Land Act, 1950
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Redemption of reclamation annuities. |
9.—Where any land, being land on which a reclamation annuity under the Land Reclamation Act, 1949 (No. 25 of 1949), is charged, is acquired, resumed or purchased (otherwise than by means of a purchase under section 27 of this Act) by the Land Commission, the following provisions shall have effect notwithstanding any other provision of this or any other enactment:— | |
(a) the reclamation annuity shall, whether it does or does not stand consolidated with a purchase annuity in accordance with sub-section (4) of section 3 of the said Act, be redeemed out of the purchase money of the land or the resumption price (as may be appropriate); | ||
(b) if such purchase money or resumption price is payable in land bonds, the redemption shall be effected by the sale of sufficient of the land bonds representing such purchase money or resumption price to pay the redemption price of the reclamation annuity. |