PART III.

Arrears and Revision of Purchase Annuities, Rents, and other Annual Payments.

12. —(1) The following provisions shall have effect in relation to proceedings by the Land Commission for the recovery of arrears of any purchase annuity to which this section applies which accrued due on or before the first gale day in the year 1933, that is to say:—

(a) no such proceeding shall be begun after the passing of this Act;

(b) any judgment or decree for the payment of any such, arrears obtained in any such proceeding but not executed before the passing of this Act shall, immediately upon such passing, become and be void and unenforceable;

(c) no such proceeding which was begun before and is pending at the passing of this Act shall be further prosecuted or proceeded with by the Land Commission after such passing unless a defence was filed or entered in such proceeding before such passing.

(2) As soon as may be after the passing of this Act, the Land Commission shall ascertain the amount of the arrears of every purchase annuity to which this section applies which were due and owing on the 31st day of July, 1933, and the amount of the costs and expenses (if any) incurred by the Land Commission before the passing of this Act in proceedings (if any) commenced before the 1st day of October, 1932, for the recovery of such arrears, and immediately upon such ascertainment—

(a) where the amount so ascertained of such arrears does not exceed the aggregate amount of such purchase annuity payable during the three years ending on the first gale day in the year 1933, such arrears together with the amount so ascertained of the said costs and expenses shall (if not otherwise paid before the passing of this Act) be payable by means of a funding annuity and not otherwise; and

(b) in every other case, the amount so ascertained of the said costs and expenses together with so much of such arrears as is equal to the said aggregate amount shall (if not otherwise paid before the passing of this Act) be payable by means of a funding annuity and the residue of such arrears shall not be payable.

(3) The amount payable by the purchaser in respect of any instalment accruing after the first gale day in the year 1933 of any purchase annuity to which this section applies shall—

(a) in the case of a purchase annuity payable by an allottee in respect of a parcel of land purchased under the Irish Land (Provision for Sailors and Soldiers) Act, 1919, or under the Land Act, 1923 , or any Act amending or extending that Act, be 45 per cent. and no more of the full amount of such instalment; and

(b) in every other case, be 50 per cent. and no more of the full amount of such instalment.

This sub-section shall apply to a purchase annuity notwithstanding that the holding in respect of which such annuity is payable was sold at an enhanced price owing to expenditure by the Land Commission on improvements.

(4) Where, in the case of a purchase annuity to which this section applies, arrears of rent or of interest on purchase money or of interest in lieu of rent or of payment in lieu of rent were due and owing on the 31st day of July, 1933, in respect of the holding in respect of which such purchase annuity is payable, the said arrears of rent, interest on purchase money, interest in lieu of rent or payment in lieu of rent (as the case may be) shall be deemed for the purpose of this section to be arrears of the said purchase annuity and this section shall apply thereto accordingly.

(5) This section (save as otherwise expressly provided therein) applies to every purchase annuity subsisting at the passing of this Act and payable in respect of a holding purchased under the Land Purchase Acts, including holdings for the purchase of which advances were made on the sale of lands bought by the Congested Districts Board out of the funds at its disposal.

(6) This section also applies to the following sums and moneys as if they were purchase annuities, and the expression “purchase annuities” shall for the purposes of this section be construed as including the said following sums and moneys, that is to say:—

(a) annual sums and additional sums payable by purchasers of holdings for the purchase of which agreements for purchase are deemed to have been entered into under the Land Purchase Acts; and

(b) annual sums and additional sums payable by tenants of retained holdings for the purchase of which agreements for purchase are not deemed to have been entered into; and

(c) annual sums and additional sums and arrears of rents or of interest on purchase money payable by purchasers of holdings comprised in a list of congested districts holdings published in pursuance of section 23 of the Land Act, 1931 , or in a list of holdings on untenanted land published in pursuance of section 24 of that Act.

13. —(1) The following provisions shall have effect in relation to proceedings by the Commissioners of Public Works in Ireland for the recovery of any arrears of a purchase annuity to which this section applies which accrued due on or before the first gale day in the year 1933, that is to say:—

(a) no such proceedings shall be begun after the passing of this Act;

(b) any judgment or decree for the payment of any such arrears obtained in any such proceeding but not executed before the passing of this Act shall, immediately upon such passing, become and be void and unenforceable;

(c) no such proceceding which was begun before and is pending at the passing of this Act shall be further prosecuted or proceeded with by the said Commissioners after such passing unless a defence was filed or entered in such proceceding before such passing.

(2) As soon as may be after the passing of this Act, the Commissioners of Public Works in Ireland shall ascertain the amount of the arrears of every purchase annuity to which this section applies which were due and owing on the 31st day of July, 1933, and the amount of the costs and expenses (if any) incurred by the said Commissioners before the passing of this Act in proceedings (if any) commenced before the 1st day of October, 1932, for the recovery of such arrears, and immediately upon such ascertainment—

(a) where the amount so ascertained of such arrears does not exceed three times the yearly amount of such purchase annuity, such arrears together with the amount so ascertained of the said costs and expenses shall (if not otherwise paid before the passing of this Act) be payable by means of a funding annuity and not otherwise; and

(b) in every other case, the amount so ascertained of the said costs and expenses together with so much of such arrears as is equal to three times the yearly amount of such purchase annuity shall (if not otherwise paid before the passing of this Act) be payable by means of a funding annuity and not otherwise and the residue of such arrears shall not be payable

(3) The amount payable by the purchaser in respect of any instalment accruing after the first gale day in the year 1933 of any purchase annuity to which this section applies shall be 50 per cent. and no more of the full amount of such instalment.

(4) This section applies to purchase annuities payable in respect of holdings purchased under Parts II and III of the Landlord and Tenant (Ireland) Act, 1870.

14. —(1) The following provisions shall have effect in relation to the proceedings by the Land Commission for the recovery of any interest in lieu of rent which accrued due on or before the first gale day in the year 1933, that is to say:—

(a) no such proceedings shall be begun after the passing of this Act;

(b) any judgment or decree for the payment of any such interest obtained in any such proceeding but not executed before the passing of this Act shall, immediately upon such passing, become and be void and unenforceable;

(c) no such proceeding which was begun before and is pending at the passing of this Act shall be further prosecuted or proceeded with by the Land Commission after such passing unless a defence was filed or entered in such proceeding before such passing.

(2) As soon as may be after the passing of this Act, the Land Commission shall ascertain the amount of the arrears of interest in lieu of rent which were due and owing on the 31st day of July, 1933, by each purchasing tenant liable to pay such interest, and the amount of the costs and expenses (if, any) incurred by the Land Commission before the passing of this Act in proceedings (if any) commenced before the 1st day of October, 1932, for the recovery of such arrears, and immediately upon such ascertainment—

(a) where the amount so ascertained of such arrears does not exceed three times the yearly amount of such interest in lieu of rent, such arrears and the amount so ascertained of the said costs and expenses together with interest at the rate of four and one-half per cent. per annum on the said arrears, costs, and expenses from the first gale day in the year, 1933 shall (if such arrears, costs, and expenses are not otherwise paid before the passing of this Act) be added to the purchase money of the holding when it is vested in the purchaser; and

(b) in every other case, the amount so ascertained of the said costs and expenses and so much of such arrears as is equal to three times the yearly amount of such interest in lieu of rent together with interest at the rate of four and one-half per cent. per annum on the said costs and expenses and so much as aforesaid of the said arrears from the first gale day in the year 1933 shall (if the said costs and expenses and so much as aforesaid of the said arrears are not otherwise paid before the passing of this Act) be added to the purchase money of the holding when it is vested in the purchaser, and the residue of the said arrears shall not be payable.

(3) The amount payable by any purchasing tenant in respect of any gale of interest in lieu of rent accruing after the first gale day in the year 1933 shall be 50 per cent. and no more of the full amount of such gale.

(4) The Land Commission shall, at such times and in such manner as the Minister for Finance shall direct, pay to the several persons entitled thereto the following sums in so far as they shall not have been otherwise paid to such persons, that is tο say:—

(a) all arrears of interest in lieu of rent proceedings for the recovery of which are prevented by this section from being commenced or from being further prosecuted or proceeded with or a judgment or decree for the payment of which is by this section rendered void; and

(b) a sum equal to the amount paid by each tenant purchaser in respect of each gale of interest in lieu of rent accruing after the first gale day in the year 1933.

15. —(1) The following provisions shall have effect in relation to proceedings by the Land Commission for the recovery of any payment in lieu of rent which accrued due on or before the first gale day in the year 1933, that is to say:—

(a) no such proceeding shall be begun after the passing of this Act;

(b) any judgment or decree for the payment of any such payment in lieu of rent obtained in any such proceeding but not executed before the passing of this Act shall, immediately upon such passing, become and be void and unenforceable;

(c) no such proceeding which was begun before and is pending at the passing of this Act shall be further prosecuted or proceeded with by the Land Commission after such passing unless a defence was filed or entered therein before such passing.

(2) As soon as may be after the passing of this Act, the Land Commission shall ascertain the amount of the arrears of payment in lieu of rent which were due and owing on the 31st day of July, 1933, by each purchasing tenant liable to pay such payment in lieu of rent, and the amount of the costs and expenses (if any) incurred by the Land Commission before the passing of this Act in proceedings (if any) commenced before the 1st day of October, 1932, for the recovery of such arrears, and immediately upon such ascertainment—

(a) where the amount so ascertained of such arrears does not exceed three times the yearly amount of such payment in lieu of rent, then, if and when the holding is vested in the Land Commission, such arrears together with the amount so ascertained of the said costs and expenses shall (if not otherwise paid before the passing of this Act) be payable by means of a funding annuity and not otherwise; and

(b) in every other case, if and when the holding is vested in the Land Commission, the amount so ascertained of the said costs and expenses together with so much of such arrears as is equal to three times the yearly; amount of such payment in lieu of rent shall (if not otherwise paid before the passing of this Act) be payable by means of a funding annuity and not otherwise and the residue of such arrears shall not be payable.

(3) The amount payable by any purchasing tenant in respect of any gale of payment in lieu of rent accruing after the first gale day in the year 1933 shall be 50 per cent. and no more of the full amount of such gale without prejudice to the payments directed to be made by the Land Commission under sub-section (4) of section 20 of the Land Act, 1923 .

(4) This section does not apply to arrears of payment in lieu of rent payable in respect of a holding which was vested in the purchaser before the 31st day of July, 1933.

16. —(1) The following provisions shall have effect in relation to proceedings by the Land Commission for the recovery of any arrears of any rent or interest on purchase money to which this section applies which accrued due on or before the first gale day in the year 1933, that is to say:—

(a) no such proceedings shall be begun after the passing of this Act;

(b) any judgment or decree for the payment of any such arrears obtained in any such proceeding but not executed before the passing of this Act shall, immediately upon such passing, become and be void and unenforceable;

(c) no such proceeding which was begun before and is pending at the passing of this Act shall be further prosecuted or proceeded with by the Land Commission after such passing unless a defence was filed or entered in such proceeding before such passing.

(2) As soon as may be after the passing of this Act, the Land Commission shall ascertain the amount of the arrears of rent or interest on purchase money to which this section applies which were due and owing on the 31st day of July, 1933, by every tenant or allottee by whom any such rent or interest is payable, and the amount of the costs and expenses (if any) incurred by the Land Commission before the passing of this Act in proceedings (if any) commenced before the 1st day of October, 1932, for the recovery of such arrears, and immediately upon such ascertainment—

(a) where the amount so ascertained of such arrears does not exceed three times the yearly amount of such rent or interest (as the case may be), such arrears and the amount so ascertained of the said costs and expenses together with interest at the rate of four and one-half per cent. per annum on the said arrears, costs and expenses from the first gale day in the year 1933 shall (if such arrears, costs and expenses are not otherwise paid before the passing of this Act) be added to the purchase money of the holding or parcel when it is vested in the purchaser; and

(b) in every other case, the amount so ascertained of the said costs and expenses and so much of such arrears as is equal to three times the yearly amount of such rent or interest (as the case may be) together with interest at the rate of four and one-half per cent. per annum on the said costs and expenses and so much as aforesaid of the said arrears from the first gale day in the year 1933 shall (if not otherwise paid before the passing of this Act) be added to the purchase money of the holding or parcel when it is vested in the purchaser, and the residue of the said arrears shall not be payable.

(3) The amount payable by the tenant or allottee in respect of any gale accruing after the first gale day in the year 1933 of any rent or interest on purchase money to which this section applies shall—

(a) in the case of interest payable by an allottee in respect of a parcel of land which was purchased under the Irish Land (Provision for Sailors and Soldiers) Act, 1919, or was, on the 28th day of June, 1933, vested in the Land Commission under the Land Act, 1923 , or any Act amending or extending that Act, be 45 per cent. and no more of the full amount of such gale; and

(b) in every other case, be 50 per cent. of the full amount of such gale.

(4) The next preceding sub-section of this section shall apply to rent or interest on purchase money notwithstanding that the price at which the Land Commission is prepared to sell the holding in respect of which such rent or interest is payable is an enhanced price owing to expenditure by the Land Commission on improvements, but the said sub-section shall not apply to any rent or interest on purchase money payable wholly in respect of expenditure for improvements sanctioned specifically after the 28th day of June, 1933, for the improvement of a holding or parcel of untenanted land, nor to so much of any rent or interest on purchase money (payable partly in repayment of such expenditure) as is attributable to such expenditure.

(5) This section applies to rents and interest on purchase money payable to the Land Commission by tenants of holdings or allottees of parcels of land under agreements or undertakings to purchase, lettings for temporary convenience, or grazing or other agreements on lands acquired by the Congested Districts Board or by the Land Commission.

17. —Where the whole or part of a holding to which any of the foregoing sections of this Part of this Act applies is sublet otherwise than for any of the following purposes, that is to say, for agistment, conacre, or temporary pasturage, or for temporary convenience, or to meet a temporary necessity, and the Land Commission has not made, before the passing of this Act, an order deeming the sub-tenants to be tenants of separate portions of the holdings, the following provisions shall have effect, that is to say:—

(a) no proceeding by the immediate landlord against any such sub-tenant for the recovery of arrears of rent which accrued due on or before the first gale day in the year 1933 shall be begun after the passing of this Act;

(b) any judgment or decree for the payment of any such arrears obtained in any such proceeding but not executed before the passing of this Act shall, immediately upon such passing, become and be void and unenforceable;

(c) no such proceeding which was begun before and is pending at the passing of this Act shall be further prosecuted or proceeded with by the immediate landlord after such passing unless a defence was filed or entered in such proceeding before such passing;

(d) as soon as may be after the passing of this Act, the Land Commission shall ascertain the amount of the arrears of rent (other than any such rent which was the subject of proceedings by the immediate landlord which were pending at the passing of this Act and in which a defence was filed or entered before such passing) which were due and owing on the 31st day of July, 1933, by every such sub-tenant as aforesaid and the amount of the costs and expenses (if any) incurred by the immediate landlord before the passing of this Act in proceedings for such recovery;

(e) for the purpose of any such ascertainment, the Land Commission may accept any figures agreed upon by the immediate landlord and the sub-tenant concerned;

(f) where the amount so ascertained of such arrears does not exceed three times the yearly amount of the rent (as reduced in pursuance of section 23 of the Land Act, 1923 ) payable by the sub-tenant immediately before the first gale day in the year 1933, the amount so ascertained of such arrears and the amount so ascertained of the said costs and expenses shall be a funded debt within the meaning of this section and be payable in the manner provided by this section and not otherwise;

(g) in every case to which the next preceding paragraph does not apply, the amount so ascertained of the said costs and expenses together with so much of such arrears as is equal to three times the yearly amount of such rent shall be a funded debt within the meaning of this section and shall be payable in the manner provided by this section and not otherwise and the residue of such arrears shall not be payable;

(h) if a funding annuity is charged on the holding the Land Commission shall apportion it between the separate holdings into which the holding has been divided and then—

(i) if the sum payable by means of the portion of such funding annuity charged on the separate holding of the sub-tenant is equal to the funded debt, the sub-tenant shall be entitled to credit for the funded debt as against the sum paid by means of the said portion of such funding annuity, or

(ii) if the sum payable by means of the said portion of the funding annuity is greater than the funded debt, the sub-tenant shall be entitled to credit for the funded debt as against so much of the said portion of such funding annuity as is determined by the Land Commission to be attributable to a sum equal to the funded debt, or

(iii) if the sum payable by means of the said portion of the funding annuity is less than the funded debt, the sub-tenant shall be entitled to credit as against the said portion of such funding annuity for so much of the funded debt as is equal to the sum payable by means of the said portion of such funding annuity, and the residue of the funded debt shall be paid in the manner provided by the next following paragraph of this sub-section;

(i) if no funding annuity is charged on the holding or if the sub-tenant is not entitled under the next preceding paragraph of this sub-section to credit for the whole of the funded debt, the funded debt or the portion thereof for which the sub-tenant is not so entitled to credit shall be paid by means of a funding annuity charged on the separate holding of the sub-tenant;

(j) the Land Commission shall, at such times and in such manner as the Minister for Finance shall direct, pay to the person entitled to the said arrears of rent and costs and expenses a sum equal to that part (if any) of the funded debt for which the sub-tenant is not entitled to credit under the foregoing paragraphs of this sub-section;

(k) if no funded debt is payable by the sub-tenant or if the credit to which the sub-tenant is entitled under the foregoing paragraphs of this section does not extend to the whole of the portion of the funding annuity charged on the separate holding of the sub-tenant, the said portion of the funding annuity or so much thereof as is not covered by the said credit (as the case may be) shall be redeemed out of the redemption price of the intervening interest of the immediate landlord so far as such redemption price will extend after payment thereout of claims in respect of arrears (if any) of payment in lieu of rent or annual sums or additional sums, and so far as such redemption price will not extend by payment by the Land Commission into the Land Bond Fund of such sum as shall be necessary to complete the redemption of the said portion of such funding annuity;

(l) any sum paid by the Land Commission into the Land Bond Fund under the next preceding paragraph of this sub-section shall be recoverable by the Land Commission from the person liable to pay the same as a debt due to the State;

(m) if the Land Commission refuses to declare a sub-tenant to be the tenant of a separate holding, the funded debt in respect of the holding of such sub-tenant shall be recoverable from such sub-tenant by his immediate landlord as if it were arrears of rent due by such subtenant;

(n) the amount payable by the sub-tenant in respect of any gale of rent accruing after the first gale day in the year 1933 and before the date of the order of the Land Commission deeming the sub-tenant to be tenant of a separate portion of the holding shall be 50 per cent. and no more of the full amount (as reduced in pursuance of section 23 of the Land Act, 1923 ) of such gale.

18. —(1) Where the owner of land applies to the Land Commission in the prescribed manner for such order as is hereinafter mentioned and satisfies the Land Commission that such land—

(a) is substantially agricultural or pastoral or partly agricultural and partly pastoral in character; and

(b) is in such owner's own occupation; and

(c) is used and cultivated by such owner as an ordinary farm in accordance with proper methods of husbandry; and

(d) is subject to an annual payment to which this section applies,

the Land Commission shall ascertain the amount (if any) of the arrears of such annual payment due and owing in respect of such land on the first gale day after the passing of this Act and shall make an order declaring the amount so ascertained of such arrears or an amount equal to three times the amount of such annual payment, whichever is the less to be payable by means of a funding annuity to be set up by such order and (whether any such arrears are or are not due and owing as aforesaid) revising such annual payment by reducing by fifty per cent. the amount of all gales of such annual payment accruing after the said gale day.

(2) Whenever the Land Commission by an order made under this section declares the arrears of an annual payment to be payable by means of a funding annuity, such arrears shall be payable by means of such funding annuity and not otherwise.

(3) Whenever the Land Commission, by an order made under this section, revises an annual payment, the amount payable in respect of every gale of such annual payment accruing after the first gale day in respect of such annual payment after the passing of this Act shall be fifty per cent. and no more of the full amount of such gale.

(4) The following provisions shall have effect in respect of every funding annuity set up under this section, that is to say:—

(a) such funding annuity shall rank as a charge next in priority to the annual payment for payment of the arrears of which it is set up;

(b) such funding annuity shall, so far as circumstances will admit, be consolidated with such annual payment in accordance with regulations to be made by the Minister for Finance;

(c) such funding annuity may be redeemed at any time by payment of such sum as, in the opinion of the Minister for Finance, represents the value of all the instalments of such annuity which have not then accrued due together with all arrears of such annuity then due;

(d) the Minister for Finance may, if he thinks fit, allow such annuity to be reduced by redemption of part thereof by payment of such sum as, in his opinion, represents the value of that part of all the instalments of such annuity which have not then accrued due;

(e) all moneys received by the Land Commission in respect of instalments of such funding annuity or in respect of the redemption of such funding annuity or any part thereof shall be paid into the Church Temporalities Fund.

(5) The Land Commission shall have, for the recovery of an annual payment to which this section applies which has been revised under this section, all such remedies as they would have had for the recovery of such annual payment if this Act had not been passed.

(6) An annual payment to which this section applies which has been revised under this section may be redeemed in the like manner in all respects as it might have been redeemed if this Act had not been passed, save that the sum payable for such redemption shall be fifty per cent. and no more of the sum which would have been payable for such redemption if this Act had not been passed, and that, if a funding annuity has been set up under this section in respect of arrears of such annual payment, such annual payment shall not be capable of redemption until such funding annuity has been wholly redeemed.

(7) Whenever an application is made under this section for the revision of an annual payment which is the interest payable on a simple mortgage, the Land Commission shall, before revising such annual payment and without any application by order convert under section 26 of the Land Law (Ireland) Act, 1896, such simple mortgage into an instalment mortgage, but in such case such instalment mortgage shall not be subject to decadal revision under the said section 26.

(8) Section 39 of the Land Act, 1923 , shall not apply to any annual payment which is a tithe rent-charge or fixed annual instalment in lieu of tithe rent-charge and is revised under this section.

(9) The deficiency arising in the Church Temporalities Fund by reason of the funding under this section of arrears of annual payments or the revision under this section of annual payments shall, so far as may be necessary to meet the statutory charges on that fund, be made good by the Land Commission out of moneys provided by the Oireaehtas.

(10) This section applies to all such of the following annual payments as are payable into the Church Temporalities Fund, that is to say:—

(a) a tithe rent-charge payable out of lands which are subject to a purchase annuity;

(b) fixed annual instalments in lieu of tithe rent-charge payable out of lands which are subject to a purchase annuity;

(c) a perpetuity rent;

(d) the interest on a converted leasehold mortgage;

(e) the interest on a simple mortgage;

(f) an annuity in repayment of an instalment mortgage.

19. —(1) Every advance made under the Land Purchase Acts on or after the date of the passing of this Act to a purchaser in pursuance of an agreement to purchase entered into or deemed to have been entered into by him (whether before or after the passing of this Act) shall be repayable by means of a purchase annuity of such amount as would have been payable if this Act had not been passed and such purchase annuity shall be deemed to be the first or original annuity referred to in section 5 of the Finance Act, 1923 (No. 21 of 1923).

(2) Subject to the provisions of the next following sub-section of this section, the amount payable by the purchaser in respect of each instalment of any such purchase annuity as is mentioned in the next preceding sub-section of this section (other than a purchase annuity in repayment of an advance made to an owner of land for the repurchase of such land otherwise than under section 11 of the Land Act, 1927 ) shall—

(a) in the case of a purchase annuity payable in respect of an advance to an allottee of a parcel of land which was purchased under the Irish Land (Provision for Sailors and Soldiers) Act, 1919, or was on the 28th day of June, 1933, vested in the Land Commission under the Land Act, 1923 , or any Act amending or extending that Act, be forty-five per cent. and no more of the full amount of such instalment, and

(b) in every other case, be fifty per cent. and no more of the full amount of such instalment.

(3) The next preceding sub-section of this section shall apply to a purchase annuity notwithstanding that the holding in respect of which such annuity is payable was sold at an enhanced price owing to expenditure by the Land Commission on improvements, but the said sub-section shall not apply to an annuity payable wholly in repayment of an advance sanctioned after the 28th day of June, 1933, to a purchaser specifically for the improvement of his holding nor to so much of a purchase annuity (payable partly in repayment of such an advance) as is attributable to such advance.

(4) In this section the expression “purchase annuities” includes annual sums and additional sums payable under either section 9 or section 27 of the Land Act, 1931 .

20. —The following provisions shall have effect in relation to every purchase annuity in respect of which the amount payable by the purchaser in respect of every instalment accruing after the first gale day in the year 1933 is reduced by this Part of this Act, that is to say:—

(a) as soon as may be after the passing of this Act, the Land Commission or the Commissioners of Public Works in Ireland (as the case may require) shall ascertain, in relation to every such purchase annuity, the actual amount annually payable by the purchaser in respect of such purchase annuity in consequence of such reduction;

(b) if no funding annuity is payable in respect of arrears of such purchase annuity, the said amount annually payable as so ascertained in relation to such annuity shall be known and is in this Act referred to as the revised annuity payable in respect of the holding;

(c) if a funding annuity is payable in respect of the arrears of such purchase annuity, the aggregate of such funding annuity and the said amount annually payable as so ascertained in relation to such purchase annuity shall be ascertained by the Land Commission or the said Commissioners (as the case may require) and shall constitute and shall be known and is in this Act referred to as the revised annuity payable in respect of the holding;

(d) when the amount of a revised annuity has been ascertained in pursuance of this section, the Land Commission or the said Commissioners (as the case may require) shall where the holding is registered under the Local Registration of Title Act, 1891, or where the registration of the holding is compulsory under the said Act forthwith certify to the Registrar of Titles the amount so ascertained of such revised annuity and the said Registrar shall enter the said amount in the appropriate register kept by him and such entry shall be conclusive evidence for all purposes of the amount of such revised annuity;

(e) the Land Commission and the said Commissioners respectively shall have all such remedies for the recovery of a revised annuity as they would have had for the recovery of the purchase annuity from which such revised annuity is derived if this Act had not been passed;

(f) the said reduction in the amount payable by the purchaser in respect of instalments of a purchase annuity and the ascertainment under this section of the amount of the revised annuity derived from such purchase annuity is in this Act referred to as the revision of such purchase annuity.

21. —The following provisions shall apply in respect of every funding annuity set up under this Act, that is to say:—

(a) such funding annuity shall be payable for fifty years commencing, in the case of a funding annuity in respect of arrears of an annual payment payable into the Church Temporalities Fund, on the first gale day after the passing of this Act and, in the case of every other funding annuity, on the first gale day in the year 1933, or the date on which the holding is vested in the Land Commission, whichever is the later;

(b) such funding annuity shall be of such amount, calculated in accordance with regulations made by the Minister for Finance, as will in fifty years repay, with interest at the rate of four and one-half per cent. per annum, the sum for the payment of which such annuity is set up;

(c) such funding annuity shall be a charge on the holding on which is charged the purchase annuity or out of which issues the rent, interest, or other annual payment for the payment of arrears of which such funding annuity is set up or, where such holding has been exchanged with the consent of the Land Commission for a new holding, on such new holding, and such charge shall rank next in priority after the purchase annuity, rent, interest, or other annual payment (as the case may be) charged on or issuing out of such holding;

(d) where the holding on which such funding annuity is charged is or becomes subject to a purchase annuity, such funding annuity shall be consolidated, in accordance with regulations to be made by the Minister for Finance, with such purchase annuity;

(e) such funding annuity shall be deemed to be an annuity for the repayment of moneys advanced under the Land Purchase Acts for the purchase of a holding and the Land Commission and the Commissioners of Public Works in Ireland shall respectively have, for the recovery of unpaid instalments of such funding annuity, the like remedies (including remedies given by this Act) as they respectively have for the recovery of unpaid instalments of a purchase annuity.

22. —(1) A revised annuity which does not include a funding-annuity may be redeemed, in whole or in part, in the like manner in all respects as such annuity could have been redeemed if it had not been revised under this Act, save that the sum payable for such redemption shall be reduced by the same percentage as the percentage by which such annuity was reduced on such revision.

(2) So much of a revised annuity which includes a funding annuity as represents the revised purchase annuity may be redeemed, in whole or in part, in the like manner in all respects as the said revised purchase annuity could have been redeemed if it had not been revised under this Act, save that the sum payable for such redemption shall be reduced by the same percentage as the percentage by which such purchase annuity was reduced on such revision.

(3) A funding annuity which is not included in a revised annuity or so much of a revised annuity as represents a funding annuity may be redeemed, in whole or in part, at any time by payment to the Land Commission or the Commissioners of Public Works in Ireland (as the case may be) of such sum, calculated in accordance with rules to be made by the Minister for Finance, as represents the value at the time of such payment of the instalments of such funding annuity or such portion of such revised annuity then outstanding or of that part of such instalments proposed to be so redeemed.

(4) Where a revised annuity includes a funding annuity, that portion of such revised annuity which represents a purchase annuity shall not be redeemed until that portion of such revised annuity which represents such funding annuity has been wholly redeemed.

(5) All sums paid for the redemption, whether complete or partial, of a revised annuity which represents a purchase annuity arising under the Land Purchase Acts, 1891 to 1919, or of that part of a revised annuity which represents any such purchase annuity shall be paid into the Purchase Annuities Fund and shall, at such times as the Minister for Finance shall direct, be paid thereout into the Exchequer.

(6) All sums paid for the redemption, whether complete or partial, of a funding annuity or of that part of a revised annuity which represents a funding annuity shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct.

23. —(1) Where proceedings at the suit of the Land Commission or the Commissioners of Public Works in Ireland were commenced after the 1st day of October, 1932, and were brought for the recovery of arrears of any purchase annuity, interest in lieu of rent, payment in lieu of rent, annual sum, additional sum, rent, interest, or other annual payment and such arrears or any part thereof are payable under this Part of this Act by means of a funding annuity, the costs and expenses of the Land Commission or the said Commissioners (as the case may be) in respect of such proceedings shall, if not otherwise paid before the passing of this Act, be paid out of moneys provided by the Oireachtas as part of the expenses of the Land Commission or the said Commissioners, as the case may be.

(2) Where a person, against whom any such proceedings as are mentioned in the foregoing sub-section of this section were brought for the recovery of any such arrears as are mentioned in that sub-section, has incurred costs and expenses in connection with such proceedings, such costs and expenses shall be refunded to such person by the Land Commission or the said Commissioners (as the case may be) out of moneys provided by the Oireachtas as part of the expenses of the Land Commission or the said Commissioners, as the case may be,

24. —Where the Land Commission has obtained or hereafter obtains possession of a holding or a parcel of land on account of default in payment of the purchase annuity, interest, rent, or other annual payment payable in respect of such holding or parcel of land, such of the foregoing provisions of this Part of this Act as would have been or would be applicable to such holding or parcel of land if the Land Commission had not so obtained possession thereof shall apply to such holding or parcel of land notwithstanding such obtaining of possession.

25. —(1) Where a purchase annuity would be subject, under section 25 of the Land Law (Ireland) Act, 1896, to a third decadal reduction but the third decade of such annuity did not expire before the 1st day of May, 1933, such third decade shall be deemed to have expired on the said 1st day of May, 1933, and such annuity shall be and be deemed to have been reduced under the said section 25 in accordance with regulations to be made in that behalf by the Minister for Finance.

(2) The provisions of this Part of this Act in relation to the amount payable by the purchaser in respect of instalments of a purchase annuity accruing after the first gale day in the year 1933 shall apply to the reduced amount of an annuity which is reduced under this section as if such reduced amount were the full amount of such annuity.

26. —(1) No deficiency in the Purchase Annuities Fund or in the Land Bond Fund arising from the revision of annuities or from reductions made by this Part of this Act in the amounts payable in respect of other annual payments shall be a charge on the Guarantee Fund.

(2) The provisions of the Land Purchase Acts in relation to the contingent portion of the Guarantee Fund shall cease to have effect on the passing of this Act.

(3) All arrears of revised purchase annuities arising under the Land Purchase Acts, 1881 to 1889, which accrue due after the passing of this Act shall be a charge on the Guarantee Fund and shall be made good to the Exchequer out of that fund.

27. —(1) The deficiencies in the Land Bond Fund arising from the provisions of this Part of this Act in relation to the payment of arrears of purchase annuities by means of funding annuities shall, to such extent and at such time or times as the Minister for Finance shall direct, be made good to that fund out of moneys provided by the Oireachtas and thereupon the charge on the Guarantee Fund in respect of those deficiencies shall cease.

(2) All deficiencies in the Land Bond Fund arising from the revision of annuities or from reductions made by this Part of this Act in the amounts payable in respect of other annual payments shall, to such extent and at such time or times as the Minister for Finance shall direct, be made good to the said fund out of moneys provided by the Oireachtas.

(3) So much (if any) of every sum paid into the Land Bond Fund in respect of a revised annuity as is attributable to a funding annuity included in such revised annuity shall be paid out of the said fund into the Exchequer at such times and in such manner as the Minister for Finance shall direct.