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Terms of repayment of advances.
33 & 34 Vict. c. 46.
44 & 45 Vict. c. 49.
46 & 47 Vict. c. 43.
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4. With respect to advances to be made under this Act, or to be made under the Landlord and Tenant (Ireland) Act, 1870, or the Land Law (Ireland) Act, 1881, and also with respect to advances to be made to tenants under Part Two of the Tramways and Public Companies (Ireland) Act, 1883, the provisions of Part Five of the Land Law (Ireland) Act, 1881, shall be amended as follows:
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(a.) Every such advance shall be repaid by an annuity in favour of the Land Commission for forty-nine years, of four pounds for every hundred pounds of such advance, and so in proportion for any less sum, instead of by the annuity mentioned in the said Act.
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(b.) Every such annuity, or any portion of it at any time outstanding, may be redeemed in whole or in part by the person liable to pay such annuity, by payment to the Land Commission of a sum equivalent to the then value of such annuity or of such portion of it as is sought to be redeemed. . . .
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Where a holding is sold by the Land Judges to the tenant of that holding, the sale may, for the purpose of advances under this Act, and of guarantee deposits under this Act, be deemed to be a sale by a landlord to a tenant.
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