Land Bond Act, 1933

Annual payments by the Land Commission to the Land Bond Fund.

6.—(1) Interest at the rate of four and one-half per cent. per annum and sinking fund at the rate of one-quarter of one per cent. per annum shall be paid by the Land Commission to the Land Bond Fund at such times in each year as shall be prescribed by the Minister for Finance on all sums advanced or paid by the issue of new land bonds under this Act and not certified by the Minister for Finance to have been repaid.

(2) If at any time any sum payable under this section by the Land Commission to the Land Bond Fund shall be in arrear for forty days, the amount so in arrear shall be charged on and forthwith made good out of the Guarantee Fund.