S.I. No. 25/1934 - Land (Finance) Rules, 1934.

STATUTORY RULES AND ORDERS. 1934. No. 25:

LAND (FINANCE) RULES, 1934.

The Minister for Finance, in exercise of the powers conferred on him by section 3 of the Land Act, 1933 (No. 38 of 1933), and by other sections of the Land Purchase Acts and of every and any other power him in this behalf enabling, hereby makes the following rules and regulations, that is to say :—

1 Short title.

1. These Rules may be cited for all purposes as the Land (Finance) Rules, 1934.

2 Interpretation.

2. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these Rules in like manner as it applies to the interpretation of an Act of the Oireachtas.

3 Definitions.

3. In these Rules,

the expression " the Act " means the Land Act, 1933 (No. 38 of 1933) ;

the expression " the Commissioners " means the Commissioners of Public Works in Ireland ;

the word " rules " includes regulations.

4 Amount of funding annuity.

4. Every funding annuity shall be calculated at the rate of 5.045187 pounds per cent. on the sum for the payment of which such annuity is set up, and shall be payable by equal half-yearly instalments on the same gale days as the purchase annuity or other annual payment, in respect of arrears of which such funding annuity is set up, is payable.

5 Consolidation of funding annuities and purchase annuities.

5. The following provisions shall apply to and have effect in respect of every consolidated annuity resulting from the consolidation of a funding annuity and a purchase annuity in pursuance of paragraph (d) of section 21 of the Act, that is to say :—

(a) the amount of such consolidated annuity shall be a sum equal to the aggregate of the amount of such funding annuity and the amount, as reduced by the Act, payable in respect of such purchase annuity ;

(b) until the next following paragraph of this Rule comes into operation, such consolidated annuity shall be treated as a mixed annuity consisting of two component parts representing and proportionate to the amount of such funding annuity and the amount, as reduced by the Act, payable in respect of such purchase annuity, and each such component part shall be paid by the Land Commission or the Commissioners (as the case may be) into the appropriate fund or account ;

(c) at whichever of the following times first arrives, that is to say :—

(i) the time at which the sum, for the payment of which such funding annuity was set up, is paid off by means of such funding annuity, and

(ii) the time at which the advance, for the repayment of which such purchase annuity was set up, would have been paid off by means of such purchase annuity if the amount payable in respect of such purchase annuity had not been reduced by the Act,

such consolidated annuity shall become and be a homogeneous annuity the whole of which is applicable to the payment off of either (as the case may require) the said advance for the repayment of which such purchase annuity was set up or the said sum for the payment of which such funding annuity was set up, and shall be paid by the Land Commission or the Commissioners (as the case may be) into the appropriate fund or account accordingly.

6 Consolidation of funding annuities and annual payments.

6. The following provisions shall apply to and have effect in respect of every consolidated payment resulting from the consolidation, in pursuance of paragraph (b) of sub-section (4) of section 18 of the Act, of a funding annuity and an annual payment to which that section applies, that is to say :—

(a) the amount of such consolidated payment shall be a sum equal to the aggregate of the amount of such funding annuity and the amount, as revised under the said section 18, of such annual payment ;

(b) such consolidated sum shall be paid by the Land Commission into the Church Temporalities Fund ;

(c) where such annual payment is perpetual, such consolidated payment shall be treated as consisting of two component parts representing and proportionate to the amount of such funding annuity and the amount, as revised under the said section 18, of such annual payment, and shall continue until the sum, for the payment of which such funding annuity was set up, is paid off by means of so much of such consolidated payment as represents such funding annuity ;

(d) where such annual payment is not perpetual, such consolidated payment shall, until the next following paragraph of this rule comes into operation, be treated as a mixed payment consisting of two component parts representing and proportionate to the amount of such funding annuity and the amount, revised under the said section 18, of such annual payment ;

(e) on the occurrence of whichever of the following events first occurs, that is to say : —

(i) the payment off, by means of such funding annuity, of the sum for the payment of which such funding annuity was set up, and

(ii) the cesser, by any means, of such annual payment,

such consolidated payment shall become and be a homogeneous payment the whole of which is applicable (as the case may be) to the payment off of the said sum for the payment of which such funding annuity was set up or the payment of the said annual payment.

7 Redemption of funding annuities.

7.—(1) The sum payable under sub-section (3) of section 22 of the Act for the redemption of a funding annuity which is not included in a revised annuity or of so much of a revised annuity as represents a funding annuity shall, in the case of a total redemption, be the sum by which the amount of the funded arrears, for the payment of which such funding annuity was set up, together with interest on such amount at the rate of four and one-half per cent. per annum from the gale day next preceding the date of redemption until the date of redemption exceeds the amount, at the date of redemption, of the accumulated sinking fund in respect of such funding annuity.

(2) Where any such redemption as is mentioned in the next preceding paragraph of this rule is a partial redemption only, the sum paid for such partial redemption shall bear to the sum which would be payable under the said paragraph for total redemption the same proportion as the amount of the funding annuity to be redeemed bears to the whole of such annuity.

(3) For the purposes of this rule, the date of redemption shall be,

(a) if the redemption money is lodged within seven days (exclusive of Sundays and Bank Holidays) after the person making the application for redemption receives from the Land Commission notice of the amount of the redemption money—the date on which such notice was so received by such person, and

(b) in every other case—the date of the lodgment of the redemption money.

8 Redemption of purchase annuities under the Land Purchase Acts, 1891 to 1896.

8.—(1) For the purpose of calculating the amount to be paid for the redemption, whether complete or partial, of a revised annuity which represents a purchase annuity arising under the Land Purchase Acts, 1891 to 1896, or of that part of a revised annuity which represents any such purchase annuity, the amount of the accummulated sinking fund in respect of such annuity, as computed under Rule 1 of the Treasury Rules dated the 22nd day of August, 1895, shall be increased by such percentage as the Minister for Finance shall from time to time direct.

(2) The redemption money payable for the redemption, whether complete or partial, of a revised annuity which represents a purchase annuity arising under the Land Purchase Acts, 1891 to 1896, or of that part of a revised annuity which represents any such purchase annuity may be paid either by the payment in cash of a sum equal to the amount of such redemption money or by the payment in cash of such sum as would be sufficient to purchase, at the last-quoted market price, an amount of Guaranteed Land Stock equal in nominal amount to such redemption money.

9 Calculation of third decadal reductions.

9. For the purpose of calculating the amount of the third decadal reduction of a purchase annuity the third decade of which is deemed by section 25 of the Act to have expired on the 1st day of May, 1933, the amount of the accumulated sinking fund in respect of such annuity as computed under the Treasury Rules dated the 21st day of April, 1908, shall be increased by one hundred and eleven per cent.

10 Annuities in repayment of advances for improvements.

10.—(1) Where the Land Commission has, before the day on which these Rules are made, entered into an agreement under sub-section (1) of section 30 of the Irish Land Act, 1909, with a tenant for the repayments of money expended on the improvement of a holding, the annuity set up for the repayment of such money shall, if such holding was or is sold to the tenant in pursuance of a pending purchase agreement, be calculated at the rate of three and one-quarter per cent. on the amount of such money and, if such holding was or is sold to the tenant in pursuance of a future purchase agreement, be calculated at the rate of three and one-half per cent. on the amount of such money.

(2) Where the Land Commission shall, on or after the day on which these Rules are made, enter into an agreement under the said sub-section (1) of section 30 of the Irish Land Act, 1909, with a tenant for the repayment of money expended on the improvement of a holding, the annuity set up for the repayment of such money shall, if such holding was or is sold to the tenant in pursuance of a pending purchase agreement or consists of land purchased by the late Congested Districts Board under the Irish Land Act, 1903, and not resold before the making of these Rules, be calculated at the rate of three and one-quarter per cent. on the amount of such money and, if such holding was or is sold to the tenant in pursuance of a future purchase agreement or consists of land purchased by the late Congested Districts Board under the Irish Land Act, 1909, and not resold before the making of these Rules, be calculated at the rate of three and one-half per cent. on the amount of such money.

(3) In every other case in which the Land Commission has expended or shall expend money on the improvement of land sold or agreed to be sold, so much of such money as the Land Commission shall certify to be repayable by the purchaser shall be so repaid by means of an annuity calculated at the rate of four and three-quarters per cent. on so much as aforesaid of such money.

(4) Every of the several annuities respectively mentioned in the foregoing paragraphs of this Rule shall be payable in equal half-yearly instalments on the same gale days as the purchase annuity charged on the same holding is payable, and shall commence from the gale day next after the date of the order of the Land Commission charging on such holding the money for the repayment of which such annuity is set up.

(5) Wherever any such annuity as is mentioned in the next preceding paragraph of this Rule is set up, interest at the rate of three and one-quarter per cent., three and one-half per cent., or four and three-quarters per cent. (as the case may require) per annum shall be payable on the money for the repayment of which such annuity is set up from the date on which the expenditure of such money is certified by the Land Commission to have been completed until the day on which such annuity commences.

(6) Paragraph (2) of Rule 13 of the Irish Land (Finance) Rules, 1912, is hereby revoked.

(7) In this Rules the expressions " pending purchase agreement " and " future purchase agreement " respectively have the respective meanings given to them by section 13 of the Irish Land Act, 1909.

11 Rate of interest on certain advances.

11. Where the Land Commission has purchased untenanted land under the Irish Land Act, 1903, or the Irish Land Act, 1909, and has not disposed of such land to purchasers before the making of these Rules, the rate of interest payable by the Land Commission under section 36 of the Irish Land Act, 1903, or section 1 of the Irish Land Act, 1909, (as the case may be) on sums advanced for the purchase of such land shall be one-half of the rate mentioned in whichever of those sections is applicable.

Given under the Official Seal of the Minister for Finance this 16th day of February, 1934.

(Signed) J. J. McELLIGOTT,

Secretary.