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Redemption of revised and funding annuities.
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22.—(1) A revised annuity which does not include a funding-annuity may be redeemed, in whole or in part, in the like manner in all respects as such annuity could have been redeemed if it had not been revised under this Act, save that the sum payable for such redemption shall be reduced by the same percentage as the percentage by which such annuity was reduced on such revision.
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(2) So much of a revised annuity which includes a funding annuity as represents the revised purchase annuity may be redeemed, in whole or in part, in the like manner in all respects as the said revised purchase annuity could have been redeemed if it had not been revised under this Act, save that the sum payable for such redemption shall be reduced by the same percentage as the percentage by which such purchase annuity was reduced on such revision.
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(3) A funding annuity which is not included in a revised annuity or so much of a revised annuity as represents a funding annuity may be redeemed, in whole or in part, at any time by payment to the Land Commission or the Commissioners of Public Works in Ireland (as the case may be) of such sum, calculated in accordance with rules to be made by the Minister for Finance, as represents the value at the time of such payment of the instalments of such funding annuity or such portion of such revised annuity then outstanding or of that part of such instalments proposed to be so redeemed.
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(4) Where a revised annuity includes a funding annuity, that portion of such revised annuity which represents a purchase annuity shall not be redeemed until that portion of such revised annuity which represents such funding annuity has been wholly redeemed.
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(5) All sums paid for the redemption, whether complete or partial, of a revised annuity which represents a purchase annuity arising under the Land Purchase Acts, 1891 to 1919, or of that part of a revised annuity which represents any such purchase annuity shall be paid into the Purchase Annuities Fund and shall, at such times as the Minister for Finance shall direct, be paid thereout into the Exchequer.
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(6) All sums paid for the redemption, whether complete or partial, of a funding annuity or of that part of a revised annuity which represents a funding annuity shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct.
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