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Redemption of fee farm or other rents.
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38.—Where a parcel of untenanted land situate in a non-congested districts county is held under a fee farm grant, lease renewable for ever for lives or years or lease for a term of years of which 60 or more are unexpired at the date of the passing of this Act and the proprietor of the parcel applies in the prescribed manner to the Land Commission for an advance for the purpose of redeeming the rent created or reserved by the fee farm grant or lease or such proportionate part thereof as may be payable in respect of the parcel, the Judicial Commissioner shall, after hearing all persons concerned, apportion the rent if such apportionment shall be necessary and any superior rent and order the redemption of the rent or the apportioned part thereof as the case may be and all interests superior thereto and fix the redemption price thereof. The redemption price so fixed together with such costs as may be allowed by the Judicial Commissioner shall be advanced and paid by means of 4½ per cent. Land Bonds and distributed by the Judicial Commissioner as if the redemption price of the rent were purchase money of land vested in the Land Commission under this Act and the amount advanced shall be repayable by the proprietor of the parcel by means of an annuity (charged on the parcel and recoverable in like manner as a purchase annuity) calculated at the rate of 4¾ per cent. on the amount of the advance and where the parcel is held under a lease the proprietor shall acquire and have an estate in fee simple therein instead of the term created by the lease.
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