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IRISH LAND ACT 1903 - SECT 24

24.Subs.(1) rep. by SLR 1950

(2) Where land is vested in the Land Commission by a vesting order made by
them, or where money is paid into the Bank of Ireland as aforesaid, the
Commission shall, subject to the provisions of this Act, pay interest on so
much of the purchase money as is for the time being undistributed, at the rate
of three and a half per cent. per annum, from the date of the order or the
payment into the Bank, as the case may be, until the whole of the purchase
money is distributed, and the said interest shall be paid to the person in
receipt of the rents of the land at the date of the agreement for sale, or
such other person as may appear to the Land Commission to be entitled thereto.

Subs.(3) rep. by SLR 1950

(4) For the purpose of giving effect to this enactment, the Land Commission
may, if they think fit, in the case of a terminable charge, satisfy the same
by the investment, in any securities in which trustees are by law authorised
to invest trust money, of a capital sum the annual income of which will be
sufficient to satisfy the annual amount of the charge.

(5) The owner of any superior or intervening interest, or any incumbrancer,
may at any time apply to the Land Commission for an order that payment in
respect of the annual income of his claim be made to him, out of the interest
on the purchase money or the dividends upon the investments representing the
purchase money, as the case may be, and in such case the Commission, if they
are satisfied that the justice of the case so requires, may make the order
accordingly. In this subsection the expression "the annual income" shall
include the annual amount payable in respect of the premiums on any policy of
insurance, where those premiums are charged upon land.

(6) The Land Commission shall, as soon as practicable, distribute the purchase
money to the persons entitled thereto whose claims upon that money have been
ascertained, and, for the purpose of such distribution, may ascertain in the
prescribed manner the amount or value of any such claim, and discharge, redeem
or satisfy the same out of the said money, and any charge or incumbrance may
be paid off notwithstanding any direction, proviso or covenant to the contrary
contained in any instrument.

(7) After the vesting order or the payment into the Bank of Ireland, as the
case may be, has been made, no proceedings shall be taken, without leave of
the Land Commission, in respect of any claim against the purchase money or the
income thereof.

Subs.(8) rep. by SLR 1950

(9) The Land Commission may cause their officers to make such investigations
and perform such other duties as may be requisite and practicable, for the
purpose of ascertaining title to and distributing the purchase money, and such
ascertainment and distribution shall, to such extent as may be sanctioned by
the Treasury, be made without charge to the persons entitled to the purchase
money, and, for the purposes aforesaid, all searches directed by the Land
Commission in the Local Registration of Title Office and Registry of Deeds and
Registry of Judgments shall be made without charge.

(10) The Land Commission shall have and may, without application being made to
them, exercise, for the purpose of facilitating the completion of sales under
this Act, including the distribution of purchase money, all the powers in that
behalf conferred on them by the Land Purchase Acts in the case of sales from
landlords to tenants.

(11) For the purposes of this section, the Land Commission shall, in addition
to any other powers which they possess, have all the powers vested in the High
Court by virtue of sections seventy-eight and seventy-nine of the
Lands Clauses Consolidation Act, 1845, and those sections shall apply to the
Land Commission with such modifications as may be prescribed, as if purchase
money distributable under this section were money paid or deposited under
those sections.

(12) Proceedings by the Land Commission under this section shall not be
removed into any court or be restrained by any court, and, save as provided by
this section and section forty-one of the Act of 1896, no appeal shall lie
from any decision of the Land Commission.

(13) An appeal shall lie to the Court of Appeal from any decision under this
section given by a Judicial Commissioner, or to which he is a party, and the
decision of the Court of Appeal on any question other than one of law shall be
final.

Ss.25, 26 rep. by SLR 1950

Substitution of cash payments for guaranteed land stock.

© 1903 Crown Copyright

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