Land Act, 1923
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Establishment of Purchase Annuities Fund. |
12.—(1) The powers declared in section 6 of the Purchase of Land (Ireland) Act, 1891 , to be exercisable by the Lord Lieutenant or by the Treasury, shall henceforth be exercised by the Minister for Finance, and the notice provided for by sub-section (2) of the said section shall cease to be required. | |
(2) Notwithstanding anything to the contrary contained in the Provisional Government (Transfer of Functions) Order, 1922, all sums collected after the 31st day of March, 1923, in respect of purchase annuities in repayment of advances made or to be made in Saorstát Eireann in pursuance of purchase agreements under the Purchase of Land (Ireland) Act, 1891 , or any later Land Purchase Act other than this Act shall so far as not already paid into the Exchequer be paid into a Fund entitled “The Purchase Annuities Fund” to be established under the control of the Minister for Finance, and there shall from time to time be paid thereout by the Minister for Finance to the appropriate authority for the credit of the Land Purchase Account or the Irish Land Purchase Fund as the case may be an amount equivalent to the purchase annuities accruing due in respect of the aforesaid advances. | ||
For the purposes of this section purchase annuities shall be deemed to include interest payable in respect of an advance as aforesaid. | ||
(3) The provisions heretofore applicable for making good any deficiency of the Land Purchase Account or of the Irish Land Purchase Fund shall apply as from the 1st day of April, 1923, in the case of the Purchase Annuities Fund in accordance with regulations to be made by the Minister for Finance. | ||
(4) The Minister for Finance shall have power to make any adjustments rendered necessary by this section in relation to the Exchequer and the Purchase Annuities Fund and the Guarantee Fund in the case of transactions during the period from the 1st day of April, 1923, to the date of the passing of this Act. |