Agricultural Credit Act, 1961
|
Charging moneys advanced or paid by the Corporation on land. |
9.—(1) Where the Corporation proposes to lend or advance moneys to or guarantee the payment of moneys by— | |
(a) a registered owner of land, or | ||
(b) a person in occupation of land which is registered in a register of freeholders (other than the registered owner of the land) for any one or more of the following purposes, namely: | ||
(i) constructing, altering, improving or repairing buildings on the land, | ||
(ii) making on the land improvements of a permanent character calculated to increase, or facilitate or conduce to the increase of, the productivity of the land, | ||
(iii) paying the costs and expenses of the loan, advance or guarantee and giving security for the repayment of the loan or advance or of any moneys paid on foot of the guarantee, as the case may be, | ||
the Corporation, before lending or advancing the moneys or guaranteeing the payment of the moneys, as the case may be, may, subject to any general directions given by the Minister from time to time, make an order (in this section referred to as a charging order) charging the moneys to be lent or advanced by the Corporation or liable to be paid by the Corporation on foot of the guarantee to be given by the Corporation, as the case may be, and the interest payable pursuant to the terms and conditions of the loan, advance or guarantee on the land and the charging order shall operate to charge the moneys as and when they are lent, advanced or paid by the Corporation and the interest on the land in favour of the Corporation. | ||
(2) A charge created under this section for the purpose of securing (whether with or without present advances) future advances shall be expressed in the charging order by which it is created to charge the land to which the order relates with advances not exceeding an amount which shall be specified in the order. | ||
(3) Where a charging order has been made under this sectionin relation to land, the charging order and the land certificate (if any) issued under the Registration of Title Acts, 1891 and 1942, relating to the land shall be transmitted to the registering authority and the charge created by the charging order shall be registered by the registering authority in a register of freeholders as a burden affecting the land. | ||
(4) A charge created under this section shall be deemed to be a mortgage made by deed within the meaning of the Conveyancing Acts, 1881 to 1911, and the Corporation shall be the mortgagee for the purposes of those Acts and, accordingly, shall have all the powers conferred by those Acts on mortgagees under mortgages made by deed and a charge created under this section shall, upon registration thereof in a register of freeholders, be deemed to be a registered charge within the meaning of the Registration of Title Acts, 1891 and 1942, and the land to which the charge relates shall be deemed, for the purposes of section 39, as amended by any subsequent enactment, of the Act of 1947, to have been charged by the registered owner thereof in favour of the Corporation with the repayment of the amount of the charge and the payment of the interest. | ||
(5) (a) All moneys payable on foot of a charge created under this section in respect of moneys lent or advanced by the Corporation to the registered owner of land or paid by the Corporation on foot of a guarantee given by the Corporation of the payment of moneys by the registered owner of land shall be recoverable from the person who is the registered owner of the land subject to the charge at the time when proceedings for recovery of the moneys payable on foot of the charge are commenced as a personal liability of that person. | ||
(b) Nothing in this subsection shall relieve any other person from liability in respect of any such moneys and, as between successive registered owners of the land subject to the charge, all moneys paid or recovered from a registered owner on foot of a charge created under this section and for the payment of which a former registered owner was liable shall be recoverable by the registered owner who has paid it, or from whom it has been recovered, as a debt due to him by the registered owner in default. | ||
(6) (a) All moneys payable on foot of a charge created under this section in respect of moneys lent or advanced by the Corporation to a person in occupation of land(other than the registered owner of the land) or paid by the Corporation on foot of a guarantee given by the Corporation of the payment of moneys by a person in occupation of land (other than the registered owner of the land) shall be recoverable from the person in occupation (whether as registered owner or otherwise) of the land subject to the charge at the time when proceedings for recovery of the moneys payable on foot of the charge are commenced as a personal liability of that person. | ||
(b) Nothing in this subsection shall relieve any other person from liability in respect of any such moneys and, as between persons successively in occupation (whether as registered owners or otherwise) of the land subject to the charge, all moneys paid or recovered from a person in occupation of the land on foot of a charge created under this section and for the payment of which a person previously in occupation of the land was liable shall be recoverable by the person who has paid it, or from whom it has been recovered, as a debt due to him by the person in default. | ||
(7) (a) Where a charge is created under this section in relation to moneys lent or advanced to any person by the Corporation or in relation to a guarantee given by the Corporation of the payment of moneys by any person, the loan, advance or guarantee shall be subject to such conditions (including conditions providing for the payment of interest, the manner of repayment of the moneys lent or advanced by the Corporation or of any moneys paid by the Corporation on foot of a guarantee given by the Corporation of the payment of moneys by the person and payment of the interest, whether by instalments or otherwise, and the time for repayment of any such moneys and the payment of the interest) as may be determined by the Corporation with the consent of that person when the Corporation agrees to make the loan or advance or give the guarantee, as the case may be, and the conditions may be varied or amended subsequently in any manner whatsoever by the Corporation with the consent of the person liable to repay the moneys, and the conditions (including conditions as subsequently varied or amended) shall be deemed to be and shall operate as covenants entered into with the Corporation by the person liable to repay the moneys. | ||
(b) A charging order may, with the consent of the person liable to repay the moneys to which the order relates, be varied or amended by the Corporation. | ||
(c) Where a charging order is varied or amended under this subsection, the Corporation shall transmit to the registering authority a certificate under its seal containing particulars of the variation or amendment. | ||
(d) Upon transmission to the registering authority of a certificate purporting to be under the seal of the Corporation and to contain particulars of the variation or amendment under this subsection of a charging order, the variation or amendment shall be registered or otherwise noted by the registering authority in the register of freeholders in which the charge created by the charging order is registered. | ||
(8) Where all moneys payable on foot of a charge created under this section have been repaid to the Corporation and the registered owner or the person in occupation of the land to which the charge relates requests the Corporation to release the charge, the Corporation shall thereupon transmit to the registering authority a certificate under its seal stating that all moneys payable on foot of the charge have been repaid to the Corporation, and upon transmission to the registering authority of a certificate purporting to be under the seal of the Corporation and stating that all moneys payable on foot of the charge to which it relates have been repaid to the Corporation, the entry of the charge in the register of freeholders in which it is entered shall be cancelled. | ||
(9) Section 35 of the Land Act, 1939 , is hereby amended by the insertion in subsection (1) after “Agricultural Credit Acts, 1927 to 1929,” of “or a charge created under section 9 of the Agricultural Credit Act, 1961,”. | ||
(10) (a) Stamp duty shall not be chargeable on any instrument whereby a charge under this section is created or released or a charging order or a condition subject to which moneys are lent or advanced, or a guarantee is given, by the Corporation is varied or amended under this section or the consent of the registered owner or the person in occupation of the land to which the charge relates is given to such creation, variation or amendment. | ||
(b) No fee or other payment shall be charged or imposed by the registering authority for the registration in a register of freeholders of a charge created under this section or for the cancellation of the entry of the charge in the register or for the registration or other notation in a register of freeholders of the variation or amendment under subsection (7) of this section of a charging order. | ||
(11) A charging order shall not be made under this section in relation to a loan, advance or guarantee which the Corporation proposes to give to, or in respect of payments by, any person without the consent of that person. | ||
(12) (a) In this section— | ||
“register of freeholders” means a register of freeholders maintained under the Registration of Title Acts, 1891 and 1942; | ||
“registered owner”, in relation to land, means a person registered in a register of freeholders as full owner of the land; | ||
“registering authority” means a registering authority under and for the purposes of the Registration of Title Acts, 1891 and 1942. | ||
(b) References in this section to a person in occupation of land shall, in any case where a person in occupation of land is a person to whom the land is let for any term, be construed as references to the person by whom the land is so let. |