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Rents and profits recoverable by Land Commission.
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18.—(1) The rents and profits of any land agreed to be purchased by the Land Commission, together with any interest under section thirty-five of the Act of 1896, which interest shall be at a rate of not less than three and a half per cent. per annum, and, subject to the provisions of this section, any arrears of rent, due at the date of the purchase agreement and not remitted by the Commission, shall from the date of the agreement be payable to and recoverable by the Commission in like manner as if they were instalments of purchase annuities charged upon holdings.
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(2) Interest on the purchase money, at the rate of three and a half per cent. per annum, shall be paid by the Land Commission to the person in receipt of the rents of the land at the date of the agreement, or such other person as may appear to the Land Commission to be entitled thereto, from the date of the agreement until the land is vested in the Commission:
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Provided that, if the land does not become vested in the Land Commission, the foregoing provisions of this section shall cease to have effect as from the date on which the Commission certify that the sale cannot be completed, and an account shall be rendered by the Commission as between the moneys received by them and any interest paid by them under those provisions, and the balance (if any) certified by the Commission shall be paid by or to them accordingly, and the certificate shall be conclusive of the matters stated therein.
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(3) Section thirty-five of the Act of 1896 shall, subject to the provisions of this section, apply, with the necessary modifications, to the case of an agreement with the Land Commission for the purchase of a holding.
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