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Redemption of rent by long leaseholders when occupying tenants.
44 & 45 Vict. c. 49.
50 & 51 Vict. c. 33.
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1. Where a person in bonâ fide occupation of a holding to which Part One of the Land Law (Ireland) Act, 1881, applies is a lessee under a lease to which the provisions of section one or section three of the Land Law (Ireland) Act, 1887, do not apply by reason of the period of its expiration or by reason of its being renewable or perpetual, or is a grantee under a fee farm grant, and such person holds his land at a rent which the Land Commission considers, having regard to the renewal fines (if any) and all the circumstances of the case, holding, and district, to be a full agricultural rent, such occupier shall, subject as herein-after mentioned, be entitled to apply in the prescribed manner to redeem his rent, whereupon, if the lessor or grantor, as the case may be, signifies his consent within the prescribed time and in the prescribed manner, including consent (where such consent is by law required) to such sum being retained as guarantee deposit as the Land Commission may think necessary, then such redemption shall be effected by payment, subject to the rules of the Land Commission, of such capital sum as may be agreed upon, or as in case of difference may be determined by the Land Commission (regard being had to the adequacy of the security) in like manner as if it were a head rent redeemed under the provisions of section sixteen of the Land Law (Ireland) Act, 1887.
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Such consent by the lessor or grantor shall have the same effect as the lodgment of an agreement to purchase under the Land Purchase Acts, and, except as herein otherwise provided, all subsequent proceedings shall be carried on, and with the like consequences, as upon such an agreement.
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Provided that if the lessor or grantor, as the case may be, does not consent in manner prescribed by the Land Commission to such redemption, or causes, in the opinion of the Land Commission, unreasonable delay to the making of such redemption, the redemption shall not be made, but the lessee or grantee, as the case may be, shall be deemed to have made the prescribed application under section one of the said Act of 1887, and shall be held to be a tenant of a present tenancy in manner and subject to the conditions and right of resumption mentioned in section twenty-one of the said Act of 1881, as modified by section one of the said Act of 1887, and his holding shall be subject to the provisions of the said Acts with regard to present tenancies.
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