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S.I. No. 49/1979 - Irish Land (Finance) Rules, 1912 (Amendment) Regulations, 1979.

S.I. No. 49 of 1979.

IRISH LAND (FINANCE) RULES, 1912 (AMENDMENT) REGULATIONS, 1979.

I, SEOIRSE Ó COLLA, Minister for Finance, in exercise of the powers conferred on me by section 41 of the Irish Land Act, 1903, and section 14 of the Irish Land Act, 1909, hereby make the following regulations:

1. These Regulations may be cited as the Irish Land (Finance) Rules, 1912 (Amendment) Regulations, 1979.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to these Regulations.

3. Rule 19 of the Irish Land (Finance) Rules, 1912 (S.R. & O., No. 69 of 1912), is hereby amended by the substitution for paragraphs (1 ), (2) and (4) of the following paragraphs:—

(1) The requisite amount of stock referred to in section 46 of the Act of 1903 shall be a nominal amount of stock which, at the price at the date of redemption, would provide a sum equal to the amount of the advance to which the purchase annuity relates.

(2) The amount required in Irish currency to purchase this stock at the price at the date of redemption and to provide interest on the advance since the last preceding gale day, less the amount of the accumulated sinking fund to the date of redemption, shall be the redemption money. The date of redemption shall be the date on which the application to redeem is received by the Department of Agriculture (Land Commission) provided that the redemption money is lodged within seven days of such date.

(4) For the purpose of this rule, stock shall be taken to be any Land Bonds created and issued under the Land Act, 1923 (No. 42 of 1923), the Land Bond Act, 1925 (No. 25 of 1925), or any subsequent Act.

GIVEN under my Official Seal this 14th day of February, 1979.

SEOIRSE Ó COLLA,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations set out the method of calculating redemption prices of purchase annuities under the Irish Land Acts 1903 and 1909 consequent on the cancellation and repayment at 1 March, 1978 of the outstanding holdings of Guaranteed Stock issued under these Acts.