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Deductions in respect of State debts from price payable under sale orders or sale (superior interest) orders.
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5.—(1) Where, before the net moneys due to the vendor in respect of the price payable under a sale order or a sale (superior interest) order have been paid to him, a State authority has sent to the Company a certificate certifying that a specified sum (in this sub-section referred to as the State debt) is due and owing by the vendor to that State authority, the following provisions shall have effect, that is to say:—
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(a) if the State debt equals or exceeds the said net moneys, the Company shall pay the whole of the said net moneys to that State authority,
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(b) if the State debt is less than the said net moneys, the Company shall deduct from the said net moneys a sum equal to the amount of the State debt and pay the sum so deducted to that State authority,
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(c) any payment made by the Company to that State authority under this sub-section shall be deemed to be—
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(i) a payment under the order by the Company to the vendor, and
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(ii) a payment by the vendor to that State authority.
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For the purposes of this sub-section the net moneys due to the vendor in respect of the price payable under a sale order or a sale (superior interest) order shall be taken to be a sum equal to the said price less—
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(I) the amount required to satisfy incumbrances (if any), and
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(II) the amount required to discharge any outgoings dischargeable by the vendor, and
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(III) in case the said price was determined by arbitration under this Act and the arbitrator has directed the vendor to pay a sum towards the costs and expenses of the Company in the arbitration proceedings or has directed the vendor to pay the said costs and expenses of the Company as taxed by a Taxing Master of the High Court, the amount payable to the Company under the direction.
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(3) Each of the following shall be deemed to be a State authority for the purposes of this section, that is to say:—
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(a) a Minister of State,
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(b) the Revenue Commissioners,
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(c) the Irish Land Commission,
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(d) the Commissioners of Public Works in Ireland.
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