S.I. No. 209/1934 - Land (Finance) (No. 2) Rules, 1934


STATUTORY RULES AND ORDERS. 1934. No. 209.

LAND (FINANCE) (No. 2) RULES, 1934

The Minister for Finance, in exercise of the several powers conferred on him by Section 17 and other sections of the Land Act, 1923 (No. 42 of 1923), Section 40 of the Land Act, 1927 (No. 19 of 1927), and Section 10 of the Land Bond Act, 1934 (No. 11 of 1934), and of every and any other power him in this behalf enabling, hereby makes the following rules and regulations, that is to say :—

PART I.PRELIMINARY AND GENERAL.

1 Short Title.

1. These Rules may be cited for all purposes as the Land (Finance) (No. 2) Rules, 1934.

2 Definitions.

2.—(1) In these Rules—

the expression " the Principal Rules " means the Land (Finance) Rules, 1925, as amended by the Land (Finance) Rules, 1925, Amendment Rules, 1927 (Statutory Rules and Orders, No. 81 of 1927) ; the Land (Finance) (Amendment) Rules, 1932, and the Land (Finance) Rules, 1933 (Statutory Rules and Orders, No. 136 of 1933) ;

the expression " series of land bonds " means a series of land bonds created under the Land Bond Act, 1934 (No. 11 of 1934) ;

save as is otherwise provided by these Rules or required by the context, every word and expression to which a particular meaning is given in and for the purposes of the Principal Rules has the meaning so given to it.

(2) These Rules, in so far as they are made under the powers conferred by Section 40 of the Land Act, 1927 , or by Section 10 of the Land Bond Act, 1934 , shall be regulations within the meaning of those sections, and the word " Rule " in these Rules shall be construed accordingly.

3 Interpretation.

3. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these Rules in like manner as it applies to the interpretation of an Act of the Oireachtas passed after the 1st day of January, 1924.

PART II.AMENDMENT OF THE PRINCIPAL RULES.

4 Amendment of Rule 35.

4. Rule 35 of the Principal Rules is hereby amended by the deletion in paragraph (1) of all from the words " The date of redemption " where they thirdly occur to the words " such date " and by the addition of a new paragraph as follows :—

" (3) For the purposes of this Rule, the date of redemption shall be—

(a) if the redemption money is lodged within seven days (exclusive of Sundays and Bank Holidays) after the person making the application for redemption receives from the Land Commission notice of the amount of the redemption money—the date on which such notice was so received by such person, and

(b) in every other case—the date of the lodgment of the redemption money. "

PART III.SERIES OF LAND BONDS.

5 Application of Principal Rules.

5. The Principal Rules shall, subject to the modification contained in these Rules, apply to and have effect in respect of any series of land bonds in like manner as they apply to and have effect in respect of land bonds issued under the Land Act, 1923 , and the word " bonds " wherever it occurs in the Principal Rules shall be construed accordingly.

6 Modification of Rule 10 of the Principal Rule.

6. For the purpose of the application of the Principal Rules to any series of land bonds, Rule 10 of those Rules shall be deemed to be modified and shall apply as if—

(a) in sub-paragraph (a) of paragraph (1) the words " Land Commission " were substituted for the words " Minister for Finance," the words " creation and " were deleted, and the words " and shall on that date furnish to the Minister for Finance a statement of the amount of Bonds so directed to be issued " were added after the words " date of the Warrant " ;

(b) sub-paragraphs (b) and (c) of paragraph (2) were deleted ;

(c) references to the rate of 4½ per cent. per annum contained in paragraphs (3) and (4) were references to the rate of interest payable on the relevant series of land bonds ; and

(d) in paragraph (5) the words " of the Minister for Finance and " were deleted.

7 The transfer by deed register.

7. The Bank shall keep, in pursuance of Rule 11 of the Principal Rules, a transfer by deed register in relation to each series of land bonds which shall be separate and distinct from the transfer by deed register kept in pursuance of the said Rule 11 in relation to any other land bonds, and accordingly reference in the Principal Rules to the transfer by deed register shall, in relation to any series of land bonds, be construed as referring to the said separate register so to be kept in relation to that series of land bonds.

8 Modification of Rule 30.

8. For the purpose of the application of the Principal Rules to any series of land bonds, Rule 30 of those Rules shall be deemed to be modified and shall apply as if the reference contained in that Rule to the rate of 4¾ per cent. per annum were a reference to the rate of the purchase annuities and other annual sums fixed under sub-section (6) of Section 4 of the Land Bond Act, 1934 (No. 11 of 1934), in respect of the relevant series of land bonds.

9 Modification of Rules 32 and 35 of the Principal Rules.

9. Rules 32 and 35 of the Principal Rules in their application to any series of land bonds shall be construed and have effect as if the references to 4½ per cent. per annum contained therein were references to the rate of interest payable on the relevant series of land bonds.

10 Application of Forms.

10. The forms set out in the First Schedule to the Principal Rules shall apply to and may be used in respect of transactions relating to any series of land bonds but with such modifications as may be necessary to render them applicable to those transactions.

PART IV.LAND BONDS FOR PURCHASE OF TURBARY RIGHTS.

11 Bonds for purchase of turbary rights.

11. In cases where the Land Commission have sold turbary rights in consideration of an annuity or annuities under Section 40 of the Land Act, 1927 (No. 19 of 1927), there shall be issued to the Land Commission land bonds to such extent as may be required for the purposes of making payments in pursuance of sub-section (2) of that section.

12 Consolidation of annuities.

12.—(1) Every annuity paid for the redemption of any land bonds issued for the purpose of making payments for any turbary right shall be charged on the holding of the person to whom such turbary right is sold and consolidated with the purchase annuity (if any) payable in respect of such holding.

(2) Rule 31 of the Principal Rules shall apply to all annuities consolidated in accordance with this Rule.

Given under the Official Seal of the Minister for

Finance this 31st day of July, 1934.

ARTHUR D. CODLING.