(1)Purchase annuities payable in respect of land situate in Southern Ireland and Northern Ireland respectively, including any arrears thereof due or accruing due on the appointed day, shall be collected by the Governments of Southern Ireland and Northern Ireland, and the amounts so collected shall be paid into their respective Exchequers, but nothing in this Act shall confer on either such Government any powers with respect to the redemption of purchase annuities.
(2)In each year a sum equal to the amount payable in that year in respect of purchase annuities shall be paid into the Irish Land Purchase fund or account, or other appropriate fund or account, out of moneys provided by the Parliament of the United Kingdom.
(3)Where after the appointed day an existing purchase annuity is redeemed, a sum equal to the annuity shall be paid out of moneys provided by the Parliament of the United Kingdom to the Exchequer of Northern Ireland, in each year so long as the purchase annuity would, if not redeemed, have continued to be payable.
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
(5)For the purposes of this Act—
the expression “purchase annuities," . . . F2, includes annuities for the repayment of advances made under any of the Land Purchase Acts prior to the M1Purchase of Land (Ireland) Act 1891, and annuities for the repayment of advances made under the M2Labourers (Ireland) Act 1906 or under any other Act relating to land purchase in Ireland;
the expression “existing purchase annuity” means a purchase annuity payable in respect of an advance made in pursuance of a purchase agreement entered into, or, in the case of a purchase annuity payable under the M3Labourers (Ireland) Act 1906 in pursuance of a scheme approved before the passing of this Act;
the expression “new purchase annuity” means a purchase annuity payable in respect of an advance made in pursuance of a purchase agreement entered into or, in the case of a purchase annuity payable under the M4Labourers (Ireland) Act 1906 in pursuance of a scheme approved, after the passing of this Act.
Textual Amendments
F2Words repealed by Finance Act 1963 (c. 25), Sch. 14 Pt. VII
Modifications etc. (not altering text)
C1S. 26(2) amended by National Loans Act 1968 (c. 13), s. 3(4)
Marginal Citations