Agriculture (Amendment) Act, 1958

Power to borrow.

5.—(1) A committee of agriculture may, with the consent of and subject to any conditions imposed by the Minister, borrow by means of bank overdraft or otherwise money for the purposes of the schemes which it administers or for any other purposes connected with its functions.

(2) Where the repayment of money borrowed under this section by a committee of agriculture is to be spread over a term of years, the committee may borrow the money on the security of the contributions under section 2 of this Act to the committee and may charge those contributions with payment of the principal money so borrowed and the interest thereon.