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Rentcharges for improvement of land.
27 & 28 Vict. c. 114.
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1.—(1.) Where, under the Improvement of Land Act, 1864 (in this Act referred to as the principal Act), or under any special improvement Act, a charge is after the commencement of this Act authorised in respect of an improvement of land, the period for the repayment of the charge shall be such period not exceeding forty years as the Board of Agriculture, having regard in each case to the character and probable duration of the improvement, determine.
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(2.) The land charged under any such Act may comprise not only the land improved, but also any other land which is shown to the satisfaction, of the Board of Agriculture by statutory declaration to be held for the same estates or interests, and to be either subject to the same incumbrances (if any), or free from incumbrances, and which in the opinion of the Board of Agriculture may properly be included in the charge.
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(3.) A resolution passed by three-fourths of the shareholders of an improvement company present at an extraordinary meeting specially summoned for the purpose may authorise the company to execute or advance money for the execution of all or any of the improvements mentioned in section nine of the principal Act or any enactment amending that section; and thereupon the company may execute or advance money for the execution of any improvement so authorised, in like manner, to the same extent, and subject to the same procedure, and with the same consequences and effects, as if the improvement were an improvement authorised by the special improvement Act relating to the company.
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Provided that the provisions of the Limited Owners Residences Act, 1870; and the Limited Owners Residences Act (1870) Amendment Act, 1871, shall apply to a charge for securing an advance made in pursuance of this section for the purpose of an improvement mentioned in those Acts, and the Order creating any such charge shall be in such form as the Board of Agriculture prescribe.
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(4.) Where, either before or after the passing of this Act, a rentcharge has been created by an absolute order under the principal Act or under any special improvement Act in respect of the planting of woods or trees, the Board of Agriculture may, upon the application of the landowner, at any time not sooner than seven and not later than ten years from the date of the order, if they think fit and if they are satisfied that the character and probable duration of the improvement is such as to justify the extension, and with the consent of the persons entitled to the charge, extend the term of repayment within the limits authorised by this Act, and modify the order accordingly.
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