Land Act, 1927
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Provisions for repayment of advances. |
46.—Where the Land Commission are satisfied that lands vested in them under Part III. of the Land Act, 1923 , cannot be resold at the price ascertained under section 52 of the said Act and so certify to the Minister for Finance, they shall forthwith exercise the powers given them under sub-section (2) of section 55 of that Act as amended by this Act, and make the declaration prescribed therein, and thereupon the following provisions shall apply to the lands comprised in the declaration:— | |
(a) so much of the arrears, if any, of the annual sum payable by the society or body of trustees under section 54 of the Land Act, 1923 , due up to the date of the declaration, as the Land Commission shall certify to the Minister for Finance should not be a charge upon the lands shall subject to the approval of the Minister for Finance be paid to the Land Commission out of the moneys to be provided by the Oireachtas; | ||
(b) from the date of the declaration interest at the rate of 4½ per cent. per annum and sinking fund at the rate of one quarter of one per cent. per annum upon so much of the purchase money as the Land Commission shall certify each half-year should not be a charge on the lands shall subject to the approval of the Minister for Finance be paid to the Land Commission out of moneys to be provided by the Oireachtas. |