S.I. No. 307/1961:

LAND BOND (NO. 3) ORDER, 1961.

LAND BOND (NO. 3) ORDER, 1961.

I, SÉAMAS Ó RIAIN, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Land Bond Act, 1934 (No. 11 of 1934), section 4 of the Land Act, 1936 (No. 41 of 1936), and sections 4 and 8 of the Land Act, 1953 (No. 18 of 1953), hereby order as follows:

1.—(1) This Order may be cited as the Land Bond (No. 3) Order, 1961.

(2) The collective citation the Land Bond Orders, 1934 to 1961, shall include this Order.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to this Order.

3. A series of land bonds is hereby created of the total amount of one million two hundred and fifty thousand pounds to be known as six per cent. land bonds.

4. The denominations in which the series of land bonds created by this Order shall be issued shall be one pound, ten pounds, and one hundred pounds, and no other denominations.

5. The series of land bonds created by this Order is hereby consolidated with the series of land bonds created by the Land Bond (No. 2) Order, 1957 ( S.I. No. 253 of 1957 ), the series of land bonds created by the Land Bond Order, 1960 ( S.I. No. 235 of 1960 ), the series of land bonds created by the Land Bond Order, 1961 ( S.I. No. 10 of 1961 ) and the series of land bonds created by the Land Bond (No. 2) Order, 1961 ( S.I. No. 131 of 1961 ), to the intent that the five series shall form one consolidated series of land bonds created under the Land Bond Act, 1934 , amounting to the sum of two million eight hundred thousand pounds and paragraphs 6, 7, 8, 9, 10 and 11 of the said Land Bond (No. 2) Order, 1957, shall apply to the consolidated series accordingly.

6. The said consolidated series of land bonds shall be for the purpose of making advances and paying purchase moneys the amounts of which are agreed or fixed or deemed to be fixed in the period commencing on the 1st day of December, 1957, and ending on the 31st day of December, 1958, or in the period commencing on the 1st day of December, 1960, and ending on the 31st day of December, 1962, except in relation to advances and purchase moneys required to be made or paid by means of an issue of land bonds bearing the same rate of interest as land bonds previously issued.

GIVEN under my Official Seal, this 29th day of December, 1961.

SÉAMAS Ó RIAIN,

Minister for Finance,

EXPLANATORY NOTE.

The main purpose of this Order is to fix the rate of interest (6%) on bonds payable for lands acquired by the Land Commission, where the purchase prices are agreed or fixed or deemed to be fixed between 1 January, 1962, and 31 December, 1962.

The new series of bonds is consolidated with those operative for the period 1 December, 1957, to 31 December, 1958, and the period 1 December, 1960, to 31 December, 1961.