Land Act, 1950
|
Cesser of redemption of purchase annuities in certain cases. |
8.—(1) In any case in which the price of land purchased or acquired by the Land Commission is agreed upon or fixed after the passing of this Act, the following provisions shall have effect if section 14 of the Land Act, 1923 , and sub-section (1) of section 6 of the Land Act, 1936 , would, apart from this sub-section, apply in relation to such case: | |
(a) that section and sub-section shall not so apply, | ||
(b) where a funding annuity is charged on the land— | ||
(i) the funding annuity shall be redeemed out of the purchase money of the land by the sale of sufficient of the land bonds representing such purchase money to pay the redemption price of the funding annuity, and | ||
(ii) the redemption price of the funding annuity shall be ascertained in accordance with section 22 of the Land Act, 1933 , | ||
(c) where any sum whatsoever is or becomes due to the Land Commission in relation to the land, in respect of any period ending on or before the day on which the Land Commission obtain possession of the land, that sum (including costs and expenses, if any, properly incurred in seeking the recovery thereof) shall be regarded and dealt with as a claim attaching to the purchase money of the land. For the purposes of this paragraph, where any purchase annuity, annual sum or other payment is payable under the Land Purchase Acts in respect of the land and the date on which the Land Commission obtain possession of the land is not a gale day, such purchase annuity, annual sum or other payment shall be apportioned up to that date and shall be deemed to have accrued from day to day. | ||
(2) So much of section 56 of the Land Act, 1927 , as follows after the words “the original advance has been redeemed” shall not apply in any case in which the agreement mentioned in that section is entered into after the passing of this Act. |