18/08/1924: Land Finance (Interim) Rules, 1924.
MINISTRY OF FINANCE | ||
LAND FINANCE (INTERIM) RULES, 1924. | ||
PROVISIONAL RULES AND REGULATIONS DATED 18TH AUGUST, 1924, MADE BY THE PRESIDENT OF THE EXECUTIVE COUNCIL UNDER THE LAND ACT, 1923 , AND THE MINISTER FOR FINANCE (AGENCY) ORDER, 1924. | ||
I, LIAM T. MAC COSGAIR, President of the Executive Council, in pursuance of the powers conferred by Section 17 and other Sections of the Land Act, 1923 (No. 42 of 1923), and by the Minister for Finance (Agency) Order, 1924 (No. 8 of 1924), and of every and any other power me in this behalf enabling, do hereby, without prejudice to any further exercise of the said powers, make the following Rules and Regulations, and do further certify under Section 2 of the Rules Publication Act, 1893, that on account of urgency such Rules and Regulations should come into force forthwith as Provisional Rules and Regulations, and continue in force until Statutory Rules and Regulations shall have been made in accordance with the last-mentioned Act. | ||
Accounts of Land Commission. | ||
1.— (1) The Land Commission shall keep in their Books a general account to be called the " Land Purchase Account No. 3, " through which shall be passed all cash received and paid by the Land Commission under the Land Act, 1923 (No. 42 of 1923), (in these Rules referred to as " the Act, ") except the dividends on Land Bonds payable under Section 27 of the Act which are credited to the separate Estate Accounts to which the Bonds are issued in the books of the National Land Bank, Limited (in these Rules referred to as " the Bank. ") | ||
(2) The Land Commission shall also keep in their Books separate accounts of the sums advanced to them by means of four and a half per cent. Land Bonds (in these Rules referred to as " Land Bonds, ") for the purchase of land, and for the purpose of recouping vendors in whole or in part for the costs of sale under Section 5 of the Act, and for the purpose of carrying Part III of the Act into effect, and for any other purpose for which Land Bonds are required under the Act ; and a separate Account of each purchase annuity in respect of advances in pursuance of agreements entered into or deemed to be entered into after the passing of the Act. | ||
Guarantee Fund. | ||
2.—(1) The Guarantee Fund shall be under the direction of the Minister for Finance, who shall keep an account of the cash portion of the Fund, showing separately the payments made thereto in respect of :— | ||
(a) the Estate Duty Grant ; | ||
(b) the Agricultural Grant ; and | ||
(c) the Exchequer Contribution. | ||
(2) In the case of payments from the Guarantee Fund to the Local Taxation Account, any payments from the Guarantee Fund to the Land Bond Fund shall, so far as not repaid, be deducted, first, from the Estate Duty Grant ; secondly, from the Agricultural Grant ; and thirdly, from the Exchequer Contribution. | ||
Repayment of arrears. | ||
(3) Any payments by way of advance from the Guarantee Fund to the Land Bond Fund in respect of arrears, under Section 11 (5) of the Act, shall be a debt from the Land Bond Fund to the Guarantee Fund, and be repayable out of payments on account of arrears which are subsequently recovered by the Land Commission and by them paid into the Land Bond Fund. | ||
Repayment of advances for interest. | ||
(4) Any payments by way of advance from the Guarantee Fund to the Land Bond Fund for the purpose of paying the dividends on Land Bonds shall be repaid to the Guarantee Fund out of any money subsequently paid to the credit of the income account of the Land Bond Fund which is not required for the purpose of meeting the other liabilities of that account. | ||
Repayment of advances for redemption. | ||
(5) Any payments by way of advance from the Guarantee Fund to the Land Bond Fund for the purpose of paying the sums required for redemption of Land Bonds in accordance with the provisions of Section 1 (3) of the Act shall be repaid to the Guarantee Fund out of any money subsequently paid to the credit of the capital account of the Land Bond Fund which is not required for the purpose of meeting the other liabilities of that account. | ||
Distribution of repayments. | ||
(6) Any sum received from the Land Bond Fund for the repayment of advances to that Fund from the Guarantee Fund shall be credited in account so as to make good the sums used for such advance out of the funds and moneys hereafter mentioned, and shall be so credited in the following order : namely, first, to the Exchequer Contribution ; secondly, to the Agricultural Grant ; and thirdly, to the Estate Duty Grant. | ||
Cash Arrangements. | ||
Dividends on Land Bonds S. 1 (2). | ||
3.— (1) On the last week day before the first day of January, and the first day of July in every year, there shall be paid by the Minister for Finance to the Bank, from the Land Bond Fund, a sufficient sum to pay the dividends on Land Bonds which will become payable on the next dividend day. | ||
(2) Five days previously to each of the said week days in every year the Minister for Finance shall pay to the Land Commission from the Land Bond Fund a sufficient sum to pay the interest which will become payable on the next dividend day to any persons to whom an advance has been made in Land Bonds in respect of the period between the date on which the land purchased is vested in the Land Commission and the said dividend day. | ||
(3) If two days previously to the first day of January, or the first day of July in any year, the cash standing to the credit of the income account of the Land Bond Fund is insufficient to pay the dividends on the Land Bonds, the Minister for Finance shall cause an advance to be made to the Land Bond Fund out of the cash standing to the credit of the Guarantee Fund, and if that is insufficient, out of the Central Fund. | ||
(4) Any advance so made out of the Central Fund shall be as soon as possible repaid from the Guarantee Fund. | ||
(5) Every sum so repaid and every sum so advanced out of the Guarantee Fund shall be repaid to the Guarantee Fund out of any money subsequently paid to the credit of the income account of the Land Bond Fund which is not required for the purpose of meeting the other liabilities of that account. | ||
Redemption of Land Bonds S. 1 (3) & (4). | ||
4.—(1) As soon as may be after the date on which an Order has been made by the Judicial Commissioner transferring to the Minister for Finance Land Bonds in satisfaction of Death Duties or in redemption of land purchase annuities charged on the lands acquired by the Land Commission under the Act, there shall be paid by the Minister for Finance to the Bank out of the Land Bond Fund a sum of cash equivalent to the nominal amount of the Land Bonds so transferred, together with all arrears of interest, and the Land Bonds so transferred shall thereupon be cancelled by the Minister for Finance. | ||
(2) The payments on account of the interest on the Land Bonds shall be charged to the income account of the Land Bond Fund, and the payments in respect of the principal of the Land Bonds shall be charged to the capital account of that fund. | ||
(3) If on any date on which a payment has to be made as aforesaid, the cash standing to the credit of the income account or the capital account, as the case may be, of the Land Bond Fund is insufficient to meet the payment to be so made out of that account, the Minister for Finance shall cause an advance to be made to the Land Bond Fund of the amount of the deficiency out of the cash standing to the credit of the Guarantee Fund, and, if that is insufficient, out of the Central Fund. | ||
(4) Any advance made out of the Central Fund for the purpose of meeting such a deficiency shall be as soon as possible repaid from the Guarantee Fund. | ||
(5) Every sum so repaid and every sum so advanced out of the Guarantee Fund shall be repaid to the Guarantee Fund out of any money subsequently paid to the credit of the income account or the capital account, as the case may be, of the Land Bond Fund which is not required for the purpose of meeting the other liabilities of that account. | ||
Date of payments to Land Bond Fund S. (1), (2), (3), (6). | ||
5.— (1) The Land Commission shall, so far as practicable, every day pay over to the Land Bond Fund at the Bank all moneys received by them in respect of half-yearly instalments of annuities on account of the annual payments under Sub-sections (1), (2), and (3) of Section 11 of the Act. | ||
Payments in arrear. | ||
(2) On the 31st day of January and the 31st day of July in every year the Land Commission shall ascertain the amount of the said half-yearly instalments then in arrear, and shall forthwith certify that amount to the Minister for Finance, who shall cause an advance of such amount to be made to the Land Bond Fund out of the Guarantee Fund. | ||
Application of recovered arrears. | ||
(3) All half-yearly payments due from purchasers under the Act which have not been received by the 31st day of January and the 31st day of July immediately following the gale day on which they become due, shall be deemed to be arrears, and as such shall, when recovered, be paid, as soon as practicable, to the Land Bond Fund at the Bank, to be applied in reduction of the amount previously advance from the Guarantee Fund under the preceding paragraph of this Rule. | ||
Accounts of the Minister for Finance. S. 10 (2) | ||
6.—The accounts of the receipts and expenditure of the Land Bond Fund, both as regards capital and income, shall be made up by the Minister for Finance to the 31st day of March in each year. | ||
Costs Fund and Advances by Means of Land Bonds. | ||
Costs Fund. | ||
7.— (1) The Minister for Finance may from time to time by Warrant to the Bank direct the creation and issue of Land Bonds for the purpose of the Costs Fund to an amount not exceeding two per cent. on the total purchase moneys advanced under the Act at the date of the Warrant, provided that no issue of Land Bonds for the purpose of the Costs Fund shall be made except on a dividend day. | ||
(2) The Bank shall issue the Land Bonds by inscribing the amount of the Land Bonds specified in the Warrant in the name of the Irish Land Commission and to the Costs Fund Account. | ||
Advances by means of Land Bonds. S. 1 & 2. | ||
(3) Directions for the issue of Land Bonds for the purposes of the Act, other than the purpose of the Costs Fund, shall be given by the Land Commission, and a statement of the amount directed to be issued each day shall be furnished to the Minister for Finance ; provided that no issue of Land Bonds shall be made between the date when the books are closed for the preparation of the dividend and the next dividend day. | ||
(4) When the Land Commission require, or are likely to require, Land Bonds for the purposes of the Act, other than for the purpose of the Costs Fund, they shall apply to the Minister for Finance, stating the amount of Land Bonds which they expect to so require for issue during periods to be specified by the Minister for Finance from time to time. | ||
(5) The Minister for Finance shall thereupon send to the Bank a Warrant authorising the Bank to create the amount of Land Bonds specified in the Warrant, and the Bank may thereupon issue Land Bonds as hereinafter mentioned to an aggregate amount, excluding the Land Bonds issued for the purpose of the Costs Fund, not exceeding the amount so authorised to be created. | ||
(6) The Land Commission may direct the issue of Land Bonds, by Warrant to the Bank, which may be in Form marked A in the Schedule to these Rules, specifying the amount of Land Bonds to be inscribed, and the names or account in or to which the Land Bonds are to be inscribed. | ||
(7) The Bank shall issue the Land Bonds, by inscribing the amount of the Land Bonds specified in the Warrant of the Land Commission, in the names or to the account directed by the Warrant. | ||
(8) The Warrants of the Minister for Finance and of the Land Commission in pursuance of these Rules shall be a sufficient authority to the Bank for doing the things thereby directed. | ||
Purchase Annuities. | ||
Annuities payable half-yearly. S. 9 (1). | ||
8.—The annuity payable under Section 9 (1) of the Act in respect of any advance under the Act in pursuance of an agreement entered into or deemed to have been entered into by or with the Land Commission on or after the date of the passing of the Act shall be payable by equal half-yearly instalments on the first day of May and the first day of November in each year. | ||
If the land purchased is vested in the Land Commission on one of the said gale days, the annuity shall commence on that gale day, and the first half-yearly instalment thereof shall accordingly be payable on the next succeeding gale day. | ||
If the land purchased is not vested in the Land Commission on one of the said gale days, the annuity shall commence on the first gale day after the date of the vesting of the land in the Land Commission, and the first half-yearly instalment thereof shall accordingly be payable on the next succeeding gale day, but there shall be payable on the first gale day after the date of the vesting of the land in the Land Commission interest on the advance at the rate of 4¾ per cent. per annum from the date of the vesting of the land in the Land Commission. | ||
Consolidation of Annuities. S. 66. | ||
9.— (1) Where two or more purchase annuities, or a purchase annuity and a portion of another purchase annuity are consolidated under Section 66 of the Act, the consolidated annuity shall be an annuity equal to the sum of the purchase annuities so consolidated or of the purchase annuity, and the portion of another purchase annuity so consolidated, and, when received by the Land Commission, shall, until the respective advances in respect of which the various purchase annuities or portions of purchase annuities are payable are paid off, be treated as a mixed annuity consisting of two or more component parts, each part being the amount attributable to the advance in respect of each of the holdings or portions of land, charged with a portion of a purchase annuity so consolidated. | ||
The Land Commission shall pay to the Purchase Annuities Fund such part or parts of the consolidated annuity as may be attributable to advances made in pursuance of purchase agreements under the Purchase of Land (Ireland) Act, 1891, or any later Land Purchase Act other than the Land Act, 1923 . | ||
When the advance that was first made has been paid off, the consolidated annuity, so far as not required for the payment of interest on a subsequent advance or subsequent advances, shall be applied as part of the sinking fund in respect of that advance or those advances. | ||
(2) The consolidated annuity shall continue to be payable in full until all the advances have been paid off. | ||
(3) The consolidated annuity shall be payable in equal half-yearly instalments on the gale days on which the annuity in respect of the first advance in point of time was payable, and shall commence to run from the gale day next succeeding the date of the consolidation of the holdings or the consolidation of a holding with a portion of land charged with a portion of a purchase annuity, or, should the said consolidation be made on a gale day, from that gale day ; but interest at the appropriate rate on the amount of the advances shall be payable from the date of the last gale day on which each of the annuities were payable until the gale day on which the consolidated annuity commences to run. | ||
Audit of Accounts. | ||
Audit of Accounts. S. 10 (3). | ||
10.—The accounts of the Land Commission under the Act shall be audited by the Comptroller and Auditor-General. | ||
Returns. | ||
11.—The Land Commission shall supply the Minister for Finance with such information as will enable him to perform his duties under these Rules, and shall be responsible for the accuracy of the information so supplied. | ||
Calculation of time. | ||
12.—In counting days for the purposes of these Rules, Sundays and Bank Holidays shall be excluded, and if the day on which anything is directed to be done falls on a Sunday or a Bank Holiday, the same shall be done on the next following day. | ||
Definitions. | ||
Definitions. | ||
13.— (1) In these Rules unless the context otherwise requires :— | ||
The expression, " purchasers' half-yearly payments, " means the instalments of annuities or interest on advances payable to the Land Commission on a gale day. | ||
Other expressions have the same meaning as in the Land Act, 1923 . | ||
(2) The Interpretation Act, 1889, applies to the interpretation of these Rules in like manner as it applies to the interpretation of an Act of the Oireachtas passed before the 1st day of January, 1924. | ||
14.—These Rules may be cited as the Land Finance (Interim) Rules, 1924. | ||
(Signed) LIAM T. MAC COSGAIR, | ||
President, | ||
Agent for the Minister for Finance. | ||
Government Buildings, | ||
Dublin, | ||
18th August, 1924. | ||
|
SCHEDULE. | ||
FORM A. | ||
IRISH LAND COMMISSION. | ||
WARRANT of the IRISH LAND COMMISSION under the provisions of the Land Act, 1923 , and of the Rules made by the Minister for Finance on pursuance of that Act, for the Issue and Inscription of 4½ per cent. Land Bonds. | ||
The Irish Land Commission. | ||
Record No. S............................... | ||
Estate of ..……........................... | ||
The National Land Bank, Limited, is hereby directed to issue and inscribe the sum of .......... | ||
FOUR AND A HALF PER CENT. LAND BONDS in the name and to the account above specified. | ||
£................................. | ||
.............................................. | ||
Commissioner. | ||
.............................................. | ||
Secretary. | ||
................................ | ||
Accountant. | ||
FORM B. | ||
NATIONAL LAND BANK, LIMITED. | ||
The Irish Land Commission. | ||
Record No. S.............................. | ||
Estate of …................................. | ||
National Land Bank, Ltd., | ||
.........................................192..... | ||
To the Irish Land Commission. | ||
Pursuant to your Warrant dated the.............day of...................... 192............, there has been this day issued and inscribed in the name and to the Account above specified the sum of.............................. | ||
FOUR AND A HALF PER CENT. LAND BONDS. | ||
......................................... | ||
Chief Accountant. |