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Advances to tenants under this Act.
44 & 45 Vict. c. 49.
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2. For enabling tenants to purchase their holdings, either from the Land Commission or from the landlords of such holdings, the Land Commission may make advances under this Act out of any funds at their disposal.
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With respect to advances under this Act, the provisions of Part Five of the Land Law (Ireland) Act, 1881, shall be amended as follows; that is to say,
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(a.) The Land Commission may, if the repayment of the advance is secured by a deposit under this Act (hereinafter referred to as a guarantee deposit), and if the Land Commission are satisfied with the security in other respects, make an advance to a tenant who is purchasing his holding of the whole principal sum or price payable by the tenant, instead of the three fourths thereof mentioned in Part Five of the Land Law (Ireland) Act, 1881.
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(b.) In making advances under this Act the Land Commission shall prefer applications for the purchase of holdings upon which the tenants reside, or which are reasonable adjuncts to holdings upon which such tenants reside.
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