S.I. No. 87/1952:

LAND RECLAMATION ACT (FINANCE) REGULATIONS, 1952.

LAND RECLAMATION ACT (FINANCE) REGULATIONS, 1952.

The Minister for Finance, in exercise of the powers conferred on him by subsection (1) of section 7 of the Land Reclamation Act, 1949 (No. 25 of 1949), and of every and any other power him in this behalf enabling, hereby makes the following Regulations, that is to say :

1. These Regulations may be cited as the Land Reclamation Act (Finance) Regulations, 1952.

2. In these Regulations--

the expression " the Act " means the Land Reclamation Act, 1949 (No. 25 of 1949) ;

the expression " the Land Commission " means the Irish Land Commission ;

the expression " the occupier's contribution " means the charge created by the Land Commission in pursuance of subsection (2) of section 3 of the Act ;

the expression " prescribed period " shall have the same meaning as in Rule 5 of the Land Reclamation Act Rules, 1951 ( S. I. No. 308 of 1951 ).

3. (1) An annuity (in these Regulations referred to as a reclamation annuity) calculated at the rate of 4 per cent per annum pursuant to subsection (2) of section 3 of the Act shall consist of three pounds ten shillings per cent in respect of interest and ten shillings per cent in respect of principal.

(2) The principal portion of each half-yearly instalment (as prescribed by the Rules made pursuant to subsection (2) of section 7 of the Act) of a reclamation annuity shall be deemed to be accumuated by half-yearly rests at 3½ per cent per annum rate of interest.

(3) The total amount accumulated at any date in accordance with the last preceding paragraph shall be deemed to be the amount of the occupier's contribution paid up to that date and the total contribution shall be deemed to have been paid when the amount so accumulated is equal to the amount of the occupier's contribution.

(4) The Minister for Finance shall furnish the Land Commission with tables showing the amount to which a sum of £1 principal will have accumulated in accordance with this Regulation at each successive gale day.

(5) Subject to the provisions for the time being in force in relation to consolidated annuities, every reclamation annuity, unless previously redeemed under these Regulations, shall continue to be payable until the whole of the occupier's contribution is deemed to have been paid.

4. (1) Every consolidated annuity shall be an annuity equal to the sum of the separate annuities consolidated pursuant to subsection (4) of section 3 of the Act and when received by the Land Commission shall be treated as a mixed fund of two or more component parts namely--

(a) either the part or each separate part referable to the occupier's contribution or separate contributions which part or parts shall be subject to these Regulations and any amendment thereof, and

(b) the remaining part which shall be subject to the Rules and Regulations relating to land purchase finance from time to time in force,

and every payment made on foot of a consolidated annuity shall so far as not required for the payment of interest be deemed to be made in respect of principal and be treated and dealt with in all respects under both or either (as the case may be) of these Regulations and the aforesaid Rules and Regulations.

(2) Where, in any case after the prescribed period an amount equal to that of the consolidated annuity is paid at the election of the payer such amount shall be treated and dealt with in all respects as if the prescribed period had not ended.

5. (1) A reclamation annuity may be redeemed at any time by payment to the Land Commission of the redemption money which shall be the amount of the occupier's contribution in respect of which the reclamation annuity is payable together with interest on such amount at the rate of 3½ per cent per annum in respect of the period from the gale day next preceding the date of redemption to the date of redemption less the amount deemed under these Regulations to have accumulated at the date of redemption.

(2) The date of redemption shall be--

(i) if the redemption money is lodged within seven days (exclusive of Sundays and Bank Holidays) after the person making the application for redemption receives from the Land Commission notice of the amount of the redemption money,

the date on which such notice was so received by such person and such notice, until the contrary is established, shall be deemed to be received in the ordinary course of the post, and

(ii) in every other case

the date of lodgment of the redemption money.

(3) A part of a reclamation annuity shall be redeemable on similar terms, the part of the reclamation annuity redeemed bearing the same ratio to the reclamation annuity as the redemption money to be lodged bears to the total redemption money.

(4) Every sum paid towards the redemption of a consolidated annuity formed pursuant to subsection (4) of section 3 of the Act shall be applied first in redemption of (as the Land Commission may select) such part or parts as are referable to any reclamation annuity and thereafter in accordance with the Rules and Regulations relating to land purchase finance for the time being in force.

6. (1) The Land Commission shall keep a separate account comprising each occupier's contribution being paid by a reclamation annuity and the reclamation annuity in payment thereof and the accounts shall be audited by the Comptroller and Auditor General.

(2) All sums received by the Land Commission in payment of instalments of reclamation annuities and all sums received in redemption in whole or in part of reclamation annuities shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct.

7. (1) All half-yearly instalments of reclamation annuities which have not been received by the 31st day of July and 31st day of January immediately following the gale day on which they become due in accordance with the Rules made pursuant to subsection (2) of section 7 of the Act shall be deemed to be arrears.

(2) The amount of the instalments of reclamation annuities in arrear on the 31st day of July and on the 31st day of January in every year shall be ascertained by the Land Commission who shall forthwith certify the amount to the Minister for Finance who shall cause an advance of such amount to be made to the Exchequer out of the Guarantee Fund.

(3) Where arrears of reclamation annuities are recovered such arrears shall be paid over to the Exchequer to be applied in reduction of the amount previously advanced from the Guarantee Fund under the last preceding paragraph of this Regulation.

GIVEN under the Official Seal of the Minister for Finance, this 7th day of April, 1952.

(Signed) J. J. McELLIGOTT.