Land Act, 1931

Provisions consequential on certain orders of the Land Commission.

20.—Where, in consequence of an order made by the Land Commission under this Act in respect of a holding comprised in a list of vested holdings either reducing the standard purchase annuity for such holding or dismissing the purchase proceedings in respect of such holding or deeming a subtenant on such holding to be the tenant of land in his separate occupation, the Land Commission shall have paid into the land bond fund money for the redemption of land bonds, there shall be paid to the Land Commission by the vendor or such other person as shall have received the purchase-money or any part of the purchase-money of the estate and shall be found liable to make such payment the following sums, that is to say:—

(a) such sum as the Land Commission shall have so paid into the land bond fund; and

(b) a sum equal to interest at the rate of four and three-quarters per cent. per annum on so much of the land bonds so redeemed as were issued for the contribution of the State to the standard price of such holding for the period from the issue of such land bonds to the redemption thereof; and

(c) such sum as the Land Commission shall have repaid to the tenant of such holding in pursuance of this Act.