Land Act, 1950
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Advances for purchase of lands in certain cases. |
10.—(1) Where any land which is subject to a purchase annuity or an annual sum equivalent to a purchase annuity is acquired or purchased by or vested in the Land Commission, the Land Commission may, notwithstanding anything contained in sub-section (4) of section 9 of the Purchase of Land (Ireland) Act, 1891 , make an advance to a purchaser of such land or any part thereof. | |
(2) An advance made in pursuance of this section shall be repaid by means of a purchase annuity calculated at the prescribed rate, and such purchase annuity shall be consolidated (in accordance with the prescribed provisions) so far as circumstances admit with the existing purchase annuity (if any) or the appropriate apportioned part thereof. | ||
(3) A purchase annuity in repayment of an advance made under this section or so much of a consolidated purchase annuity as is attributable to an advance made under this section shall be disposed of in such manner as the Minister for Finance shall direct. | ||
(4) The Land Commission shall have for the recovery of any payment due by any purchaser referred to in sub-section (1) of this section the same remedies as they have for the recovery of unpaid instalments of purchase annuities. |