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Agreed compensation in respect of land subject to land purchase annuity.
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60.—Where the amount of compensation in respect of land is fixed by agreement, and the land in respect of which such compensation is payable is subject to a land purchase annuity, the following provisions shall have effect, that is to say:—
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(a) the Land Commission shall be a party to such agreement;
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(b) such compensation or so much thereof as is payable under such agreement to the Land Commission shall, when received by them, be applied by them in accordance with the following provisions, that is to say:—
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(i) in case there are any arrears of such annuity and the amount so payable to the Land Commission (in this paragraph referred to as the said amount) does not exceed such arrears, in or towards discharge of such arrears,
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(ii) in case there are any arrears of such annuity and the said amount exceeds such arrears—
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(I) so much of the said amount as is equal to such arrears shall be applied in discharge of such arrears, and
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(II) the balance of the said amount shall be applied in or towards redemption of such annuity,
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(iii) in case there are no arrears of such annuity, in or towards redemption of such annuity;
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(c) if the Land Commission is not a party to such agreement, the payment of the amount of the compensation fixed thereby shall not operate as a good discharge to the person paying the same of his liability to pay such compensation.
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