Land Bonds Act.

The Act makes provisions for the issue of land bonds and in relation to this provides for the establishment of a Land Bond Fund. Section 3 provides for payment in land bonds with consent of vendor, whereas section 4 provides for payment in land bonds for scheduled land, being land of a category specified in the Schedule that is compulsorily acquired. For the purpose of paying any consideration, money which may under section 3 or section 4 be paid by the issue of land bonds, the Accountant-General shall, subject to the provisions of this section, create and issue when and as required land bonds, in such form and of such denominations as may be prescribed. For the purpose of the redemption of land bonds and of the payment of interest upon land bonds, there is hereby constituted a Fund to be known as the Land Bond Fund. Remaining provisions deal with registration and negotiability of bonds, payment of interest rates, moneys to be credited to Land Bond Fund, and define the basis of compensation on acquisition of tenanted land and land in a development area. (17 sections completed by a Schedule)

Amended by: Land Bonds (Amendment) Act (No. 3 of 2000). (2000-02-26)