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Reduction of interest on loans under 44 & 45 Vict. c. 49.
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27. [Preamble recites expediency of reducing the rate of interest and extending the term of the annuity payable to the Irish Land Commission in respect of advances made under 33 & 34 Vict. c. 46, 35 & 36 Vict. c. 32, and 44 & 45 Vict. c. 49, ss. 24, 26, and 35.]
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(1) [1]
As from the first gale day next after the passing of this Act any annuity charged on a holding for the repayment of an advance made in pursuance of section thirty-five of the Land Law (Ireland) Act, 1881, or the Acts in that section mentioned or made in pursuance of section twenty-four or section twenty-six of the Land Law (Ireland) Act, 1881, shall (save as herein-after mentioned) be reduced from five per centum to four per centum on the amount of the advance; and shall be payable for such term as the Irish Land Commission may by order declare to be necessary for the repayment, with interest at three and one-eighth per centum per annum, of so much of the advance as has not accrued due for payment on the said gale day; and the order shall as soon as may be after the passing of this Act, be made and notified, by post or otherwise, in manner directed by the said Commissioners to the person appearing to them to be the person paying the annuity:
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(2) Provided that the said Commission may, in any case in which they think the special circumstances justify so doing, grant such extension of the term as they think just, so that the term shall not in any case exceed forty-nine years from the date of the advance, and shall adjust the annuity and vary the order accordingly.
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(3) Where on the gale day next after the passing of this Act there are unpaid arrears of instalments of the annuity in excess of the instalment due on the said gale day, this section shall not apply to such annuity except upon such order of the Treasury as herein-after mentioned.
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(4) Where the Treasury are satisfied upon the report of the Irish Land Commission that in the case of the purchaser of a holding whose instalments are so in arrear the special circumstances are such that it is equitable to apply the provisions of this section to such purchaser, and to make such provision as herein-after mentioned for the arrears, the Treasury may, if they think fit, order that on payment, within the time limited by the order, of a portion of the arrears, not being less than the amount of the instalments of the annuity for six months if so much be due, the remainder of the arrears shall be repayable by such addition to the amount of the annuity for repaying the advance as will repay the said remainder with interest at the rate of three and one-eighth per centum per annum within the period at which the last-mentioned annuity will by virtue of this Act or otherwise terminate; and upon such order being made, and portion of arrears being paid, this section shall apply, and the Irish Land Commission shall make an order accordingly, and by such order charge the holding with the addition to the annuity for the repayment of arrears, and such charge shall have the same priority as the charge on the holding of the annuity in arrear.
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(5) An order of the Irish Land Commission under this section shall be deemed, according as the case requires, to form part of the order under the sections of the recited Acts, or of the security or deed charging the annuity.
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[1 This section extends to the reduction of the sums mentioned in it in respect of all sums accruing due and payable on the gale day next after the passing of this Act, see 51 & 52 Vict. c. 39, s. 4] |
