Intoxicating Liquor Act, 1927

Compensation annuities.

47.—(1) Every sum advanced and paid by the Minister for Finance to a compensation fund pursuant to a requisition by the treasurer under this Part of this Act shall be repaid to the Exchequer by means of a terminable annuity (in this Part of this Act called a compensation annuity) calculated at the rate of seven pounds and ten shillings for every one hundred pounds of the sum so advanced and paid and so in proportion for any less sum and payable out of the licensing area to which the said compensation fund relates by the persons, at the times, and in the manner appointed by this Part of this Act.

(2) Every compensation annuity shall be payable yearly on the 1st day of October in every year for twenty years commencing on the 1st day of October in the year next after the year in which the sum to be repaid was advanced and paid to the compensation fund.

(3) So far as may be possible the total amount payable in respect of compensation annuities in any licensing area on any 1st day of October shall not exceed the total amount of the excise duties paid in respect of the year which commenced on the previous 1st day of October by holders of licences in respect of premises situate in such licensing area, and the compensation authority when considering whether to make or not to make an abolition order shall have regard to the provisions of this sub-section.