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Power to limit owner to sell holding and leave one-fourth of price of holding on mortgage.
33 & 34 Vict. c. 46.
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25. A landlord of a holding, being a limited owner as defined by the twenty-sixth section of the Landlord and Tenant (Ireland) Act, 1870, may by agreement, subject to the provisions of the Lands Clauses Consolidation Acts (except so much of the same as relates to the purchase of lands otherwise than by agreement), sell and convey such holding to the tenant, and may exercise to the same extent as if he were an absolute owner the power of permitting any sum not exceeding one-fourth in amount of the price which the tenant may pay as purchase money, to remain as a charge upon such holding secured by a mortgage, and in case of any advance being made by the land commission under the provisions of this Act to the tenant for the purchase of such holding any such mortgage shall be subject to any charge in favour of the land commission for securing such advance; and any such mortgage and the principal money secured thereby shall be deemed to be part of the purchase money or compensation payable in respect of the purchase of such holding, and shall be dealt with accordingly in manner provided by the Lands Clauses Consolidation Acts; and in the construction of the said Acts for the purposes of this section the expression “the special Act” shall be construed to mean this Act, and the expression “the promoters of the undertaking” shall be construed to mean the tenant.
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