Land Act, 1927

Power to the Land Commission to purchase and resell lands in certain cases.

42.—(1) Where lands have been at any time within ten years before the passing of this Act purchased by or for the use of tenants or owners of uneconomic holdings, landless men or other suitable persons and the Land Commission consider that the purchase and resale of the lands is desirable in view of the wants and circumstances of the persons by or for whose benefit the lands had been purchased and are of opinion that undertakings can be obtained from such persons or others to purchase the lands at prices and on terms and conditions approved of by them, then the Land Commission may purchase the lands for a price payable in 4½ per cent. Land Bonds, which in any case shall not, without their consent in writing, be less than the amount, if any, remaining due and payable to the persons mentioned in sub-section (2) of this section in respect of any principal sum or sums of money which may have been lent or secured by them, together with all interest which shall have accrued thereon since the date of the loan, or, subject as aforesaid, to be agreed on with the consent of the Minister for Finance notwithstanding that such price cannot be recovered on the resale of the lands, and may resell the whole or any portion of the lands to such persons as if they were persons to whom advances might be made for the purchase of a parcel of land under the Land Act, 1923 .

(2) The purchase money arising from any such purchase by the Land Commission shall be distributed by the Judicial Commissioner in such manner as the justice of the case may require, having regard to the claims of all persons who may have lent or secured the loan of money, or any part thereof paid or agreed to be paid when the lands were purchased by or for the use of any such persons as aforesaid, and all such claims whether they were previously charged on the lands or not shall be payable in Land Bonds of equal nominal value as if they were claims attaching to the purchase money of lands sold under the Land Purchase Acts and the provisions of section 4 of the Land Bond Act, 1925 , shall apply accordingly.

(3) The provisions of section 14 of the Land Act, 1923 , shall apply, where necessary, to a purchase under this section.

(4) From the date of the purchase of the lands by the Land Commission interest at the rate of 4½ per cent. per annum and sinking fund at the rate of one-quarter of one per cent. per annum upon so much of the purchase money as the Land Commission shall certify each half year represents the difference between the total amount of the advance made for the purchase of the lands and the total prices paid or agreed to be paid by purchasers of the lands from the Land Commission shall, subject to the approval of the Minister for Finance, be paid to the Land Commission out of moneys to be provided by the Oireachtas.