Land Act, 1931

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Provisions consequential on reduction of purchase annuity.

19.—(1) Where the Land Commission, after the appointed day, make an order (not being an order consequential on a declaration that a subtenant is to be deemed to be the tenant of land in his separate occupation) reducing the standard purchase annuity for a holding, they shall pay the following sums, that is to say:—

(a) into the land bond fund such sum as will be sufficient to redeem the land bonds issued in excess of the advance made for the purchase of such holding and the land bonds issued for so much of the contribution by the State to the standard price of such holding as is proportionate to such excess advance; and

(b) to the tenant of such holding or such other person as may be entitled to receive the same, all such sums as may have been overpaid by such tenant in respect of such excess advance for the period between the appointed day and the date of such order.

(2) All moneys paid by the Land Commission under this section shall be recoverable by the Land Commission in the manner provided by this Act.