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Redemption of purchase annuity payable to the Irish Land Commission out of land purchased by the Board.
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18.—(1) In this section—
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the expression “the Land Commission” means the Irish Land Commission;
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the expression “purchase annuity” includes a reclamation annuity and an annual sum equivalent to a purchase annuity.
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(2) Whenever the Board buys in exercise of its powers or acquires under section 17 any land which is subject alone to a purchase annuity payable to the Land Commission, the Board shall, if so required by the Land Commission, forthwith redeem the purchase annuity under and in accordance with the Land Purchase Acts.
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(3) Whenever the Board buys in exercise of its powers or acquires under section 17 any land (in this subsection referred to as the purchased land) which is subject in conjunction with other land to a purchase annuity payable to the Land Commission—
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(a) the Land Commission may apportion the purchase annuity between the purchased land and the other land,
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(b) the Board shall, if so required by the Land Commission, forthwith redeem, under and in accordance with the Land Purchase Acts, the part of the purchase annuity so apportioned on the purchased land.
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