Land Bond Act, 1925

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Disposal of certain purchase annuities.

7.—(1) Where the Land Commission, after the passing of the Principal Act, resell at an enhanced price, lands which were purchased by them or by the Congested Districts Board under the Land Purchase Acts prior to the Principal Act, all sums collected in respect of the purchase annuity payable in respect of the price for which such lands were so re-sold shall be paid into the Purchase Annuities Fund notwithstanding that such purchase annuity or some portion thereof is attributable to expenditure for which no advance has been made out of the Irish Land Purchase Fund.

(2) So much of any purchase annuity paid into the Purchase Annuities Fund in pursuance of the foregoing sub-section as is attributable to expenditure for which no advance has been made out of the Irish Land Purchase Fund shall be disposed of by the Minister for Finance in accordance with regulations to be made by him for that purpose under this sub-section, and such regulations may prescribe the method of ascertaining the proportion of the purchase annuity attributable to such expenditure.

(3) Where the Land Commission (whether before or after the passing of this Act) resell at an enhanced price lands purchased by them under the Principal Act, so much of the purchase annuity payable in respect of such price as is attributable to expenditure for which no advance has been made by the issue of land bonds shall be paid into or disposed for the benefit of the Exchequer in such manner as the Minister for Finance shall appoint by regulations made under this sub-section, and such regulations may prescribe the method of ascertaining the proportion of the purchase annuity attributable to such expenditure.