Agricultural Co-Operative Societies (Debentures) Act, 1934

Power to Minister to charge uncalled capital.

7.—(1) Whenever the Minister is satisfied, on the application of the Agricultural Credit Corporation, Limited,—

(a) that money is owing to the said Corporation by a society mentioned in the Schedule to this Act in respect of a loan made by the said Corporation to such society before the passing of this Act, and

(b) that when such loan was so made there was an agreement in writing between the said Corporation and such society that the amount of such loan and the interest thereon would be secured (in addition to any other security which may have been given) by a charge on the uncalled capital of such society, and

(c) that when such loan was made the rules of such society authorised the charging (whether generally or in favour of the said Corporation) of the uncalled capital of such society,

the Minister shall by order charge in favour of the said Corporation the capital sum (which shall be specified in such order) due at the date of such order to the said Corporation by such society on foot of such loan and interest thereon at the rate specified in such order on the uncalled capital of such society.

(2) Every order made under this section shall operate to charge in favour of the Agricultural Credit Corporation, Limited, the capital sum specified in that behalf in such order and interest thereon at the rate similarly specified on the uncalled capital of the society mentioned in such order as a first and paramount charge on such uncalled capital in priority to all other (if any) charges thereon whether made before or after the passing of this Act, and such charge shall be enforceable by the said Corporation accordingly.

(3) No stamp duty shall be payable under the Stamp Act, 1891, on any order made under this section.

(4) Every order made under this section shall be registered by the Minister in the register and published in the Iris Oifigiúil as soon as conveniently may be after it is made.