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Miscellaneous and supplemental.
33 & 34 Vict. c. 71.
43 & 44 Vict. c. 36.
50 & 51 Vict. c. 40.
51 & 52 Vict. c. 60.
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15.—(1) The guaranteed land stock shall, from time to time as required for the purposes of this Act, be created by the Treasury, and issued by the Land Commission in the prescribed manner, and the National Debt Act, 1870, shall, but without creating any further charge on the Consolidated Fund, apply to the stock as if it were described in the First Schedule to that Act, and the Treasury may declare that the stock shall be subject to Part Five of that Act, and the stock shall be deemed to be Government stock within the meaning of the Savings Banks Act, 1880, and the Savings Banks Act, 1887.
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(2) All persons, including the National Debt Commissioners, shall have the like power of investing in the said stock as they have in consolidated annuities, and the National Debt Commissioners shall also, within the limits fixed by the Treasury in communication with them, give on application consolidated annuities in exchange for an equal nominal amount of guaranteed land stock.
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(3) The trustees of any incumbrance, charge, annuity, or rent may at their discretion (notwithstanding any general prohibition of investment in securities not mentioned in the instrument creating the trust) accept in payment of such incumbrance or charge, or the capital value of such annuity or rent, guaranteed land stock as equal in value to the nominal amount thereof.
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(4) Where any holdings on an estate are sold by the Land Judge to the tenants thereof or to the Land Commission, the Land Judge may accept, in payment of the purchase money, guaranteed land stock as equal in value to the nominal amount thereof.
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(5) Rules of the Treasury shall provide for the consolidation of the said stock and for the commencement of the dividends on stock issued for an advance, and for the payment of interest at the like rate as the dividends for the period between the advance and the commencement of the dividends, and such interest shall be paid out of the Land Purchase Account, and if need be the Consolidated Fund and Guarantee Fund, as if it were part of the dividends.
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(6) The payments to the Sinking Fund, including the purchaser’s insurance money, shall be paid to the National Debt Commissioners, who shall apply and invest the same and the income thereof for the purposes of this Act in the prescribed manner.
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(7) Subject to the prescribed regulations the cash portion of the Guarantee Fund, and the Reserve Fund, may be used for temporary advances to the Land Purchase Account, or for other current purposes connected with the administration of this Act, and the Reserve Fund shall, so far as not so used, be invested, and the income shall form part of the Fund.
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(8) The payment directed by section one of the Probate Duties (. . . Ireland) Act, 1888, shall be made as if the Guarantee Fund under this Act were substituted for the Local Taxation (Ireland) Account.
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(9) All sums directed or authorised by this Act to be paid out of the Consolidated Fund shall be charged on and issued out of that Fund or the growing produce thereof at such times as may be prescribed, and, if none are prescribed, as the Treasury direct.
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(10) The Treasury may cause such adjustments to be made between the Sinking Fund, inclusive of the purchaser’s insurance money, the Land Purchase Account, the Guarantee Fund, the Guarantee Deposit, and the Reserve Fund, and such payments to be made from one Account or Fund or one portion of an Account or Fund to another, and sums to be placed to such credit, and such securities to be sold or bought as may be necessary for the purpose of carrying into effect this Act or the rules.
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(11) The issue of guaranteed land stock to the prescribed names or accounts shall be equivalent to the advance and payment of the purchase money, and to the retention by the Land Commission of any sum as a guarantee deposit, and all the provisions in the Land Purchase Acts relating to purchase- money and guarantee deposit respectively shall apply to guaranteed land stock so issued; and the interest payable on any guarantee deposit, where an advance is made under this Act, shall, until the guarantee deposit is otherwise invested in pursuance of the Land Purchase Acts as amended by this Act, be at the rate of two pounds fifteen shillings per cent. per annum instead of three per cent.
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