S.I. No. 329/1938 - Land Bond Order, 1938.

STATUTORY RULES AND ORDERS. 1938. No. 329.

LAND BOND ORDER, 1938.

WHEREAS it is enacted by sub-section (1) of section 4 of the Land Bond Act, 1934 (No. 11 of 1934), that, for the purposes therein mentioned, the Minister for Finance may, from time to time as occasion requires but subject to the provisions of that 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 :

AND WHEREAS it is enacted by sub-section (4) of the said section 4 that where the rate of interest payable on a series of land bonds created by an order under the said section is the same as the rate of interest payable on a series of land bonds created by a previous order under the said section, such first-mentioned series of land bonds may, by the order creating the same, be consolidated with such previous series of land bonds :

AND WHEREAS by the Land Bond Orders, 1934 to 1937, the Minister for Finance, in exercise of the powers conferred on him by the said section 4, created four series of land bonds and consolidated the same to form one consolidated series of land bonds created under the Land Bond Act, 1934 , amounting to the sum of five million five hundred thousand pounds :

NOW, THEREFORE, the Minister for Finance, in exercise of the powers conferred on him by section 4 of the Land Bond Act, 1934 (No. 11 of 1934), and of every and any other power him in this behalf enabling, hereby orders as follows :—

1 Short title and citation.

1.—(1) This Order may be cited as the Land Bond Order, 1938.

(2) This Order and the Land Bond Orders, 1934 to 1937, may be cited together as the Land Bond Orders, 1934 to 1938.

2 Interpretation.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to this Order.

3 Creation of series of land bonds.

3. A series of land bonds is hereby created of the total amount of Two hundred and fifty thousand pounds to be known as four per cent. land bonds.

4 Denominations of the land bonds.

4. The denominations in which the series of land bonds created by this Order shall be issued shall be one pound, ten pounds, and one hundred pounds, and no other denominations.

5 Consolidation of land bonds.

5. The series of land bonds created by this Order is hereby consolidated with the consolidated series of land bonds created by the Land Bond Orders, 1934 to 1937, to the intent that the series of land bonds created by this Order and the said consolidated series of land bonds shall form one consolidated series of land bonds created under the Land Bond Act, 1934 , amounting to the sum of five million seven hundred and fifty thousand pounds and, accordingly, paragraphs 6, 7, 8, 9 and 10 of the Land Bond Order, 1934 (Statutory Rules and Orders, No. 181 of 1934), shall apply to the said consolidated series of land bonds amounting to the sum of five million seven hundred and fifty thousand pounds in like manner as they apply to the series of land bonds created by the said Land Bond Order, 1934.

6 Restriction of consolidated land bonds to amounts fixed in specified period.

6. The said consolidated series of land bonds amounting to the sum of five million seven hundred and fifty thousand pounds shall be for the purpose of making advances and paying purchase moneys the amounts of which are agreed or fixed in the period between the date of the passing of the Land Bond Act, 1934 , and the 31st day of December, 1939, inclusive of both dates, except advances which are required by the Land Bond Act, 1933 (No. 33 of 1933), to be made by means of an issue of new land bonds under that Act.

GIVEN under the Official Seal of the Minister for Finance, this 29th day of December, 1938.

(Signed) J. J. McELLIGOTT,

Secretary,

Department of Finance.