(1)In the case of advances made in pursuance of purchase agreements entered into or deemed to be entered into after the passing of this Act (in this Act referred to as new purchase agreements):—
(a)Four pounds fifteen shillings shall be substituted for three pounds five shillings as the rate of the purchase annuity under section forty-five of the [3 Edw. 7. c. 37.] Irish Land Act, 1903 (in this Act referred to as the Act of 1903) :
(b)The rate of interest to be paid by the Land Purchase Commission, Northern Ireland (in this Act referred to as the Commission) to the National Debt Commissioners under section thirty-six of the Act of 1903, shall be four-and-a-half per cent. per annum instead of two-and-three-quarters per cent. per annum :
(c)Four-and-a-half per cent. per annum shall be substituted for three-and-a-half per cent. per annum as the rate of interest under subsection (2) of section eighteen and section twenty-four of the Act of 1903 :
(d)Five shillings per cent. per annum shall be substituted for ten shillings per cent. per annum in sections thirty-six and forty-seven of the Act of 1903, as the rate of sinking fund payments :
Provided that purchase agreements entered into after the passing of this Act on the resale by the Commission of land purchased or agreed to be purchased by them before the passing of this Act shall be treated for the purposes of this Part of this Act as purchase agreements entered into before the passing of this Act, and not as new purchase agreements.
(2)The National Debt Commissioners shall in accounts kept by them of the Irish Land Purchase Fund distinguish between advances made in pursuance of purchase agreements entered into before the passing of this Act and of new purchase agreements.
(1)The power of the Treasury to create stock for the purpose of raising money required for the Irish Land Purchase Fund (including the Land Purchase Aid Fund) shall include power to create and issue bonds to be called guaranteed four-and-a-half per cent. bonds of such denominations, not in any case less than five pounds, as the Treasury may determine, and redeemable in manner hereinafter provided.
(2)Interest on the bonds at the rate of four-and-a-half per cent. per annum shall be payable half yearly or quarterly on such days in each year as may be fixed by the warrant authorising the creation of the bonds, and the provisions of the Act of 1903 relating to stock (other than provisions as to the redemption of stock) shall, so far as they are applicable to bonds, and are not inconsistent with other provisions of this Act, apply to guaranteed four-and-a-half per cent. bonds created under this Act as they apply to the guaranteed two-and-three-quarters per cent. stock created under that Act with the substitution of interest at the rate of four-and-a-half per cent. for dividends at the rate of two-and-three- quarters per cent.
(3)The bonds shall be redeemable by means of periodical drawings, and the Treasury may make arrangements for the redemption thereof at par, and may make regulations for the drawing of such bonds, and for that purpose there shall be set aside yearly in the Irish Land Purchase Fund and applied by the National Debt Commissioners for the redemption of bonds drawn for payment, a sum ascertained in accordance with the First Schedule to this Act: Provided that any such bonds may, after the expiration of thirty years from the passing of this Act, if not previously redeemed, be redeemed at par at such times and in such manner as the Treasury may direct.
(4)The definition of Government stock in subsection (2) of section five of the [56 & 57 Vict. c. 69.] Savings Banks Act, 1893, shall be read as if bonds issued under this section were included in the First Schedule to the said Savings Banks Act, 1893.
(1)Notwithstanding anything in section twenty-seven of the Act of 1903 the advances made in pursuance of new purchase agreements shall be made by means of an issue of guaranteed four-and-a-half per cent. bonds equal in nominal amount to the sum to be advanced: Provided that where the total amount to be advanced at any one time in respect of holdings or untenanted land the property of the same vendor is not five pounds or a multiple of five pounds such part of the total amount so advanced as represents a fraction of five pounds shall be paid in money.
(2)The last preceding subsection shall, notwithstanding anything in the [9 Edw. 7. c. 42.] Irish Land Act, 1909 (in this Act referred to as the Act of 1909), apply to advances made for the purpose of purchases in pursuance of final offers sent under section forty-three of the Act of 1909 after the passing of this Act.
(3)Bonds issued in pursuance of this section as the equivalent of an advance shall, as between the vendor and the purchaser, be accepted by the vendor as the equivalent of the corresponding amount of purchase money, and any person having power to sell under the Land Purchase Acts, although he is not an absolute owner, may enter into a new purchase agreement, notwithstanding that the purchase money is to be paid in bonds in pursuance of this section instead of in cash.
(4)Where an advance is made by means of the issue of guaranteed four-and-a-half per cent. bonds, the sum to be paid for the redemption of the whole or part of the purchase annuity payable in respect of the advance shall be the difference between the sinking fund deemed to have been accumulated in respect of the advance and the amount of the advance (with interest thereon to date) or the requisite proportion of that difference as the case requires, and such sum shall be determined in accordance with rules made by the Treasury. Any sums so paid shall be paid by the Commission into the Land Purchase Fund and shall be applied in accordance with the First Schedule to this Act.
The percentage payable under section forty-eight of the Act of 1903 (in this Act referred to as the bonus), shall, in respect of new purchase agreements, be calculated in the manner and at the rates specified in the Second Schedule to this Act.
The liability of the Commission to make the annual payments mentioned in section thirty-six of the Act of 1903 in respect of advances for purposes in Northern Ireland shall cease to the extent to which the annual sum payable to the Land Purchase Fund in pursuance of subsection (2) of section twenty-six of the [10 & 11 Geo. 5. c. 67.] Government of Ireland Act, 1920, represents purchase annuities payable in respect of such advances, and the residue of such payments including payments in respect of losses, if any, on re-sales, shall, if and so far as the receipts of the Commission are insufficient, be discharged as part of the expenses of the Commission.
Any moneys, bonds, stocks, or securities paid or distributed by the Commission to the wrong person, through a mistake of law or fact, shall be recoverable by the Commission as if they were debts due to the Crown.
The power of making rules conferred on the Treasury by the Land Purchase Acts shall extend to the making of rules for carrying the financial provisions of this Act into effect, and for adapting to the requirements of this Act such provisions of the Land Purchase Acts or any other enactment passed prior to this Act as relate to land purchase finance.