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Annuities on submerged lands.
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37.—(1) Where part of a holding charged with an advance under the Land Purchase Acts is permanently submerged owing to coast or other erosion or other cause not arising from the fault or neglect of the tenant, the Land Commission may make an order apportioning the land purchase annuity or annual sum as between the part submerged and the part not submerged, and thereafter the purchaser or tenant shall be liable only for the portion of the land purchase annuity or annual sum on the part not submerged and, if the Minister for Finance so directs, the balance of such annuity or annual sum shall be written off as irrecoverable.
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(2) Where the whole of a holding charged with an advance under the Land Purchase Acts is permanently submerged owing to coast or other erosion or other cause not arising from the fault or neglect of the tenant, the land purchase annuity or annual sum charged thereon shall, if the Minister for Finance so directs, be written off as irrecoverable.
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(3) Arrears of annuities or annual sums or portions thereof written off under this section as irrecoverable shall not be a charge on the Guarantee Fund.
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(4) All deficiencies in the Land Bond Fund arising under this section shall be made good to that fund out of moneys provided by the Oireachtas at such times and in such manner as the Minister for Finance shall direct.
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(5) This section shall not apply where compensation in respect of the submergence of the holding is payable under any Act of the Oireachtas whether passed before or after this Act.
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(6) Land which is as a result of coast erosion periodically covered by tidal water or is by reason of the permanent or occasional incursion thereon of water, sand or other substance (whether liquid or solid) incapable of being cultivated or used for purposes of agriculture or pasture shall, for the purposes of this section, be deemed to be permanently submerged owing to coast crosion
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