Agricultural Credit Act, 1961
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Amendment of section 9 of the Principal Act. |
7.—(1) Section 9 of the Principal Act is hereby amended by— | |
(a) the substitution for subsection (1) of the following subsection, namely: | ||
“(1) The objects of the Corporation shall be so stated in its memorandum of association that its principal functions shall include— | ||
(a) (i) lending and advancing money, subject to the provisions of this Act, as amended by any subsequent Act, | ||
(ii) acquiring, underwriting, holding, selling, and otherwise dealing with, shares, stocks, debentures, debenture stocks and other securities of any body corporate, | ||
(iii) drawing, accepting, endorsing, discounting, purchasing, and otherwise dealing with, bills of exchange, promissory notes and other negotiable instruments, | ||
(iv) providing such other credit facilities as it thinks proper (including giving guarantees to any person in relation to the payment of moneys, and of interest on the moneys, or the repayment of moneys paid by that person on foot of loans, advances or other credit facilities granted by that person and the payment of interest on such moneys), | ||
(v) engaging in the provision of hire-purchase facilities and for that purpose acquiring, disposing of and otherwise dealing with stock (within the meaning of section 21 of the Agricultural Credit Act, 1947 , as amended by any subsequent enactment), and | ||
(vi) arranging for the provision of credit facilities for any person by any other person (and acting as agent for any person in relation to the payment and collection and receipt of moneys in respect of such facilities), | ||
for any purpose which, in the opinion of the Corporation will, or is likely to, increase the productivity of, or be otherwise of benefit to, agriculture or horticulture, on such terms and subject to such conditions as the Corporation thinks fit, and | ||
(b) the receipt, on such terms and subject to such conditions as the Corporation thinks proper,of deposits of money from co-operative societies and the receipt of deposits of securities for safe-keeping and management and, so far as may be lawful, the execution of trusts in relation to the securities.”, and | ||
(b) the substitution of “Agricultural Credit Acts, 1927 to 1961” for “this Act” in subsection (2). | ||
(2) Any alterations in the memorandum and articles of association of the Corporation which are necessitated by virtue of subsection (1) of this section shall be effected as soon as may be after the passing of this Act and until such alterations have been effected the objects of the Corporation shall be those which were specified in the memorandum of association of the Corporation immediately before such passing. |