|
|
Awards of compensation in respect of land subject to land purchase annuity.
|
66.—(1) Where compensation is assessed by the Board in respect of land which is for the time being subject to a land purchase annuity, the Land Commission may, if they so think fit, request the Board—
|
|
| |
(a) if the amount of such compensation is equal to or less than the redemption price of such annuity and the arrears (if any) of such annuity, to order by its award payment to the Land Commission of the whole or such part of the compensation as the Land Commission request, or
|
|
| |
(b) if the amount of such compensation exceeds the redemption price of such annuity and the arrears (if any) of such annuity, to order by its award payment to the Land Commission of such sum, not exceeding the amount of the said redemption price and arrears (if any), as the Land Commission request,
|
|
| |
and the Board shall comply with such request.
|
|
| |
(2) Where any award in relation to land for the time being subject to a land purchase annuity provides for the payment of any moneys to the Land Commission, such moneys shall upon receipt thereof be applied by the Land Commission in accordance with the following provisions, that is to say:—
|
|
| |
(a) in case there are any arrears of such annuity and the amount of such moneys does not exceed such arrears, in or towards discharge of such arrears—
|
|
| |
(b) in case there are any arrears of such annuity and the amount of such moneys exceeds such arrears—
|
|
| |
(i) so much of such moneys as is equal to such arrears shall be applied in discharge of such arrears, and
|
|
| |
(ii) the balance of such moneys shall be applied in or towards redemption of such annuity,
|
|
| |
(c) in case there are no arrears of such annuity, in or towards redemption of such annuity.
|
