9Limitations on spending powers of Land Commission
(1)There shall not be at any time vested in the Land Commission lands exceeding in the aggregate, according to the estimate of the Commission, as approved by the Treasury, the capital value of five million pounds in respect of which undertakings to purchase have not been received by the Commission.
(2)The Land Commission shall not in any one year enter into agreements involving the expenditure, on the purchase of congested estates, of sums which would in the aggregate exceed by more than ten per cent the aggregate sums, for which the Commission estimate that those estates can be resold by them: Provided that, for the purposes of this enactment, any money .which the Land Commission have expended, or propose to expend, on the improvement of those estates shall be deemed to be repayable in full out of the purchase money on resales, and shall not be included in the estimate in calculating the ten per cent.
(3)For the purposes of this section the acceptance by the Land Judge of an offer shall be deemed an agreement.