Agricultural Credit Act, 1929
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Amendment of the Principal Act in relation to certificates of charge. |
9.—(1) It shall be lawful for the Corporation so to alter its memorandum and articles of association that the provisions set forth in the Schedule to the Principal Act or other provisions to the same effect now contained in the said memorandum and articles of association shall not apply to certificates of charge issued by the Corporation after the date on which such alterations take effect or any later date specified in that behalf in and by such alterations and that the following provisions or other provisions to the same effect shall apply to all such certificates of charge, that is to say:— | |
(a) certificates of charge may be issued under that name or under any other name which the directors think suitable and a series of certificates of charge shall consist of certificates of such total nominal amount as the directors with the approval of the Minister shall think proper divided into certificates of such amount or different amounts as the directors with such approval shall think proper; | ||
(b) certificates of charge may be made transferable by deed, delivery or otherwise or partly in one such way and partly in another such way as the directors with the approval of the Minister shall think fit to prescribe; | ||
(c) all certificates of charge shall be secured by a trust deed or other instrument approved by the Minister whereby such certificates of charge become and are a floating charge on all the assets (with such exceptions and subject to such dealings by the Corporation as the Minister may approve) of the Corporation in priority to all debentures and debenture stock theretofore or thereafter issued by the Corporation and whereby such powers as the Minister may require are conferred on trustees for securing the due payment of the principal of such certificates of charge and the interest thereon and wherein such other provisions as the Minister may require are contained for or incidental to the securing such repayment; | ||
(d) the number of the trustees mentioned in the foregoing paragraph shall be such even number as the directors think fit and one-half of such trustees shall always be nominated by the Minister and the other half of such trustees shall always be nominated by the directors; | ||
(e) before issuing a series of certificates of charge the directors shall (unless the Minister authorises such series to be issued without any guarantee by him) submit the terms of such proposed issue to the Minister for the purpose of receiving from him such guarantee as he is authorised by the Principal Act to give, and if and when such guarantee is given the directors may issue such certificates of charge on the terms so submitted to the Minister. | ||
(2) Sub-section (3) of section 15 of the Principal Act is hereby repealed and in lieu thereof it is hereby enacted that— | ||
(a) the total amount which, in any yearly period for which the accounts of the Corporation are made up, is borrowed by the Corporation on the security of certificates of charge guaranteed by the Minister under the said section 15 and is so borrowed for making loans to the persons and for the purposes authorised by section 12 of the Principal Act, shall not exceed the sum of one million pounds; | ||
(b) the total amount owing at any one time by the Corporation on the security of certificates of charge guaranteed by the Minister under the said section 15 shall not (save as is hereinafter authorised) exceed seven million five hundred thousand pounds; | ||
(c) the Corporation may, with the sanction of the Minister, borrow money on the security of certificates of charge guaranteed as aforesaid in excess of the limit mentioned in the foregoing paragraph where such money is so borrowed for the purpose of repaying part of the amount then owing by the Corporation on the security of certificates of charge previously issued and such conditions as the Minister may prescribe for securing the application of such money to the purpose aforesaid are complied with. | ||
(3) Certificates of charge issued by the Corporation after the making of the alterations authorised by sub-section (1) of this section to be made in the memorandum and articles of association of the Corporation shall not be bills of sale within the meaning of the Bills of Sale (Ireland) Acts, 1879 and 1883, and those Acts shall not apply to any such certificates of charge. |