Land Act, 1936
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Drawings for the redemption of land bonds. |
4.—(1) Regulations made by the Minister for Finance under the Land Bond Act, 1933 (No. 33 of 1933), for the purposes of sub-section (4) of section 4 of that Act, and any order or regulations made by the said Minister under the Land Bond Act, 1934 (No. 11 of 1934), for the purposes of sub-section (2) of section 7 of that Act may provide for both or either of the following things, that is to say:— | |
(a) that no drawings for the redemption of the land bonds or series of land bonds to which such regulations or order relate shall take place before the expiration of two years from the date of the first issue of such land bonds or series of land bonds or until, on some 1st day of May or 1st day of November, not less than eighty per cent. of the nominal amount of such of the said land bonds or series of land bonds as shall have been issued before such day are registered in the books of the National City Bank, | ||
(b) that, for the purposes of any drawing for the redemption of such land bonds or series of land bonds, land bonds of the denomination of ten pounds may be grouped in units of one hundred pounds, and land bonds of the denomination of one pound may be grouped in similar units of one hundred pounds. | ||
(2) All sums set aside in the land bond fund in pursuance of section 5 of the Land Bond Act, 1933 (No. 33 of 1933), or of an order made under section 4 of the Land Bond Act, 1934 (No. 11 of 1934), and not immediately required for the redemption of land bonds may be invested by the Minister for Finance, if he so thinks fit, in the purchase of any stock, fund, or security in which trustees are authorised by section 18 of the Adaptation of Enactments Act, 1922 (No. 2 of 1922), to invest trust funds or in the purchase of any stock, shares, or security the principal of and interest on which are guaranteed under statutory authority by the Government of Saorstát Eireann, and if and whenever any sum so set aside is so invested the following provisions shall have effect, that is to say:— | ||
(a) it shall be lawful for the Minister for Finance, as and when he so thinks proper, to sell any such investment; | ||
(b) the net proceeds of the sale of any such investment shall be paid into the land bond fund; | ||
(c) all interest or dividend received by the Minister for Finance on or in respect of any such investment shall be paid into the land bond fund; | ||
(d) all moneys paid into the land bond fund under this section in respect of any investment shall be available for any purpose for which the moneys used for the purchase of such investment would have been available. |