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Advances to be made in 4½ per cent. Land Bonds.
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2.—(1) Notwithstanding anything in any other enactment the purchase money to be paid by the Land Commission to vendors in pursuance of subsequent purchase agreements as hereinafter defined shall be paid by means of an issue of 4½ per cent. Land Bonds equal in nominal amount to the Purchase Money and carrying interest as from the date on which the land purchased is vested in the Land Commission.
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(2) Land Bonds issued in pursuance of this section shall, as between the vendor and the Land Commission, be accepted by the vendor as the equivalent of the corresponding amount of purchase money, and any person having power to sell under the Land Purchase Acts, although he is not an absolute owner, may enter into a subsequent purchase agreement, notwithstanding that the purchase money is to be paid in Bonds, in pursuance of this section, instead of cash.
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