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Redemption of purchase annuities.
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46.—(1) Every purchase annuity under this Act or any part thereof at any time outstanding may be redeemed, in whole or in part, by the person liable to pay that annuity, by payment to the Land Commission of the difference between the accumulated sinking fund and the sum sufficient (after payment of interest to date) to purchase the requisite amount of stock, such amount to be determined in accordance with rules made by the Treasury.
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(2) Where a purchase annuity or any part thereof is redeemed, the National Debt Commissioners shall, in manner prescribed by the Treasury, cancel the aforesaid amount of the stock.
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