Subject to subsection (2), land purchase annuities shall be collected by the Department of Agriculture and paid into the Consolidated Fund of Northern Ireland.

A land purchase annuity may be extinguished by, or redeemed with the agreement of, the Department of Agriculture.

The Irish Land Purchase Fund shall be wound up and the money standing to its credit shall be paid into the Consolidated Fund of the United Kingdom.

In this section “land purchase annuities” means annuities for the repayment of advances made under any enactment relating to land purchase in Northern Ireland.