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Purchase of estates and holdings.
45 & 46 Vict. c. 38.
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5. The Irish Land Commission, if they have reasonably satisfied themselves that a resale can be effected without loss, may purchase any estate for the purpose of reselling to the tenants of the lands comprised in such estate their respective holdings, and may purchase any holding for the purpose of reselling it to the tenant thereof. Provided that such purchase of an estate shall only be made if the Land Commission are reasonably satisfied that holdings to the extent of not less than four-fifths in value and number of the estate will be purchased by the tenants thereof. This condition may be relaxed on special grounds with the consent of the Treasury, but so that in all cases the Land Commission are reasonably satisfied that holdings to the extent of not less than three-fourths in value and number of the estate will be purchased by the tenants thereof, and in every such transaction of the purchase of an estate the Land Commission shall retain not less than one-fifth of the purchase money to satisfy the purpose of a guarantee deposit as defined by section three of this Act.
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If the vendor of such estate or holding is a tenant for life, or has the powers of a tenant for life, and the land proposed to be sold is settled land, within the meaning of those expressions as used in the Settled Land Act, 1882, he shall have all the powers conferred upon tenants for life under that Act, subject to the amendments thereof herein contained and to the other provisions of this Act; and the purchase money arising from such sale may be invested or applied as if it were capital money arising under the said Act.
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