S.I. No. 201/1944 - Land (Finance) Rules, 1944.
STATUTORY RULES AND ORDERS. 1944. No. 201. | ||
LAND (FINANCE) RULES, 1944. | ||
RULES | ||
ENTITLED | ||
The Minister for Finance, in exercise of the powers conferred on him by the Land Act, 1939 (No. 26 of 1939), and of every and any other power him in this behalf enabling, hereby makes the following rules and regulations— | ||
|
1 Short Title. | 1. This instrument may be cited as the Land (Finance) Rules, 1944. | |
|
2 Definitions. | 2. In this instrument— | |
the expression " the Act " means the Land Act, 1939 (No. 26 of 1939) ; | ||
the expression " the Rules of 1934 " means the Land (Finance) Rules, 1934 ( S. R. & O. No. 25 of 1934 ). | ||
|
3 Charging orders undersection, 30 of the Act. | 3. Where— | |
(i) the Land Commission have sanctioned the expenditure of money for the benefit or improvement of any lands (in this Rule referred to as the improved lands) and have, in their discretion, considered that the said money should be actually expended on works on other lands (in this Rule referred to as the collateral lands) and | ||
(ii) the Land Commission have determined that a sum (in this Rule referred to as the sum repayable in respect of the improvements), being the whole or part of the said money, should be repaid by means of an annuity (in this Rule referred to as the improvement annuitity) payable out of the improved lands, and | ||
(iii) the Land Commission, in pursuance of paragraph (b) of sub-section (3) of section 30 of the Act, make an order (in this Rule referred to as the charging order) charging the collateral lands with repayment of the advance made for the purchase of the improved lands and of the sum repayable in respect of the improvements, | ||
the following provisions shall have effect— | ||
(1) the charging order shall provide that— | ||
(a) a portion (equivalent to the advance for the purchase of the improved lands) of the money thereby charged shall be made repayable, with interest at the rate hereinafter mentioned, by means of an annuity (in this Rule referred to as the collateral (purchase) annuity) which shall beidentical with the purchase annuity (in this Rule referred to as the purchase annuity) for the repayment of the said advance, credit being given subsequently for payments, made prior to the date of the charging order, which are required by the Land Purchase Acts to be treated as if they had been payments in respect of the purchase annuity, and | ||
(b) a portion (equivalent to the sum repayable in respect of improvements) of the money thereby charged shall be made repayable, with interest at the rate hereinafter mentioned, by means of an annuity (in this Rule referred to as the collateral (improvement) annuity) which shall be identical with the improvement annuity ; | ||
(2) (a) the rate of interest on the portion (mentioned in sub-paragraph (a) of paragraph (1) of this Rule) of the money charged by the charging order shall be such that the interest on the said portion shall be the same proportion of the collateral (purchase) annuity as the proportion which the interest on the advance for the purchase of the improved lands is of the purchase annuity ; | ||
(b) the rate of interest on the portion (mentioned in sub-paragraph (b) of paragraph (1) of this Rule) of the money charged by the charging order shall be such that the interest on the said portion shall be the same proportion of the collateral (improvement) annuity as the proportion which the interest on the sum repayable in respect of the improvements is of the improvement annuity ; | ||
(3) (a) the collateral (purchase) annuity shall be payable by equal half-yearly instalments to be paid on the same gale days as those on which the purchase annuity is paid and shall commence on whichever of the said gale days first occurs after the date of the charging order ; | ||
(b) the collateral (improvement) annuity shall be payable by equal half-yearly instalments to be paid on the same gale days as those on which, in accordance with paragraph (4) of Rule 10, of the Rules of 1934, the improvement annuity is paid, and shall commence on whichever of the said gale days first occurs after the date of the charging order. | ||
(4) The charging order shall provide that, until the collateral (purchase) annuity and the collateral (improvement) annuity are consolidated,— | ||
(a) every payment of an instalment of the purchase annuity or the collateral (purchase) annuity shall be accepted by the Land Commission as being also a payment and discharge of the corresponding instalment of the other of the said annuities and every payment in redemption or partial redemption of either of the said annuities shall be accepted by the Land Commission and shall operate as a redemption or partial redemption (as the case may be) of the other of the said annuities, and | ||
(b) every payment of an instalment of the improvement annuity or the collateral (improvement) annuity shall be accepted by the Land Commission as being also a payment and discharge of the corresponding instalment of the other of the said annuities and every payment in redemption or partial redemption of either of the said annuities shall be accepted by the Land Commission as a redemption or partial redemption (as the case may be) of the other of the said annuities ; | ||
(5) the charging order shall provide that, as from the consolidation of the collateral (purchase) annuity and the collateral (improvement) annuity, every payment of an instalment of either the consolidated annuity consisting of the collateral (purchase) annuity and the collateral (improvement) annuity or the consolidated annuity consisting of the purchase annuity and the improvement annuity shall be accepted by the Land Commission as being also a payment and discharge of the corresponding instalment of the other of the said consolidated annuities, and every payment in redemption or partial redemption of either of the said consolidated annuities shall be accepted by the Land Commission and shall operate as a redemption or partial redemption (as the case may be) of the other of the said consolidated annuities ; | ||
(6) the charging order shall provide that, if the title of the improved lands and the title of the collateral lands cease to be vested in the same person while the collateral (purchase) annuity and the collateral (improvement) annuity are payable, so much of the moneys, charged by the charging order on the collateral lands and remaining unpaid, as the Land Commission require to be paid, shall forthwith become payable with interest at the rate provided by the charging order and that, upon payment of the whole of the said moneys unpaid at the time of such divesting, with the said interest thereon, the collateral (purchase) annuity, the collateral (improvement) annuity, the purchase annuity and the improvement annuity shall all cease to be payable ; | ||
(7) the collateral (purchase) annuity and the collateral (improvement) annuity shall be consolidated in like manner and subject to the same provisions as the consolidated annuity consisting of the purchase annuity and the improvement annuity ; | ||
(8) if the purchase annuity is revised under Part III, of the Land Act, 1933 (No. 38 of 1933), the collateral (purchase) annuity shall be revised in like manner ; | ||
(9) if the improvement annuity is revised under Part III of the Land Act, 1933 , the collateral (improvement) annuity shall be revised in like manner. | ||
|
4 Provisions applicable to advances made under section 43 of the Act. | 4.—(1) Where the Land Commission sell a holding or a parcel of land which is subject to a purchase annuity or to an annual sum equivalent to a purchase annuity and of which the Land Commission have obtained or taken up possession or which was transferred to theLand Commission by section 7 of the Land Law (Commission) Act, 1923 (No. 27 of 1923), or where the Land Commission sell a part of any such holding or parcel as aforesaid, and the Land Commission, in pursuance of section 43 of the Act, make an advance to the purchaser of such holding, parcel or part of a holding or parcel (as the case may be) at such sale, every such sum as shall be advanced as aforesaid shall, so far as the same shall extend, be disposed of by the Land Commission, | |
(a) firstly, in recoupment of all sums which have, before such sale, been paid by the Land Commission or which the Land Commission thereafter shall pay on foot of rates in respect of the said holding or parcel the whole or part of which is so sold as aforesaid, | ||
(b) secondly, in payment of all costs and expenses incurred by the Land Commission in relation to such holding or parcel ; | ||
(c) thirdly, in repayment to the Guarantee Fund of payments made therefrom by way of advance to the Purchase Annuities Fund, Local Loans Fund, or the Land Bond Fund (as the case may be) in respect of arrears of the annuity or annual sum charged on such holding or parcel ; | ||
and the balance shall be applied as an Appropriation in Aid of the Vote from which the expenses of the Land Commission are defrayed. | ||
(2) Every advance made in pursuance of section 43 of the Act shall be repaid by means of a purchase annuity (in this Rule referred to as a section 43 annuity) calculated at the rate of 4¾% on the amount thereof, and the sinking fund element in the annuity shall be determined by the date on which the said annuity is set up and shall be the same as if it were derived from an annuity arising out of an advance, agreed or fixed at such date, for the purchase of lands. | ||
(3) Every section 43 annuity shall be consolidated with the purchase annuity or the apportioned part respectively of the purchase annuity to which the holding, parcel, or part of such holding or parcel to which such advance relates is or will become subject, and the provisions of Rule 31 of the Land (Finance) Rules, 1925, as amended by Rule 4 of the Land (Finance) Rules, 1933, ( S. R. & O. No. 136 of 1933 ), shall apply to the section 43 annuity and the said purchase annuity or the apportioned part thereof (as the case may be) so consolidated in like manner as those provisions apply to the purchase annuities mentioned in the said Rule 31 as so amended. | ||
(4) Every section 43 annuity or such part of every consolidated purchase annuity as is attributable to an advance made under section 43 of the Act shall be deemed to be an excess annuity for the purposes of the Land Commission (Excess Annuities) Regulations, 1930, and the said Regulations shall be construed and have effect accordingly. | ||
(5) Every sum paid for the redemption of a consolidated purchase annuity shall, so far as the same shall extend, be applied— | ||
(a) firstly, in the redemption of such part of such consolidated purchase annuity as represents a funding annuity ; | ||
(b) secondly, in the redemption of such part of such consolidated purchase annuity as is attributable to the advance made under section 43 of the Act ; | ||
(c) thirdly, in the redemption of such part of such consolidated purchase annuity as is attributable to an advance made for the improvement of the lands, and | ||
(d) lastly, in the redemption of such part of such consolidated purchase annuity as is attributable to the original advance made for the purchase of the lands. | ||
(6) Moneys applied in the redemption of a section 43 annuity or such part of a consolidated purchase annuity as is attributable to an advance made under section 43 of the Act shall be brought to credit as Appropriations in Aid of the Vote from which the expenses of the Land Commission are defrayed. | ||
(7) Every sum required for the making of an advance under section 43 of the Act shall, to the extent that may be approved of by the Minister for Finance, be paid out of the Vote from which the expenses of the Land Commission are defrayed, in the case of a vested holding not earlier than the date of the relevant Deed of Transfer, and in the case of a holding or parcel subject to an annual sum, not earlier than on the gale day following the date of the purchase agreement in which the additional advance is applied for. | ||
GIVEN under the Official Seal of the Minister for Finance, this 6th day of June, 1944. | ||
J. J. McELLIGOTT, | ||
Secretary. |