Mines and Minerals Act, 1931
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Provisions in relation to fixing of compensation under Parts III and IV by agreement. |
40.—Where the amount of compensation under Part III of this Act or the amount of compensation under Part IV of this Act is fixed by agreement and the land in respect of which such compensation is payable is subject to a land purchase annuity, the following provisions shall have effect— | |
(a) the Irish Land Commission shall be a party to such agreement; | ||
(b) in the event of the Irish Land Commission not being a party to such agreement, the payment of the amount of compensation fixed thereby shall not be a good discharge to the person paying the same, of his liability to pay such compensation; | ||
(c) any such compensation or part thereof which is payable to the Irish Land Commission under such agreement shall when received by them be applied by the Irish Land Commission in reduction of any arrears due on foot of such annuity, or if there are no such arrears or if such arrears are less than the amount of such compensation then in or towards the redemption of the purchase annuity. |