the sums required for the redemption of such land bonds under this section shall be paid out of the Land Bond Fund and, if that Fund shall be insufficient for that purpose, shall be charged upon and paid out of the Central Fund and the growing produce thereof as a first charge thereon after the charges created before the passing of this Act. | ||
(6) All money paid out of the Central Fund to the Land Bond Fund under the next preceding sub-section of this section shall be treated as a temporary advance to the Land Bond Fund and shall, subject to the provisions of section 27 of the Land Act, 1933 (No. 38 of 1933), be made good out of the Guarantee Fund. |