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Amount, duration, and recovery of funding annuities.
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21.—The following provisions shall apply in respect of every funding annuity set up under this Act, that is to say:—
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(a) such funding annuity shall be payable for fifty years commencing, in the case of a funding annuity in respect of arrears of an annual payment payable into the Church Temporalities Fund, on the first gale day after the passing of this Act and, in the case of every other funding annuity, on the first gale day in the year 1933, or the date on which the holding is vested in the Land Commission, whichever is the later;
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(b) such funding annuity shall be of such amount, calculated in accordance with regulations made by the Minister for Finance, as will in fifty years repay, with interest at the rate of four and one-half per cent. per annum, the sum for the payment of which such annuity is set up;
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(c) such funding annuity shall be a charge on the holding on which is charged the purchase annuity or out of which issues the rent, interest, or other annual payment for the payment of arrears of which such funding annuity is set up or, where such holding has been exchanged with the consent of the Land Commission for a new holding, on such new holding, and such charge shall rank next in priority after the purchase annuity, rent, interest, or other annual payment (as the case may be) charged on or issuing out of such holding;
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(d) where the holding on which such funding annuity is charged is or becomes subject to a purchase annuity, such funding annuity shall be consolidated, in accordance with regulations to be made by the Minister for Finance, with such purchase annuity;
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(e) such funding annuity shall be deemed to be an annuity for the repayment of moneys advanced under the Land Purchase Acts for the purchase of a holding and the Land Commission and the Commissioners of Public Works in Ireland shall respectively have, for the recovery of unpaid instalments of such funding annuity, the like remedies (including remedies given by this Act) as they respectively have for the recovery of unpaid instalments of a purchase annuity.
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