S.I. No. 50/1978 - Land Bond Order, 1978.

S.I. No. 50 of 1978.

LAND BOND ORDER, 1978.

I, SEOIRSE Ó COLLA, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Land Bond Act, 1934 (No. 11 of 1934), section 4 of the Land Act, 1936 (No. 41 of 1936), and sections 4 and 8 of the Land Act, 1953 (No. 18 of 1953), hereby order as follows:

1 Short title and citation.

1. (1) This Order may be cited as the Land Bond Order, 1978.

(2) The Land Bond Orders, 1934 to 1977 and this Order may be cited together as the Land Bond Orders, 1934 to 1978.

2 Interpretation.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to this Order.

3 Creation of series of land bonds.

3. A series of land bonds is hereby created of the total amount of two and one half million pounds to be known as fourteen and three-quarters per cent land bonds.

4 Denominations of the land bonds.

4. The series of land bonds created by this Order shall be issued in denominations of one pound and in no other denominations.

5 Consolidation.

5. The series of land bonds created by this Order is hereby consolidated with the series of land bonds created by the Land Bond (No. 2) Order, 1977 ( S.I. No. 43 of 1977 ) and the Land Bond (No. 3) Order, 1977 ( S.I. No. 336 of 1977 ), to the intent that the three series shall form one consolidated series of land bonds created under the Land Bond Act, 1934 (No. 11 of 1934), amounting to the sum of six million pounds and Articles 6, 7, 8, 9, 10 and 11 of the said Land Bond (No. 2) Order, 1977, shall apply to the consolidated series accordingly.

6 Restriction in relation to certain amounts.

6. The said consolidated series of land bonds shall be for the purpose of making advances and paying purchase moneys the amounts of which are agreed or fixed or deemed to be fixed in the period commencing on the 1st day of January, 1977, and ending on the 31st day of December, 1977, except in relation to advances and purchase moneys required to be made or paid by means of an issue of land bonds bearing the same rate of interest as land bonds previously issued.

GIVEN under my Official Seal this 27th day of February, 1978.

SEOIRSE Ó COLLA

Minister for Finance.

EXPLANATORY NOTE.

The main purpose of this Order is to create a series of bonds bearing interest at 14¾% payable for lands acquired by the Land Commission, where the purchase prices are agreed or fixed or deemed to be fixed between 1 January, 1977 and 31 December, 1977.

The new series of bonds is consolidated with those already operative for the period 1 January, 1977 to 31 December, 1977.