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IRISH LAND ACT 1903 - SECT 28

Raising of new 2 per cent. stock.

28.(1) For the purpose of raising the money required for the Irish Land
Purchase Fund, the Treasury may, by warrant addressed to the Bank of England
or Bank of Ireland, direct the creation of a new capital stock (to be called
"Guaranteed two and three-quarters per cent. stock," and in this Act referred
to as "the stock") consisting of perpetual annuities, yielding dividends at
the rate of two and three-quarters per cent. per annum on the nominal amount
of the capital.

(2) The annuities shall be payable by equal half-yearly or quarterly
dividends, at such times in each year as may be fixed by the warrant first
creating the stock.

(3) The stock shall not be redeemable until after the expiration of thirty
years from the commencement of this Act, but on and after that date shall be
redeemable, after three months notice published in the London Gazette and in
the [Belfast Gazette], at the rate of one hundred pounds sterling for every
one hundred pounds of stock, together with the payment of all arrears of
interest.

(4) Any sums raised by means of the stock, after providing for the expenses of
issue, shall be carried to the credit of the capital account of the Irish Land
Purchase Fund.

(5) The stock may be issued at such times, in such amounts and subject to such
conditions as to payment of deposits and instalments and the issue of scrip
certificates carrying dividends and otherwise, as the Treasury direct.

© 1903 Crown Copyright

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