Land Act, 1923

• Jurisdiction: Ireland
• Citation: IR No. 42/1923
• Year: 1923

Number 42.
LAND ACT, 1923.
ARRANGEMENT OF SECTIONS
PART I
FINANCE
Section 1. Power to create 4½ per cent Land Bonds. 2. Advances to be made in 4½ per cent. Land Bonds. 3. Superior interests and other charges to be paid in 4½ per cent. Land Bonds. 4. Prohibition of penal interest on mortgages pending sale. 5. Costs Fund. 6. Abolition of percentage. 7. Recovery by the State of moneys paid through mistake. 8. Payment in Bonds. 9. Repayment of advances. 10. Establishment of Land Bond Fund. 11. Payments by the Land Commission. 12. Establishment of Purchase Annuities Fun. 13. Abolition of county limit on advances. 14. Redemption of Purchase Annuities in certain cases. 15. Trinity College Dublin. 16. Ireland Development Grant. 17. Power to make Rules.
PART II
LAND PURCHASE
18. Prohibition of agreements otherwise than under this Act. 19. Arrears of rent. 20. Payment in lieu of rent. 21. Recovery of compounded arrears of rent and payment in lieu of rent by Land Commission. 22. The furnishing of particulars of rentals, etc. 23. Rent and arrears of rent of sub-tenancies. 24. Vesting of lands in Land Commission on appointed day. 25. The price of land. 26. Sub-tenancies. 27. Dividends and interest on purchase money pending distribution. 28. Subsequent purchase agreements by tenants. 29. Power of Land Commission in regard to retained holdings. 30. Limitation on advances. 31. Advances for purchase of parcels of land. 32. Resale of untenanted land to owners. 33. Resale to tenants of retained holdings. 34. Vesting of rearranged holdings. 35. Resale of demesnes. 36. Power to Land commission to purchase in untenanted land. 37. Power to acquire any bog. 38. Redemption of fee farm or other rents. 39. Redemption of superior interests on purchased holdings. 40. Ascertainment of lands to be vested in Land Commission. 41. Powers of Land Commission over solicitors and agents. 42. Power to make regulations as to turbary. 43. Power to provide rights of way. 44. Preservation of embankments, etc. 45. Sporting rights, fisheries and minerals. 46. Facilities for exchange of holdings. 47. Ancient Monuments.
PART III
THE NATIONAL LAND BANK, LIMITED
48. Application of this Part of the Act. 49. Vesting in Land Commission on appointed day. 50. Information required from the Bank by Land Commission. 51. Advertisement by Land Commission of lands acquired. 52. Ascertainment of purchase price. 53. Provisions as to deposits by a Society or body of trustees. 54. Conditions of resale to the Societies. 55. Vesting of the lands in the Societies. 56. Non-application of Costs Fund.
PART IV
LOCAL REGISTRATION OF TITLE
57. Rules as to registration on exchange of holdings. 58. Power to register lands with a qualified or possessory title. 59. Power to register with a qualified or possessory title land acquired under Labourers Acts. 60. Transmission on death of land resold to an owner. 61. Registration of a nominated proprietor. 62. Power of Land commission to resell before registration of their title. 63. Death of a purchaser before vesting or registration.
PART V
GENERAL
64. Prohibition of fixing of judicial rents. 65. Prohibition of sub-division and letting. 66. Consolidation of holdings. 67. Power to nominate a representative of a purchaser. 68. Persons under disability. 69. Advances to trustees for the purpose of tillage. 70. Appointed day. 71. Certain provisions of previous enactments to cease to have effect. 72. Powers of the Board of Works to apportion annuities. 73. Definitions. 74. Power to Executive Council to adapt enactments. 75. Removal of difficulties. 76. Power to make rules. 77. Provision of moneys for carrying this Act into effect. 78. Repeals. 79. Short Title and Construction.
FIRST SCHEDULE.
Standard purchase annuity.
SECOND SCHEDULE.
Repeals.
Number 42.
LAND ACT, 1923.
AN ACT TO AMEND THE LAW RELATING TO THE OCCUPATION AND OWNERSHIP OF LAND AND FOR OTHER PURPOSES RELATING THERETO. [9th August. 1923.]
BE IT ENACTED BY THE OIREACHTAS OF SAORSTAT EIREANN AS FOLLOWS:—
PART I.—FINANCE.
	Power to create 4½ per cent. Land Bonds.	1.—(1) In order to provide for the payment of the sums which under this Act are to be paid in Bonds the Minister for Finance shall have power to create and issue, when and as required for the purpose, Bonds to be called 4½ per cent. Land Bonds, of such denominations (not in any case less than one pound) as the Minister may determine.
	(2) The Bonds shall bear interest at the rate of four and one-half per cent. per annum on the nominal amount thereof payable in equal half-yearly instalments at such times in each year as may be fixed by the Regulations under which they are issued.
	(3) The Bonds shall be redeemable at par together with the payment of all arrears of interest, and the Minister for Finance shall make arrangements for the redemption thereof by means of periodical drawings, and may make regulations for the drawing of such Bonds. Such regulations shall provide for the immediate redemption of Bonds transferred by order of the Judicial Commissioner in satisfaction of Death Duties, or in redemption of land purchase annuities charged on the lands acquired by the Land Commission under this Act:
	Provided that any Bonds may at any time after the expiration of thirty years from the issue thereof, if not previously redeemed, be redeemed at par at such time and either by drawings or otherwise as the Minister for Finance may direct.
	(4) The interest on the Land Bonds and the sums required for redemption of Land Bonds in accordance with the foregoing provisions shall be paid out of the Land Bond Fund established under this Act, and if the same shall be insufficient shall be charged upon and paid out of the Central Fund of Saorstát Eireann or the growing produce thereof as a first charge thereon after any charges created before the passing of this Act. Any sums so paid out of the Central Fund shall be treated as a temporary advance to the Land Bond Fund, and shall be made good out of the Guarantee Fund.
	(5) For the purpose of redemption of the Bonds there shall be set aside in the Land Bond Fund at the close of each half-year the amount of the interest and payments in respect of Sinking Fund payable by the Land Commission, in accordance with the provisions hereinafter contained, together with any sums paid by tenant purchasers in redemption of purchase annuities payable under this Act, and any sums paid in cash by a purchaser on the sale to him by the Land Commission of any land vested in them under this Act, subject to the following deductions:—
	(a) the amount of the interest on the Bonds so issued, and for the time being outstanding;
	(b) the amount, if any, required for the payment off of any bonds which under this Act have been transferred by order of the Judicial Commissioner, in satisfaction of death duties or in redemption of land purchase annuities.
	Advances to be made in 4½ per cent. Land Bonds.	2.—(1) Notwithstanding anything in any other enactment the purchase money to be paid by the Land Commission to vendors in pursuance of subsequent purchase agreements as hereinafter defined shall be paid by means of an issue of 4½ per cent. Land Bonds equal in nominal amount to the Purchase Money and carrying interest as from the date on which the land purchased is vested in the Land Commission.
	(2) Land Bonds issued in pursuance of this section shall, as between the vendor and the Land Commission, 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 subsequent purchase agreement, notwithstanding that the purchase money is to be paid in Bonds, in pursuance of this section, instead of cash.
	Superior interests and other charges to be paid in 4½ per cent. Land Bonds.	3.—The redemption price of all superior and intervening interests, incumbrances and other claims attaching to purchase money paid by means of 4½ per cent. Land Bonds or payable out of such interests, incumbrances and claims, together with all arrears of and interest on such interests, incumbrances and claims and the vendor's costs of sale and the costs of making title to such interests, incumbrances and claims, so far as the same are payable out of the purchase money, shall be paid and discharged by transferring to the person entitled thereto, out of the Land Bonds representing the purchase money, Land Bonds of equal nominal value, and such payment shall be deemed to be satisfaction to the extent of the nominal amount of the Land Bonds so transferred.
	In fixing the redemption price of superior interests the Judicial Commissioner shall have regard to the price received by the vendor for the lands out of which such superior interests issue.
	Prohibition of penal interest on mortgages pending sale.	4.—Where the instrument creating any mortgage, charge or incumbrance payable out of or charged upon the purchase money of lands taken under the Act provides that interest shall be accepted at a reduced...