Land Act, 1936
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Obligation to pay portion of certain advances in full. |
16.—(1) Whenever the advance to a purchaser of a holding or a parcel of land which is sanctioned under the Land Purchase Acts exceeds the sum of three thousand pounds or, in the case of a holding to which sub-section (2) of section 9 of the Land Act, 1927 , applies, the sum of five thousand pounds, then and in every such case the annual sum, additional sum, interest on purchase money, and purchase annuity in respect of so much of such advance as exceeds three thousand or five thousand pounds (as the case may be) shall, notwithstanding anything contained in Part III of the Land Act, 1933 , be payable in full by the purchaser. | |
(2) Whenever— | ||
(a) an advance to a purchaser of a holding or a parcel of land is sanctioned under the Land Purchase Acts, and | ||
(b) such purchaser or the wife or the husband of such purchaser is the proprietor or such purchaser and his or her wife or husband are severally or jointly (whether as joint tenants or as tenants-in-common) the proprietors of lands for the purchase of which advances have been made under any of the Land Purchase Acts, and | ||
(c) the said advance so sanctioned to such purchaser together with the capitalised value (calculated at the rate of four pounds and fifteen shillings per cent.) of the original purchase annuities set up to repay the advances mentioned in the next preceding paragraph of this sub-section exceeds the sum of three thousand pounds or, in the case of a holding to which sub-section (2) of section 9 of the Land Act, 1927 , applies, the sum of five thousand pounds, | ||
then and in every such case the annual sum, additional sum, interest on purchase money, and purchase annuity in respect of so much of the said advance as together with the said capitalised value exceeds three thousand pounds or five thousand pounds (as the case may be) shall, notwithstanding anything contained in Part III of the Land Act, 1933 , be payable in full by such purchaser. |