Tithe Rentcharge and Variable Rents Act (Northern Ireland) 1930
The Ministry of Finance may sell vested perpetuity rent or tithe rentcharge, but only on terms that produce roughly the same annual interest when invested; if the amount is 25p or less, the Ministry may set the consideration as it thinks proper.
Tithe Rentcharge and Variable Rents Act (Northern Ireland) 1930 An Act to amend the law relating to tithe rentcharge and certain variable rents. Where any tithe rentcharge or variable rent is payable to the Ministry of Finance the sum payable in respect of every gale thereof accruing due after the first day of November, nineteen hundred and thirty, shall be deemed to be varied from the amount at which it stood on the said day by being reduced by eight per cent., and shall be payable accordingly; and no tithe rentcharge or variable rent payable to the said Ministry shall be varied except in accordance with this sub-section. Where any tithe rentcharge or variable rent is payable to some person other than the Ministry of Finance, the sum payable in respect thereof shall, if the person liable to pay the same and the person to whom it is payable so agree, be deemed to be varied, and shall be payable at the same amount, as if sub-section (1) of this section applied thereto; and in default of any such agreement the provisions of the Tithe Rentcharge (Ireland) Act, 1900, shall apply to such tithe rentcharge or variable rent as if this Act had not passed. The Ministry of Finance may sell any perpetuity rent or tithe rentcharge vested in it in consideration of a sum which will yield, when invested in such securities issued in respect of any loan raised by the Ministry or by the Treasury as the Ministry may determine, such annual amount of interest as is approximately equal to the annual amount of the perpetuity rent or tithe rentcharge, as the case may be: Provided that where the last-mentioned amount does not exceed [ 25p] the consideration for the sale may be such sum as the Ministry may think proper. The proceeds of any such sale shall be paid into the Terminable Revenues Sinking Fund established under section one of the Exchequer and Financial Provisions Act (Northern Ireland), 1946 .] This Act may be cited as the Tithe Rentcharge and Variable Rents Act (Northern Ireland), 1930. In this Act the expression “tithe rentcharge” means a tithe rentcharge to which section three of the Tithe Rentcharge (Ireland) Act, 1900 , applies, or would but for this Act apply, and the expression “variable rent” means any such variable rent as is mentioned in section ninety of the Irish Land Act, 1903 . … . 1946 c.10 1900 c.58 1903 c.37 1932 c.16 (NI) 1949 c.4 (NI) 1969 c.19 1950 c.3 (NI) SLR (NI) 1954 1954 c.33 (NI) functions transf. by 1982 NI 6