Land Act, 1939
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Funding annuities on exchange of holdings. |
34.—Where, in consequence of the exchange under the Land Purchase Acts of a holding purchased under any Land Purchase Act prior to the Purchase of Land (Ireland) Act, 1891 , for a new holding, a funding annuity is, pursuant to the provisions of paragraph (c) of section 21 of the Land Act, 1933 , or of section 8 of the Land Act, 1936 , and whether before or after the passing of this Act, transferred from the holding on which it was originally charged to the new holding and consolidated with the annuity on that holding, the following provisions shall have effect, that is to say:— | |
(a) the whole of the consolidated annuity shall be paid into the same fund as that into which the annuity on the new holding is payable and, if payable into the land bond fund, shall be subject to the provisions of sub-section (3) of section 27 of the Land Act, 1933 ; | ||
(b) any deficiency, arising from the application of this section, in the fund into which such funding annuity was payable before the holding on which it was previously charged was exchanged for the new holding shall be made good to such fund at such times and in such manner as the Minister for Finance shall direct. |