No. 1/1936:

LAND PURCHASE (GUARANTEE FUND) ACT, 1936

ARRANGEMENT OF SECTIONS

1 Removal of doubts as to a certain charge on the Guarantee Fund.

2 Commencement of this Act.

3 Short title.

AN ACT TO REMOVE DOUBTS AS TO THE LIABILITY OF THE GUARANTEE FUND UNDER THE LAND PURCHASE ACTS FOR RECOUPMENT OF DEFICIENCIES IN THE PURCHASE ANNUITIES FUND, AND TO DEFINE SUCH LIABILITY AND PROVIDE FOR CERTAIN MATTERS RELATING THERETO.

[16th January, 1936.]

BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

1.—(1) In order to remove doubts, it is hereby declared and enacted that—

( a ) every deficiency in the Purchase Annuities Fund arising (whether before or after the passing of this Act) by reason of the non-payment of purchase annuities is a charge on the Guarantee Fund and may lawfully be paid and made good out of that Fund to the Purchase Annuities Fund at such time or times and in such manner as the Minister for Finance shall, either generally or in respect of any particular case, direct; and.

( b ) sub-section (4) of section 6 of the Purchase of Land (Ireland) Act, 1891, as amended or extended by subsequent enactments, and all regulations made under that sub-section (as so amended or extended) for the time being in force apply and have effect in relation to every payment out of the Guarantee Fund to the Purchase Annuities Fund made for the purpose of making good any such deficiency as is mentioned in the next preceding paragraph of this section in like manner and in all respects as the said sub-section (as so amended or extended), and the said regulations apply to a payment made out of the Guarantee Fund to the Purchase Annuities Fund for the purpose of making good any such deficiency as is mentioned in sub-section (1) of the said section 6.

(2) Such deficiency in the Purchase Annuities Fund as is mentioned in the foregoing sub-section of this section shall be deemed to have arisen whenever (whether before or after the passing of this Act) the amount received by the Irish Land Commission on or before any 31st day of January or 31st day of July in respect of instalments of purchase annuities payable into the Purchase Annuities Fund which accrued due in the half-year ending on such 31st day of January or 31st day of July (as the case may be) falls short of the full amount of all such instalments.

2.—This Act shall come into and be deemed for all purposes to have been in force as on and from the 1st day of April, 1932, and accordingly every payment or deduction made or other thing done, on or after the 1st day of April, 1932, and before the passing of this Act, in relation to or for the purposes of the Guarantee Fund shall be and be deemed always to have been as lawful and valid as such payment, deduction, or thing would have been if this Act had been passed before (as the case may be) such payment or deduction was made or such thing was done.

3.—(1) This Act may be cited as the Land Purchase (Guarantee Fund) Act, 1936 .

(2) This Act shall be construed with the Land Purchase Acts and may be cited with those Acts.