Land Act, 1923

Conditions of resale to the Societies.

54.—Subject to the provisions hereinafter contained, each Society or body of trustees, which on the appointed day was in occupation of lands so purchased and vested in the Land Commission under the provisions of this Part of this Act, shall be deemed, on the appointed day, to have entered into a subsequent purchase agreement with the Land Commission for the purchase of the lands from them, at a price equivalent to ten-elevenths of the price fixed under the provisions of the foregoing section.

There shall be payable by the Society or body of trustees to the Land Commission an annual sum, calculated at the rate of 4¾ per cent. upon the sum for which the Society or body of trustees is deemed to have agreed to purchase the lands, from the appointed day until the gale day next after the vesting of the lands in the Society or body of trustees, or until the cesser and determination of the interest of the Society or body of trustees in the lands.

The Land Commission shall have for the recovery of such annual sum the same remedies as they have for the recovery of unpaid instalments of purchase annuity.

There shall be payable by the Society or body of trustees to the Land Commission, on the gale day on which the first instalment of the said annual sum shall become payable by them, an additional sum, equivalent to a proportion of the said annual sum, in respect of the period between the said gale day and the day on which the next dividends are payable on Land Bonds issued under this Act. The Land Commission shall have for the recovery of such additional sum the same remedies as they have for the recovery of unpaid instalments of purchase annuity.

All payments made by a Society or body of trustees after the appointed day on foot of the annual sum payable to the Land Commission under this section shall, from and after the vesting of the parcel in them be treated for all purposes as if they had been payments in respect of purchase annuity.