Agricultural Credit Act, 1961

Borrowing power of the Corporation.

3.—(1) Subject to the provisions of this section, the Corporation shall have power for the purposes of the Corporation to raise or borrow money in any manner it thinks fit.

(2) The amount of money raised or borrowed by the Corporation under the Acts or this Act and outstanding at any one time shall not exceed ten million pounds.

(3) (a) Any power of raising or borrowing money conferred on the Corporation by the Acts or this Act shall not be exercisable at any particular time without the consent of the Minister if the Minister holds at that time more than one-fifth (in nominal value) of the issued capital of the Corporation.

(b) Any such power shall be exercisable at any particular time without the consent of the Minister if the Minister holds at that time one-fifth (in nominal value) or less of the issued capital of the Corporation.

(4) Stamp duty shall not be chargeable in respect of the issue or transfer of any bonds or other securities issued by the Corporation in pursuance of its powers under this section to secure moneys raised or borrowed under this section.