Section 1.
The following matters, so far as they are reserved matters within the meaning of the Government of Ireland Act, 1920, at the appointed day, shall continue so to be, that is to say :—
(a)the Irish Land Purchase Fund (including the Land Purchase Aid Fund), the Land Purchase Account and any other fund or account relating to land purchase in Northern Ireland existing at the appointed day, and the administration thereof;
(b)the making of advances in the cases specified in Part I of the First Schedule to this Act and the completion of the purchase and sale and vesting of land and the distribution of purchase money (including the percentage or bonus and interest thereon payable under section forty-eight of the Act of 1903) under the Acts relating to land purchase;
(c)the repayment of advances and the payment and redemption of purchase annuities to which section twenty-six of the Government of Ireland Act, 1920, applies, and functions in respect thereof;
(d)bonds, stock and other securities (including interest thereon) created under the Acts relating to land purchase, the creation thereof and the service and redemption thereof whether created before or after the passing of this Act; and
(e)property for the time being vested in the Land Purchase Trustee for Northern Ireland and functions in respect thereof :
Provided that where a purchase annuity has been redeemed in whole or in part under the Acts relating to land purchase and it becomes necessary that a deed or other instrument should be executed for the purpose of releasing any land from the charge to which it was subject in respect of the annuity, the reservation of the matters referred to in paragraph (c) of this Schedule shall not be deemed to render execution by a department of the Government of the United Kingdom requisite to the validity of the deed or instrument.