Agricultural Credit Act, 1972
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Amendment of section 9 of the Agricultural Credit Act, 1927. |
2.— Section 9 (as amended by section 7 of the Act of 1961) of the Agricultural Credit Act, 1927 , is hereby amended by— | |
(a) the insertion in subsection (1) (b) after “deposits of money” of “(including money in a currency other than the currency of the State)”, and | ||
(b) the insertion after subsection (2) of the following new subsections— | ||
“(3) For the purposes of this section money received on deposit by the Corporation in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the money actually received, such equivalent being calculated according to the rate of exchange at the time of receiving the deposits. | ||
(4) Where— | ||
(a) the equivalent in currency of the State of other currency is being calculated for the purposes of subsection (3) of this section, and | ||
(b) the currencies having, at the time specified in that subsection, par values established under the Articles of Agreement of the International Monetary Fund include the currency of the State and the other currency, | ||
the reference in that subsection to the rate of exchange at that time shall be taken as referring to the rate of exchange based on those values.”. |