Land Act, 1923

Resale to tenants of retained holdings.

33.—Where in the case of a holding retained by the Land Commission, the Land Commission do not exercise their powers of resumption or if they exercise their powers of resumption in respect of only part of the holding, then if the tenant has used and cultivated the holding as an ordinary farmer in accordance with proper methods of husbandry, the Land Commission shall resell to the tenant (if he so require) the holding at the standard price, or any part thereof not resumed at the proportionate part of such price applicable thereto as determined by the Land Commission, and shall make an advance for the purpose of the purchase not exceeding such sum as with the amount obtained by capitalising at the rate of four and three-quarters per cent. the original annuities payable on the advances, if any, unless redeemed, which may already have been made under any of the Land Purchase Acts for the purchase of lands of which the tenant is the proprietor at the date of such resale, does not exceed £3,000, unless in the opinion of the Land Commission it is expedient that this amount should be exceeded, the difference (if any) between the amount to be advanced and the price being paid in cash by the tenant to the Land Commission.