Land Act, 1936
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Transfer of annuity and arrears on exchange of holdings. |
8.—(1) Where a new holding is provided for a migrant in exchange for an old holding on which a funding annuity is charged, the following provisions shall have effect, that is to say:— | |
(a) such funding annuity shall, unless the Land Commission otherwise orders, be transferred to and charged on the new holding in exoneration of the old holding as on and from the date on which the old holding is transferred to the Land Commission, and | ||
(b) the charge of such funding annuity on the new holding shall rank next in priority after the purchase annuity, rent, interest, or other annual payment (as the case may be) which is charged on or issues out of such holding, and | ||
(c) if the new holding is or becomes subject to a purchase annuity, the said funding annuity shall be consolidated with such purchase annuity in accordance with regulations made or to be made by the Minister for Finance. | ||
(2) Where a new holding is provided for a migrant in exchange for an old holding which is subject to a purchase annuity for the repayment of purchase money to which arrears of rent or of interest on purchase money (whether with or without costs and expenses) were added under sub-section (2) of section 16 of the Land Act, 1933 , on the vesting of such holding in the purchaser, the following provisions shall have effect, that is to say:— | ||
(a) the said purchase annuity shall, unless the Land Commission otherwise orders, be apportioned and so much thereof as represents the said arrears and the said costs and expenses (if any) so added as aforesaid shall be transferred to and charged on the new holding in exoneration of the old holding as on and from the date on which the old holding is transferred to the Land Commission, and | ||
(b) if the new holding is or becomes subject to a purchase annuity, the said portion of the purchase annuity on the old holding so transferred to the new holding shall be consolidated with the said purchase annuity on the new holding in accordance with regulations made or to be made by the Minister for Finance. | ||
(3) Where a new holding is provided for a migrant in exchange for an old holding before such old holding has been vested in him, all arrears of rent or of interest on purchase money and all (if any) costs and expenses which would, under sub-section (2) of section 16 of the Land Act, 1933 , have been added to the purchase money of the old holding on the vesting thereof in a purchaser shall, in lieu of being so added, be added (unless the Land Commission otherwise orders) to the purchase money of the new holding when it is vested in such migrant. | ||
(4) Where a new holding is provided for a migrant in exchange for an old holding, all (if any) arrears of purchase annuity, interest, rent, or other annual payment charged on or payable in respect of the old holding which accrued after the first gale day in the year 1933 and were due and owing on the date of the transfer of the old holding to the Land Commission and the amount of all costs and expenses (if any) incurred by the Land Commission before the date of the said transfer in proceedings for the recovery of any such arrears shall, unless the Land Commission otherwise orders, be transferred to and charged on the new holding in exoneration of the old holding as on and from the date of the said transfer and shall be recoverable out of the new holding in like manner in all respects as if the said purchase annuity, interest, rent, or other annual payment had been payable in respect of the new holding. | ||
(5) The provisions of this section are in addition to and not in substitution for the provisions of section 46 of the Land Act, 1923 , which relate to the transfer of burdens on an exchange of holdings. | ||
(6) In this section the word “holding” includes a parcel of untenanted land. |