Land Act, 1953
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Issue of additional land bonds in certain cases. |
6.—(1) Where, before the first series of land bonds is created after the passing of this Act, land bonds have been issued in any matter in respect of the price of untenanted land or the resumption price of a holding or part of a holding and— | |
(a) possession of such land, holding or part has been taken by the Land Commission after the 11th day of December, 1952, or such land or the tenant's interest in such holding or part vested or is deemed to have vested in the Land Commission after that date, or | ||
(b) such land vested in the Land Commission pursuant to section 30 of the Land Act, 1933 , or that section as extended by section 30 of the Land Act, 1936 , before the passing of this Act and the price thereof is agreed upon or fixed after such passing, | ||
the Land Commission shall in such matter make an additional advance and issue additional land bonds equal in nominal amount (to the nearest pound) to such percentage of the price or the resumption price as the Minister for Finance directs and bearing the same rate of interest as the land bonds already issued. | ||
(2) Where, before the first series of land bonds is created after the passing of this Act, land bonds have been issued in any matter in respect of the price of untenanted land (not being land in relation to which subsection (1) of this section applies) and such price is, pursuant to an application for the redetermination thereof, increased after the passing of this Act, the Land Commission shall in such matter make an additional advance and issue additional land bonds equal in nominal amount (to the nearest pound) to such percentage of the amount by which the price is increased as the Minister for Finance directs and bearing the same rate of interest as the land bonds already issued. | ||
(3) Where, pursuant to subsection (1) or subsection (2) of this section, additional land bonds are issued in any matter— | ||
(a) there shall be payable by the Land Commission to the person entitled to the receipt of the rents and profits of the untenanted land immediately before possession thereof was taken by the Land Commission or to the person entitled to the resumption price of the holding or the part of a holding a sum equal to interest (less income tax) on the additional land bonds from the date on which such land or the tenant's interest in such holding or part vested or is deemed to have vested in the Land Commission or the date on which possession of such land, holding or part was obtained by the Land Commission (whichever is the later) to the date of the issue of the additional land bonds and that sum shall be in lieu of such (if any) interest as may be appropriate under subsection (1) of section 2 of the Land Act, 1923 , and | ||
(b) on the allocation of the additional land bonds in such matter due regard shall be had to the respective interests of all persons entitled to claim (whether before or after the passing of this Act) in such matter and such land bonds shall be distributed as the justice of the case may require by the Judicial Commissioner. | ||
(4) Such sums as may from time to time be required to pay the interest and sinking fund on the additional land bonds issued in pursuance of this section shall, subject to the approval of the Minister for Finance, be paid to the Land Commission out of moneys to be provided by the Oireachtas. |