Part III
(5.) The foregoing provision of this section shall apply in the case of an annuity for any advance made under the Land Purchase Acts before the commencement of this Act, subject as follows: —
- (a.) Where more than ten years have elapsed since an annuity for the repayment of the advance began, the amount of the advance remaining unpaid shall be ascertained as at the end of the last completed decade since that beginning, and the reduction of the annuity in the current decade shall date from the gale day next after the commencement of this Act:
- (b.) In a case where purchaser's insurance money has been paid, the amount so paid, and not set off against arrears, shall be taken into account at the end of the first decade, as if it were a portion of the purchase annuity which represents repayment of capital; and the provisions with respect to setting off against arrears purchaser's insurance money so paid shall not apply after the end of such decade.
Application of part of Act to annuities under 32 & 33 Vict, c. 42.26.—(1.) The Land Commission, upon the application of any person liable to pay interest on any simple mortgage under section fifty-two of the Irish Church Act, 186932 & 33 Vict. c. 42, may, if they think fit, by order convert that mortgage into a mortgage to secure repayment of the principal of the mortgage debt then outstanding, with interest at the rate of three and one-eighth per centum per annum, by means of an annuity at the rate of four per centum per annum on the said principal, payable by half-yearly payments on the days fixed for the payment of the interest on the said mortgage, until the whole principal has been repaid, and such order shall be binding upon all persons interested, whether in the equity of redemption of such mortgage or otherwise.
(2.) The foregoing provisions with respect to the calculation of a purchase annuity may be applied by the Land Commission with the necessary modifications, to the calculation of the instalments of an annuity by means of which any mortgage debt is payable either under this section or otherwise under section fifty-two of the Irish Church Act, 1869, and the Acts amending the same.
Abolition of county percentage.27.' The amount which under the Purchase of Land (Ireland) 189154 & 55 Vict. c.48., is required to be applied as county percentage shall, when received in respect of an instalment of the annuity falling due after the commencement of this Act, cease to be so applied and shall be paid to the National Debt Commissioners and applied as a portion of the purchase annuity which represents repayment of capital.
28.—(1.) In the case of any advance after the commencement of this Act for the purchase of a holding, and also in the case of any instalment of a purchase annuity which shall become payable after the passing of this Act, purchaser's insurance money shall not be payable.
(2.) In the case of a purchase annuity payable at the date of the commencement of this Act, the amount thereof as altered by this section shall be certified by the Land Commission, and sent by them for registration to the registration authority under the Local Registration of Title (Ireland) 1891. 54 & 55 Vict. c. 66.