Purchase of Land (Ireland) Act, 1891

Establishment of a Land Purchase Account.

4.(1) The Land Commission shall establish a Land Purchase Account and under the prescribed rules carry thereto and apply as follows all moneys received on account of any purchase-annuity for the discharge of an advance.

(2) All sums so carried in respect of the current half-yearly instalments of the annuity shall be applied in the following order:—

(a) In paying the dividends and Sinking Fund payments on an amount of guaranteed land stock equal to the amount of the advance; and

[Paragraph (b) rep. 59 & 60 Vict. c. 47. s. 52.]

(3) All sums carried to the account in respect of arrears of the purchase-annuity, whether paid by the proprietor of the holding, or from the guarantee deposit, or from the proceeds of the sale of a holding, or from any other source, shall be paid to the Guarantee Fund; provided that where a sum is applicable out of the guarantee deposit for the discharge or reduction of an irrecoverable debt, one half only of the amount so applicable shall be paid out of the guarantee deposit to the Land Purchase Account; and such one half shall be carried to the Land Purchase Account out of the guarantee deposit immediately on any sum due to the Land Commission in respect of an advance secured by a guarantee deposit having been declared an irrecoverable debt. Sums carried to the Guarantee Fund under this subsection shall be applied in the same manner, subject to the provisions of this Act as to guarantee, and subject to the prescribed regulations, as the sums carried to the Land Purchase Account in respect of the current half-yearly instalments.

(4) All sums carried to the account in respect of the redemption of the purchase-annuity, whether received from the proprietor of the holding, or upon the sale of the holding, or from the guarantee deposit, and also (save as otherwise provided by or in pursuance of this Act) all other moneys carried to the Land Purchase Account, shall be paid to the Sinking Fund.