LAND LAW (IRELAND) ACT 1896

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LAND LAW (IRELAND) ACT 1896 - SECT 25



25.(1) In the case of every advance under the Land Purchase Acts made after
the commencement of this Act the purchase annuity shall be calculated and
payable

(a)during the first decade of the annuity, upon the total advance; and

(b)during the second and third decades, upon the portion of the advance which
is ascertained, as provided by this section, to be unpaid at the end of the
previous decade; and

(c)after the end of the third decade, upon the portion of the advance which is
ascertained, as provided by this section, to be then unpaid,

(2) The Land Commission shall, in accordance with such rules as the Treasury
may make

(a)at the end of each of the said decades ascertain how much of the advance
has been repaid by means of the accumulation during the decade of that portion
of the purchase annuity which represents repayment of capital, and the residue
of the advance shall be the unpaid amount upon which the subsequent annuity is
to be calculated and paid; and

(b)ascertain when the whole advance has been repaid by means of the
accumulation of that portion of the purchase annuity which represents
repayment of capital.

(3) If the proprietor of a holding charged with an annuity applies to the Land
Commission within the prescribed time and in the prescribed manner, prior to
the end of each of the said decades, that the annuity during the next decade
shall not be reduced under this section, no alteration of the annuity shall
then be made.

(4) The amount of the annuity, when re-calculated as provided by this section,
shall be certified by the Land Commission, and that certificate shall be
conclusive for all purposes, and shall be sent by them for registration to the
registration authority under the
Local Registration of Title (Ireland) Act, 1891.

Subs.(5) spent

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Northern Irish Legislation

LAND LAW (IRELAND) ACT 1896 - SECT 25