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Application of guaranteed land stock, in sale proceedings, for redemption of certain charges, payable to Land Commission.
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17. In the course of any sale proceedings, if it shall appear to the Land Commission that any tithe rentcharge or head rent payable to them is redeemable out of the purchase-money, and may be redeemed without injury to, and without waiting to ascertain, the priority of any other charge, the Land Commission may, on the application of the landlord, order the redemption of the said tithe rentcharge or head rent, by transferring to the Land Commission, on account of the Irish Church Temporalities Fund, guaranteed land stock to the nominal amount payable in respect of such redemption, or pending redemption may transfer to the separate account of the said rentcharge or head rent, the said amount of guaranteed land stock, and, until such redemption, the interest on the said stock shall be paid to the Land Commission on account of the Irish Church Temporalities Fund; and the National Debt Commissioners, on request, shall, out of moneys in their hands under this Act applicable to the sinking fund, purchase the guaranteed land stock so held on account of the Irish Church Temporalities Fund at a price equal to its nominal amount.
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