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Apportionment and redemption of annuities and charges.
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2.—(1) The Land Commission may carry into effect a redemption under this Act as if it were a redemption of a head rent under section sixteen of the Land Law (Ireland) Act, 1887, with the necessary modifications, and may make an advance under the Land Purchase Acts for such redemption money or any part thereof in like manner as if that money were the purchase money of a holding purchased by a tenant, and the provisions of the said Acts with respect to the advance and the repayment thereof shall apply with the necessary modifications.
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(2) When the Land Commission exercise the powers conferred on them by this Act then any rentcharge, rent, or other liabilities chargeable on or affecting the interest of the lessor or grantor, as the case may be, in such holding shall cease to be a charge upon the land and shall be transferred to the redemption money, and the powers conferred upon the Land Commission by section ten of the Purchase of Land (Ireland) Act, 1885, and by sections fourteen, fifteen, and sixteen of the Land Law (Ireland) Act, 1887, shall be exercisable by them with respect to such redemption.
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