Land Act, 1936
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Cash payments by purchasers. |
15.—(1) Where the standard price of a holding together with the compounded arrears of rent (if any) exceeds the amount which the Land Commission has agreed after the passing of this Act to advance to the purchaser for the purchase of such holding, the following provisions shall apply and have effect, that is to say:— | |
(a) the amount of the excess of such standard price and compounded arrears of rent (if any) over the amount so agreed to be advanced shall be paid by the tenant; | ||
(b) the tenant shall be entitled to credit, as against the amount so payable by him, for so much of the payments made by him on foot of the annual sum payable in respect of the holding after the appointed day as represents payments in respect of sinking fund attributable to the said excess; | ||
(c) the tenant shall, before the holding is vested in him, pay in cash a sum equal to the difference between the said excess and the payments for which he is entitled to credit as aforesaid; | ||
(d) the sum so paid in cash by the tenant shall be paid into the land bond fund and that sum, together with the payments for which he is entitled to credit as aforesaid, shall be a satisfaction of an equal amount (and no more) of the said standard price and compounded arrears of rent (if any); | ||
(e) the transactions mentioned in the foregoing paragraphs of this sub-section shall not be regarded for any purpose as a redemption or partial redemption of a purchase annuity, and accordingly nothing contained in section 22 of the Land Act, 1933 , shall apply or have effect in relation thereto. | ||
(2) Where the Land Commission directs that the whole or a part of the purchase money of a parcel of land shall be paid in cash by the allottee or tenant before the parcel is vested in him, the following provisions shall apply and have effect, that is to say:— | ||
(a) the amount so directed to be paid in cash by the allottee or tenant shall, when so paid by such allottee or tenant, be paid into the land bond fund or the purchase annuities fund (as the case may be) and shall be a satisfaction of an equal amount (and no more) of the purchase money of the estate in which such parcel is comprised; | ||
(b) if the Land Commission is of opinion that, having regard to all the circumstances of the case, it is equitable that such allottee or tenant should get the like benefits in relation to the amount so payable by him as a purchaser of a parcel by means of an advance under the Land Purchase Acts is entitled to get under section 19 of the Land Act, 1933 , in relation to the revision of the purchase annuity on such parcel the Land Commission may reduce the amount so payable by such allottee or tenant accordingly; | ||
(c) where the said amount so payable by such allottee or tenant is reduced under the next preceding paragraph of this sub-section, the payment of such reduced amount in cash by such allottee or tenant shall be a satisfaction of such amount only of the purchase money of the estate in which such parcel is comprised as is equal to the sum so payable in cash by such allottee or tenant or (where such allottee or tenant gets the benefits mentioned in the next preceding paragraph of this sub-section) which would have been so payable in cash by him if he had not got those benefits; | ||
(d) the transactions mentioned in the foregoing paragraphs of this sub-section shall not be regarded for any purpose as a redemption or a partial redemption of a purchase annuity, and accordingly nothing contained in section 22 of the Land Act, 1933 . shall apply or have effect in relation thereto. |