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Land Act, 1939

Grouping of 4½% land bonds for the purpose of drawings.

9.—(1) Regulations made by the Minister for Finance under sub-section (3) of section 1 of the Land Act, 1923 , as amended by section 3 of the Land Bond Act, 1925 (No. 25 of 1925), section 3 of the Land Act, 1931 , and section 6 of the Land Act, 1936 , for the redemption of 4½ per cent. land bonds may provide that, for the purposes of any drawing for the redemption of such land bonds, land bonds of the denomination of ten pounds may be grouped in units of one hundred pounds, and land bonds of the denomination of one pound may be grouped in similar units of one hundred pounds.

(2) Where such regulations as are mentioned in the foregoing sub-section of this section provide for such grouping of land bonds as is mentioned in that sub-section, such regulations—

(a) shall provide that such grouping shall be effected on the basis that the land bonds shall be selected for grouping in sequences of ten or one hundred (as the case may be) consecutive numbers, and

(b) shall provide that, in the case of land bonds of the denomination of ten pounds, the highest number in any such sequence shall be either the appropriate multiple of ten or, where that multiple is not available owing to the land bond bearing it having been drawn for redemption prior to the date of such grouping, the nearest number below such multiple which is available, and

(c) shall similarly provide that, in the case of land bonds of the denomination of one pound, the highest number in any such sequence shall be either the appropriate multiple of one hundred or, where for the reason aforesaid that multiple is not available, the nearest number below such multiple which is available, and

(d) may authorise the making of groups of less than ten or one hundred (as the case may be) land bonds where the full number of ten or one hundred land bonds falling to be made into a group is not available owing to land bonds having been drawn for redemption before the date of such grouping.