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Cesser of certain payments.
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11.—(1) Where—
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(a) land stands acquired by, purchased by, transferred to or vested in the Land Commission,
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(b) the land is subject to a payment to the Land Commission or the Commissioners of Public Works in Ireland, and
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(c) the Land Commission, with the consent (whether general or particular) of the Minister for Finance, direct that the payment shall cease as on and from a specified day,
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the payment shall cease as on and from the day so specified and the land shall stand discharged therefrom accordingly.
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(2) Where a direction is given under sub-section (1) of this section, the payment to which the direction relates shall, where appropriate, be apportioned up to the day specified in the direction and shall be considered as accruing from day to day for the purposes of this provision.
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(3) A deficiency in the local loans fund, purchase annuities fund or land bond fund arising out of the cesser under sub-section (1) of this section of any payment shall not be a charge on the guarantee fund.
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(4) A deficiency in any account or fund (other than the purchase annuities fund) arising out of the cesser under sub-section (1) of this section of any payment shall be made good to the account or fund out of moneys provided by the Oireachtas at such times and in such manner as the Minister for Finance directs.
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(5) Where—
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(a) land has been discharged under sub-section (1) of this section from any payment, and
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(b) any annuity or annual sum is subsequently set up in respect of the land,
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any payments made to the Land Commission in respect of such annuity or annual sum shall be applied in such manner as the Minister for Finance shall direct.
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