§ (1.) In the case of every advance under the Land Purchase Acts made after the commencement of this Act the purchase annuity shall he calculated and payable—
- (a) during the first decade of the annuity, upon the total advance; and
- (b) during the second and third decades, upon the portion of the advance which is ascertained, as provided by this section, to be unpaid at the end of the previous decade; and
- (e) after the end of the third decade, upon the portion of the advance which is ascertained, as provided by this section, to be then unpaid,
§ (2.) The Land Commission shall, in accordance with such rules as the Treasury may make—
- (a) at the end of each of the said decades ascertain how much of the advance has been repaid by means of the accumulation during the decade of that portion of the purchase annuity which represents repayment of capital, and the residue of the advance shall be the unpaid amount upon which the sub-sequent annuity is to be calculated and paid; and
- (b) ascertain when the whole advance has been repaid by means of the accumulation of that portion of the purchase annuity which represents repayment of capital.
§ (3.) If the proprietor of a holding charged with an annuity applies to the Land Commission with in the prescribed time and in the prescribed manner, prior to the end of each of the said decides, that the annuity during the next decade shall not be reduced under this section, no alteration of the annuity shall then he made.
§ (4.) The amount of the annuity, when recalculated as provided by this section, shall be certified by the Land Commission, and that certificate shall be conclusive for all purposes, and shall he sent by them for registration to the registration authority under the Local Registration of Title (Ireland) Act, 1891.
§ (5) The foregoing provisions of this section shall apply in the case of an annuity for any advance made under the Land Purchase Acts before the commencement of this Act subject as follows:—
- (a) where more than 10 years have elapsed since an annuity for the repayment of the advance began, the amount of the advance remaining unpaid shall He ascertained as at the end of the last completed decade since that beginning, and the reduction of the annuity in the current decade shall date from the gale day next after the commencement of this Act;
- (b) In a case where purchaser's insurance money has been paid, the amount so paid, and not set oft against arrears, shall he taken into account at the end of the first decade, as if it were a portion of the purchase annuity which represents repayment of capital; and the provisions with respect to setting off against arrears purchaser's insurance money so paid shall not apply after the end of such decade.
§ MR. MAURICH HEALY moved, in paragraph (a) Sub-section (5), after the word "from," to insert the words "and including."
§ MR. MAURICE HEALY
said that he had been rather doubtful of the meaning of the Government, and therefore be had moved the Amendment in order to obtain an explanation of it. He begged leave to withdraw his Amendment.
§ Amendment, by leave, withdrawn.
§ Clause 18,—