Irish Land Act 1903

38 Allocation of portion of Irish development grant to land purchase

If by any Act passed in the present session, provision is made for an Ireland development grant, the following provisions shall have effect:—

Out of this grant a sum of twenty thousand pounds shall in each financial year be paid to the Congested Districts Board, and a sum of fifty thousand pounds shall, in each financial year, up to and including the year ending on the thirty-first day of March nineteen hundred and seven, be carried to the income account of the Irish Land Purchase Fund, and the residue of the grant during the period aforesaid, and subsequently the whole grant, shall form part of the cash portion of the Guarantee Fund. So far as any portion of the amount so credited to the Guarantee Fund is required for the purpose of making good any deficiency in respect of the issue at a discount of any stock issued under this Act, that portion shall be applied for that purpose next before the grant described, in section five of the Act of 1891, as the Irish Probate Duty Grant, and now represented by the death duty grant payable under section nineteen of the [57 & 58 Vict. c. 30.] Finance Act, 1894, and any portion of the remainder required for the purposes of the Guarantee Fund shall he applied thereto next after the agricultural grant under the [61 & 62 Vict. c. 37.] Local Government (Ireland) Act, 1898.