Agricultural Credit Act, 1961

Amendment of section 13 of the Act of 1947.

11.—Section 13 of the Act of 1947 is hereby amended by the substitution for subsection (1) of the following subsection, namely:

“(1) (a) Subject to the provisions of section 3 of the Agricultural Credit Act, 1961, the Minister may make advances to the Corporation and the Corporation may borrow from the Minister such sums as the Corporation may require from time to time for the carrying out of the Corporation's objects.

(b) Advances under this subsection shall be made on such terms as to repayment, interest and other matters as may be determined by the Minister.

(c) Moneys paid to the Minister by the Corporation in respect of repayment of advances under this subsection or of interest on such advances shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister may direct.”.