Land Act, 1936

Redemption of funding annuities on resumed holdings.

5.—(1) Whenever the Land Commission resumes a holding on which a funding annuity is charged, such funding annuity shall be redeemed out of the resumption price of such holding by the sale of sufficient of the land bonds representing such resumption price to pay the redemption price of such funding annuity.

(2) Whenever a funding annuity is redeemed in pursuance of this section, the redemption price thereof shall be ascertained in accordance with section 22 of the Land Act, 1933 .