Land Act, 1953
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Land bonds—termination of restrictions on rate of interest etc. |
4.—(1) Section 4 of the Land Bond Act, 1934 , is hereby amended— | |
(a) by the deletion in subsection (1) of “(not less than three nor more than four per cent. per annum)”, and | ||
(b) by the deletion in subsection (3) of “(within the limits imposed by this section)”. | ||
(2) In relation to any case in which an advance is made or purchase money is paid by means of an issue of land bonds created after the passing of this Act, each of the references to rates specified in Part I of the Schedule to this Act shall be construed as a reference to the rate at which the purchase annuity or other annual sum is fixed under subsection (6) of section 4 of the Land Bond Act, 1934 , for the repayment of such advance or purchase money. | ||
(3) In relation to any case in which an advance is made or purchase money is paid by means of an issue of land bonds created under section 4 of the Land Bond Act, 1934 , or that section as amended by this Act— | ||
(a) each of the references to rates specified in Part II of the Schedule to this Act shall be construed as a reference to the rate at which such land bonds bear interest, and | ||
(b) each of the references to rates specified in Part III of the Schedule to this Act shall be construed as a reference to the rate of sinking fund fixed under subsection (5) of the said section 4 in respect of such land bonds. | ||
(4) Subsection (3) of this section shall be deemed to have come into operation on the passing of the Land Bond Act, 1934 . | ||
(5) Where any land which is not subject to a purchase annuity or annual sum equivalent to a purchase annuity is vested in the Land Commission under section 28 or section 30 of the Land Act, 1950 , any advance made by the Land Commission to a purchaser of such land or any part thereof shall be repaid by means of a purchase annuity calculated at such rate as the Minister for Finance directs. | ||
(6) Where after the passing of this Act additional land bonds are issued in consequence of an increase in any standard purchase annuity or land bonds are lodged pursuant to paragraph (a) of subsection (2) of section 15 of the Land Act, 1931 , such land bonds shall be land bonds bearing the same rate of interest as the land bonds originally issued to the credit of the relevant estate. |