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IRISH LAND ACT 1909 - SECT 7

Provision as to making good deficiency in respect of stock issued.

7.(1) The charge on the Guarantee Fund for any deficiency in respect of the
issue of stock or bills or bonds at a discount shall extend only to the amount
of the Ireland Development Grant which forms part of the cash portion of that
fund; and the deficiency, so far as is not made good out of that amount, shall
be made good out of moneys provided by Parliament.

(2) Any deficiency in respect of interest or sinking fund, arising by reason
of money being raised by means of three per cent. stock for the purpose of
advances in respect of which interest is payable by the Land Commission to the
National Debt Commissioners at the rate of two-and-three-quarters per cent.
only, shall be made good in the same manner as a deficiency arising in respect
of the issue of stock at a discount is to be made good under subsection (6) of
section thirty-six of the Act of 1903, as amended by this section.

© 1909 Crown Copyright

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