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IRISH LAND ACT 1903 - SECT 36

Repayment by Land Commission to National Debt Commissioners.

36.(1) Interest at the rate of two and three-quarters per cent. per annum
shall be paid by the Land Commission to the National Debt Commissioners on all
sums advanced under this Act by the National Debt Commissioners to the Land
Commission and not certified by the Commissioners to have been repaid.

(2) Where advances are made by the Land Commission, the Land Commission shall,
until the advances are ascertained to have been repaid, pay to the National
Debt Commissioners in respect of those advances [50p] per cent. per annum,
which shall be treated as a sinking fund for accumulation and, for this
purpose, shall be credited to the capital account of the Irish Land Purchase
Fund, and applied to the purchase of the stock, or invested in further
advances under this Act, or temporarily invested in the purchase of securities
approved by the Treasury.

(3) Where the Land Commission purchase any land, no sums on account of sinking
fund shall be payable until the Land Commission have disposed of that land to
purchasers, or until the expiration of five years from the vesting of the land
in the Commission, whichever shall be the sooner, but during any period which
may intervene, between the expiration of the five years and the disposal of
the land, payments on account of sinking fund shall be made at the rate of
[50p] per cent. per annum.

Subs.(4) rep. by SRO 1921/1804 art.6(2) (Rev. vol. XVI p.968); SLR 1963

(5) Payments by the Land Commission under the preceding subsections shall be
made at such times in each year as may be prescribed by the Treasury.

(6) Where, by reason of any stock having been issued at a discount, the sums
payable in any financial year by the Land Commission under this section, in
respect of advances to them of money raised by means of stock, are
insufficient to pay the dividends on the total amount of the stock
outstanding, together with [50p] per cent. on the portion of the stock
representing the advances on which such [50p] per cent. is payable by the Land
Commission, the amount of the deficiency shall be made good out of the
Guarantee Fund.

(7) Where, by reason of the issue of any stock at a premium, the sums payable
in any financial year by the Land Commission under this section, in respect of
advances to them of money raised by means of stock, are more than sufficient
to pay the dividends on the total amount of the stock outstanding, together
with [50p] per cent. on the portion of the stock representing the advances on
which such [50p] per cent. is payable by the Land Commission, the surplus
shall be applied. ... to such.... purposes connected with the Irish Land
Purchase Fund as the Treasury may approve.


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© 1903 Crown Copyright

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