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PART I.—FINANCE.
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Power to create 4½ per cent. Land Bonds.
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1.—(1) In order to provide for the payment of the sums which under this Act are to be paid in Bonds the Minister for Finance shall have power to create and issue, when and as required for the purpose, Bonds to be called 4½ per cent. Land Bonds, of such denominations (not in any case less than one pound) as the Minister may determine.
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(2) The Bonds shall bear interest at the rate of four and one-half per cent. per annum on the nominal amount thereof payable in equal half-yearly instalments at such times in each year as may be fixed by the Regulations under which they are issued.
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(3) The Bonds shall be redeemable at par together with the payment of all arrears of interest, and the Minister for Finance shall make arrangements for the redemption thereof by means of periodical drawings, and may make regulations for the drawing of such Bonds. Such regulations shall provide for the immediate redemption of Bonds transferred by order of the Judicial Commissioner in satisfaction of Death Duties, or in redemption of land purchase annuities charged on the lands acquired by the Land Commission under this Act:
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Provided that any Bonds may at any time after the expiration of thirty years from the issue thereof, if not previously redeemed, be redeemed at par at such time and either by drawings or otherwise as the Minister for Finance may direct.
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(4) The interest on the Land Bonds and the sums required for redemption of Land Bonds in accordance with the foregoing provisions shall be paid out of the Land Bond Fund established under this Act, and if the same shall be insufficient shall be charged upon and paid out of the Central Fund of Saorstát Eireann or the growing produce thereof as a first charge thereon after any charges created before the passing of this Act. Any sums so paid out of the Central Fund shall be treated as a temporary advance to the Land Bond Fund, and shall be made good out of the Guarantee Fund.
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(5) For the purpose of redemption of the Bonds there shall be set aside in the Land Bond Fund at the close of each half-year the amount of the interest and payments in respect of Sinking Fund payable by the Land Commission, in accordance with the provisions hereinafter contained, together with any sums paid by tenant purchasers in redemption of purchase annuities payable under this Act, and any sums paid in cash by a purchaser on the sale to him by the Land Commission of any land vested in them under this Act, subject to the following deductions:—
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(a) the amount of the interest on the Bonds so issued, and for the time being outstanding;
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(b) the amount, if any, required for the payment off of any bonds which under this Act have been transferred by order of the Judicial Commissioner, in satisfaction of death duties or in redemption of land purchase annuities.
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