Land Act, 1936
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Amendment of provisions relating to land bonds over-issued. |
11.—(1) In this section the expression “excess land bonds” means land bonds which have been issued in respect of an advance made for the purchase of a holding and are not required for that purpose either because the proceedings in respect of such holding have been dismissed or because the purchase annuity of such holding has been reduced. | |
(2) Where excess land bonds have been issued and have not been allocated, the following provisions shall have effect by way of amendment of sections 13 , 15 , 18 , 19 , and 20 of the Land Act, 1931 , and shall, in so far as they are inconsistent with the provisions of any of those sections, be deemed to be substituted for the provisions of those sections, that is to say:— | ||
(a) the Land Commission shall transfer such excess land bonds (with the appropriate interest accrued thereon from the issue thereof to the last day for the payment of dividends thereon) to an adjustment account in the books of the Land Commission; | ||
(b) whenever it is necessary, in the circumstances mentioned in sub-section (1) of section 18 of the Land Act, 1931 , to issue additional land bonds, the Land Commission may, in lieu of issuing such additional land bonds, provide such land bonds by transferring the requisite number of land bonds (with such accrued interest as may be requisite) of the appropriate series from the said adjustment account to the credit of the estate in which such additional land bonds are required; | ||
(c) the advances and State contribution for which land bonds transferred under this section to the said adjustment account were issued shall be redeemed or written off by the Land Commission; | ||
(d) sub-section (2) of the said section 18 shall apply and have effect in relation to land bonds transferred under this section from the said adjustment account to the credit of an estate as if such land bonds were additional land bonds issued on the date of such transfer; | ||
(e) all land bonds which are transferred under this section to the said adjustment account and are not transferred under this section to the credit of an estate shall be cancelled or otherwise disposed of in such manner as the Minister for Finance shall from time to time direct; | ||
(f) whenever land bonds are transferred under this section to the said adjustment account, the vendor or other person who shall have received the interest on such land bonds shall pay to the Land Commission a sum equal to so much of the interest accrued on such land bonds up to the date of such transfer as is not available for transfer under this section with such land bonds to the said adjustment account, and if and so far as such sum is not so paid to the Land Commission it may be recovered by the Land Commission on allocation as a claim against the purchase money. | ||
(3) The following paragraph shall be and is hereby inserted in section 20 of the Land Act, 1931 , in lieu of paragraph (c) of that section and also in sub-section (4) of section 21 of the said Act in lieu of paragraph (b) of that sub-section, that is to say:— | ||
“a sum equal to the interest at the rate of four and three-quarters per cent. per annum on so much of the land bonds so redeemed as were issued for advances to purchasers for the period from the date of the issue of such land bonds to the day for the payment of dividends on such land bonds next before the redemption of such land bonds.” | ||
(4) This section shall have and be deemed always to have had effect as on and from the passing of the Land Act, 1931 . |