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Purchase schemes generally.
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11.—(1) For the purposes of this Act the expression “purchase scheme” when used in relation to a cottage or cottages situate in a county health district means a scheme setting out terms of purchase (by means of the payment of a terminable annuity) under this Act for such cottage or cottages.
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(2) Every purchase scheme—
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(a) shall be in the prescribed form, and
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(b) shall, in relation to each cottage to which it applies, specify—
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(i) the amount of the terminable annuity to be paid in respect of such cottage as the consideration for the purchase thereof,
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(ii) the number of years during which such annuity is to be paid,
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(iii) whether such annuity is to be paid in weekly, monthly, quarterly or half-yearly instalments of equal amount or is to be paid in one sum annually,
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(iv) such other particulars (if any) as may be prescribed.
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(3) In this Act the following expressions when used in relation to a cottage to which a purchase scheme for the time being in force applies shall have the following meanings, that is to say:—
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(a) the expression “the annuity” means the terminable annuity specified in such scheme in relation to such cottage;
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(b) the expression “the appointed number of years” means the number of years, specified in such scheme, during which the annuity is to be payable;
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(c) the expression “instalment of the annuity” means in the case of an annuity payable in one sum annually, such annuity or, in any other case such fraction of the annuity as is appropriate according as the annuity is, by the terms of such scheme, to be paid in weekly, monthly, quarterly or half-yearly instalments.
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