Land Bond Act, 1992

Amendment of section 5 (Costs Fund) of Act of 1923.

3.—Section 5 of the Act of 1923 is hereby amended—

(a) in subsection (2), by the deletion of the words “in 4½ per cent. Land Bonds”, and

(b) by the addition of the following subsection:

“(3) All sums in the Costs Fund, not immediately required upon the passing of the Land Bond Act, 1992, for the payment to vendors, shall be held on deposit in the Central Bank of Ireland and the interest earned on or in respect of such sums, or on sums payable to the vendor out of the Costs Fund, shall be paid into the Costs Fund and be available for any purpose for which sums in that Fund are available.”,

and the said subsection (2), other than the proviso, as so amended is set out in the Table to this section.

TABLE

(2) There shall be payable to the vendor out of the Costs Fund such sum as the Judicial Commissioner shall certify to be reasonable having regard to the amount of work done in connection with the sale and the manner in which it has been done: