Land Bond Act, 1992
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Effect of redemption of land bonds. |
2.—(1) Notwithstanding anything to the contrary contained in the Land Purchase Acts, where the Minister has redeemed all land bonds by virtue of section 1 of the Act of 1923 (as amended by section 3 of the Land Bond Act, 1925 , and section 10 of the Act of 1933), section 4 (6) of the Act of 1933 and section 7 (4) of the Land Bond Act, 1934 (as amended by section 26 of the Finance Act, 1957 ), then— | |
(a) in respect of any purchase money (being purchase money advanced by means of land bonds) payable by the Land Commission to a vendor, there shall be substituted with effect from the 3rd day of April, 1989 (being the date of redemption) a sum equal in nominal value to those land bonds, which sum shall be held on deposit in the Central Bank, | ||
(b) every claimant duly entitled to payment shall be paid a sum equal to— | ||
(i) the nominal value of the amount of the claim concerned, | ||
(ii) the interest accrued since the appointed day on the land bonds equal in nominal value to the amount of the claim up to the date of redemption, and | ||
(iii) deposit interest from the date of redemption on the sums payable under this paragraph (which deposit interest shall be calculated by the Central Bank in such manner as it considers fair and reasonable having regard to the rates of interest payable on deposits on demand by the Associated Banks) less the amount of any tax payable by virtue of subsection (2) of this section. | ||
(2) Interest payable under subsection (1) (b) (iii) of this section shall be deemed to be public revenue dividends for the purposes of Part III of the Income Tax Act, 1967, and Part III of Schedule 1 to that Act shall apply accordingly to such interest. |