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Ascertainment of purchase price.
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52.—The Land Commission (other than the Judicial Commissioner) shall consider all objections duly made, and there shall be a right of appeal to the Judicial Commissioner, whose decision shall be final. The Judicial Commissioner shall, if he is satisfied that prior to the date of the passing of this Act the Society or body of trustees had a good title to the lands so purchased, free from incumbrances, save the charge securing the repayment of the advance due to the Bank, and any superior interests or Land Purchase Annuities, ascertain the superior interests issuing out of the lands, and shall fix the redemption price of all such superior interests and annuities, and shall also ascertain the amount due for principal (without giving credit for the deposit, if any, lodged with the Bank by the Society or body of trustees) and interest on foot of the charge securing the repayment of the advance due to the Bank, and shall fix the price of the lands at such sum as shall be sufficient to redeem and pay off all such superior interests and annuities, and the charge securing the repayment of the advance due to the Bank, together with such costs as may be allowed by him. When the Bank shall have lodged with the Land Commission such deposit as aforesaid the price so ascertained, of which one-eleventh shall be contributed by the State, shall be paid in 4½ per cent. Land Bonds on the appointed day.
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