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Ascertainment and certification of amount of revised annuities.
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20.—The following provisions shall have effect in relation to every purchase annuity in respect of which the amount payable by the purchaser in respect of every instalment accruing after the first gale day in the year 1933 is reduced by this Part of this Act, that is to say:—
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(a) as soon as may be after the passing of this Act, the Land Commission or the Commissioners of Public Works in Ireland (as the case may require) shall ascertain, in relation to every such purchase annuity, the actual amount annually payable by the purchaser in respect of such purchase annuity in consequence of such reduction;
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(b) if no funding annuity is payable in respect of arrears of such purchase annuity, the said amount annually payable as so ascertained in relation to such annuity shall be known and is in this Act referred to as the revised annuity payable in respect of the holding;
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(c) if a funding annuity is payable in respect of the arrears of such purchase annuity, the aggregate of such funding annuity and the said amount annually payable as so ascertained in relation to such purchase annuity shall be ascertained by the Land Commission or the said Commissioners (as the case may require) and shall constitute and shall be known and is in this Act referred to as the revised annuity payable in respect of the holding;
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(d) when the amount of a revised annuity has been ascertained in pursuance of this section, the Land Commission or the said Commissioners (as the case may require) shall where the holding is registered under the Local Registration of Title Act, 1891, or where the registration of the holding is compulsory under the said Act forthwith certify to the Registrar of Titles the amount so ascertained of such revised annuity and the said Registrar shall enter the said amount in the appropriate register kept by him and such entry shall be conclusive evidence for all purposes of the amount of such revised annuity;
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(e) the Land Commission and the said Commissioners respectively shall have all such remedies for the recovery of a revised annuity as they would have had for the recovery of the purchase annuity from which such revised annuity is derived if this Act had not been passed;
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(f) the said reduction in the amount payable by the purchaser in respect of instalments of a purchase annuity and the ascertainment under this section of the amount of the revised annuity derived from such purchase annuity is in this Act referred to as the revision of such purchase annuity.
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