Land Bond Act, 1933

Making of advances in new land bonds.

3.—(1) All advances made for the purposes of the Principal Act by the Land Commission after the passing of this Act for or in connection with the purchase of any tenanted land which is a pending case or in respect of any untenanted land which is a pending case, shall be made by means of an issue under this Act of four and one-half per cent. new land bonds.

(2) The provisions of the Land Purchase Acts relating to the making of advances by the Land Commission for the purposes of the Principal Act, the payment of interest on and the repayment of the capital of such advances by means of purchase annuities or otherwise, and the guarantee of such payment and repayment shall apply to advances made under this section by means of an issue of new land bonds in like manner in all respects as they apply to advances made by the Land Commission for the purposes of the Principal Act before the passing of this Act.