Irish Land Act 1909
| Jurisdiction | UK Non-devolved |
| Citation | 1909 c. 42 |
Irish Land Act, 1909.
(9 Edw. 7.) CHAPTER 42.
An Act to amend the Law relating to the Occupation and Ownership of Land in Ireland, and for other purposes relating thereto.
[3rd December 1909]
B E it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
Part I.
Land Purchase Finance.
1 Alteration of amount of purchase annuity and of rate of interest payable to National Debt Commissioners.
(1) In the case of advances made in pursuance of future purchase agreements, three pounds ten shillings shall be substituted for three pounds five shillings as the rate of the purchase annuity under section forty-five of the Irish Land Act, 1903 (in this Act referred to as the Act of 1903).
(2) So far as respects advances made for future purchase agreements, the rate of interest to be paid by the Land Commission to the National Debt Commissioners under section thirty-six, and by the Congested Districts Board to the Land Commission under section seventy-two, of the Act of 1903, shall be three per cent. per annum, instead of two-and-three-quarters per cent. per annum.
(3) The National Debt Commissioners shall, in the accounts kept by them of the Irish Land Purchase Fund, distinguish between advances made in pursuance of pending purchase agreements and advances made in pursuance of future purchase agreements.
2 Power to raise new guaranteed three per cent. stock, and provision as to investment by savings bank depositors in stock.
(1) The power of the Treasury to create stock for the purpose of raising money required for the Irish Land Purchase Fund (including the Land Purchase Aid Fund) shall include power to create a new capital stock to be called guaranteed three per cent. stock, and the Treasury may at any time create for that purpose either guaranteed two-and-three-quarters per cent. stock or guaranteed three per cent. stock, as they think fit.
(2) The provisions of the Act of 1903 relating to stock shall apply to guaranteed three per cent. stock created under this section as they apply to the guaranteed two-and-three-quarters per cent. stock created under that Act, with the substitution of three per cent. for two-and-three-quarters per cent. as the rate of dividend, and of thirty years from the passing of this Act for thirty years from the commencement of the Act of 1903 as the period after the expiration of which the stock is redeemable.
(3) The definition of Government stock in subsection (2) of section five of the Savings Bank Act, 1893 , shall be read as if stock issued under the Act of 1903 or this Act were included in the First Schedule to the said Savings Bank Act, 1893.
3 Power to make advances by guaranteed stock under certain circumstances.
(1) Notwithstanding anything in section twenty-seven of the Act of 1903, advances for the purposes of the Land Purchase Acts may, subject to the provisions of this section, be made in whole or in part by means of stock in the manner and under the circumstances for which provision is made by this section.
(2) For the purpose of carrying into effect pending purchase agreements, advances may, if the vendor agrees, be made by means of the issue to the prescribed persons, in the prescribed manner, and subject to the prescribed conditions, of such an amount of guaranteed two-and-three-quarters per cent. stock as, at the market price of the day of issue (as certified in the prescribed manner), is equivalent to the sum to be advanced if that price is not below ninety-two pounds (ex-dividend) for an amount of stock of the nominal value of a hundred pounds, or, if the stock is below that price, by the issue of such an amount of stock as would be equivalent to the sum to be advanced if the stock were at that price.
(3) For the purpose of carrying into effect future purchase agreements, advances may, if the Treasury think fit so to direct, be made by means of the issue of an amount of guaranteed three per cent. stock equal in nominal amount to the sum to be advanced and carrying dividends as from the date of the advance.
(4) Stock issued in pursuance of this section as the equivalent of an advance shall, as between the vendor and the purchaser, be accepted by the vendor as the equivalent of the corresponding amount of purchase money, and a vendor, although he is not an absolute owner, may agree to advances being made by stock under this section for the purpose of carrying out any pending purchase agreements, and any person having power to sell under the Land Purchase Acts, although he is not an absolute owner, may enter into any future purchase agreement, notwithstanding that the purchase money may be payable in stock in pursuance of this section instead of in cash.
4 Regulations as to priority.
(1) Regulations may be made by the Lord Lieutenant for determining the priority in which advances, whether by means of money or of stock, or partly by means of money and partly by means of stock, may be sanctioned or made, and for allocating as between different classes of sales the amounts from time to time available for advances.
(2) The regulations shall provide that, in determining the priority as between sales of the same class, regard shall be had, so far as is reasonably practicable, to the dates at which proceedings for the respective sales were commenced, or, in cases where proceedings are transferred from one class to another, to the dates of the respective transfers.
(3) Every regulation made under this section shall be laid before both Houses of Parliament as soon as may be after it is made.
5 Temporary borrowing by bills or bonds.
(1) Any money which may be raised by the creation of stock under the Act of 1903 or this Act may be temporarily raised by the issue of bills or bonds in such form and for such period not exceeding seven years, and bearing such rate of interest not exceeding three per cent., as the Treasury may determine.
(2) The interest on or in respect of any such bills or bonds shall be charged and paid in the same manner as the dividends on stock under section twenty-nine of the Act of 1903, and the provisions of that Act respecting the income account of the Irish Land Purchase Fund shall apply as if the interest on or in respect of the bills or bonds were dividends on stock.
(3) The principal money of any such bills or bonds shall, subject to the provisions of this Act, be repaid out of the Irish Land Purchase Fund, and, if the Capital Account of that Fund is insufficient, shall be charged on and payable out of the Consolidated Fund of the United Kingdom or the growing produce thereof.
Stock or fresh bills or bonds may be issued for the purpose of raising the principal money required when necessary.
(4) Subsections (6) and (7) of section thirty-six of the Act of 1903 (which relate to the deficiency arising from the issue of stock at a discount and the surplus arising from the issue of stock at a premium) shall apply in the case of the issue of bills or bonds under this section as they apply in the case of the issue of stock.
6 Amendment of provisions as to percentage.
(1) The percentage payable under section forty-eight of the Act of 1903 shall be calculated at the rates specified in the First Schedule to this Act, and, for the purposes of that section, the percentage at the rates so specified shall be deemed to be the percentage under that section:
Provided that the percentage payable on the purchase money of an estate, which consists of or includes lands in respect of which there are purchase agreements entered into, or deemed in pursuance of this section to have been entered into, on or before the twenty-fourth day of November nineteen hundred and eight, shall (so far as the percentage is payable in respect of the purchase of those lands) be calculated at the rate of twelve per cent. instead of being calculated under this section.
(2) An agreement for the purchase of any estate or land, though not entered into on or before the twenty-fourth day of November nineteen hundred and eight, shall be deemed, for the purposes of this section, to be a purchase agreement entered into on or before that date, where on or before that date—
(a ) the vendor has lodged an originating request in manner provided by rules made under the Act of 1903 with a view to the purchase of the estate or land by the Land Commission under section six of that Act or by the Congested Districts Board under section seventy-nine of that Act; or
(b ) the vendor has accepted a preliminary estimate of price made by the Land Commission with a view to the purchase of the estate or land under sections six or eight of the Act of 1903, or entered into a preliminary agreement with the Congested Districts Board with a view to the purchase of the estate or land under section seventy-nine of that Act; or
(c ) the Land Judge in the course of proceedings in which the estate or land is eventually sold to the Land Commission under section seven, or to the Congested Districts Board under section seventy-seven, of the Act of 1903, has caused the Commission or Board to be furnished with particulars and documents respecting the estate or land in pursuance of either of these sections; or
(d ) the Estates Commissioners have made an offer for the...
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