Land Act, 1923

Costs Fund.

5.—(1) For the purpose of recouping vendors in whole or in part for the costs of sale including costs of owners of superior and intervening interests, incumbrancers and other claimants against the purchase money advanced under this Act there shall be established a Costs Fund amounting to 2 per cent. on the total purchase moneys advanced under this Act.

This Fund shall be raised by the Minister for Finance by the issue of 4½ per cent. Land Bonds as and when required, the interest on the Bonds to be from time to time invested in 4½ per cent. Land Bonds and added to the Costs Fund.

(2) There shall be payable to the vendor out of the Costs Fund such sum in 4½ per cent. Land Bonds as the Judicial Commissioner shall certify to be reasonable having regard to the amount of work done in connection with the sale and the manner in which it has been done:

Provided that no payment shall be made under this section until all the lands of a vendor to be acquired or vested on the appointed day under this Act shall have been vested, unless and to the extent that the Judicial Commissioner shall direct.