Agricultural Credit Act, 1965

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Number 12 of 1965.

AGRICULTURAL CREDIT ACT, 1965

ARRANGEMENT OF SECTIONS

Number 12 of 1965.

AGRICULTURAL CREDIT ACT, 1965

AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1927 TO 1961. [6th July, 1965.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Interpretation.

1.—In this Act—

“the Act of 1947” means the Agricultural Credit Act, 1947 ;

“the Act of 1961” means the Agricultural Credit Act, 1961 ;

“the Acts” means the Agricultural Credit Acts, 1927 to 1961;

“the Minister” means the Minister for Finance.

Increase of capital of the Corporation.

2.—The corporation may, under and in accordance with section 2 of the Act of 1961, increase its capital to a total not exceeding six million pounds and, accordingly, there shall be substituted in that section for the reference to two million pounds a reference to six million pounds.

Increase of limit on borrowing by the Corporation.

3.—(1) 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 twenty million pounds.

(2) Subsection (2) of section 3 of the Act of 1961 is hereby repealed.

Increase of limit on guarantees by the Minister of borrowings by the Corporation.

4.—The amount, or the aggregate amount, of principal which the Minister may at any one time be liable to pay on foot of any guarantee or guarantees under subsection (1) of section 5 of the Act of 1961 for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and which has not been repaid by the Corporation shall not exceed twenty million pounds and, accordingly, subsection (2) of that section shall be construed as if that sum were substituted for the sum mentioned therein.

Amendment of section 9 of Agricultural Credit Act, 1927.

5.—Section 9 of the Agricultural Credit Act, 1927, is hereby amended by—

(a) the substitution of “any source” for “co-operative societies” in paragraph (b) of subsection (1) (inserted by the Act of 1961), and

(b) the substitution of “Agricultural Credit Acts, 1927 to 1965, as amended by any subsequent enactment” for “Agricultural Credit Acts, 1927 to 1961” (inserted by the Act of 1961) in subsection (2).

Amendment of sections 39 and 42 of Act of 1947.

6.—(1) Sections 39 and 42 of the Act of 1947 are hereby amended by the substitution of “two thousand pounds” for “one thousand pounds” (inserted by the Act of 1961) in each place where it occurs in those sections.

(2) The amendments effected by subsection (1) of this section shall not have effect in respect of charges on land given before the date of the passing of this Act.

Amendment of section 48 of Act of 1947.

7.—(1) Section 48 of the Act of 1947 is hereby amended by—

(a) the substitution of “two thousand pounds” for “one thousand pounds” (inserted by the Act of 1961), and

(b) the insertion after “any person” of “or to secure the payment to the Corporation of any money liable to be paid by it on foot of a guarantee of the payment of moneys not exceeding in amount two thousand pounds and interest thereon by the personal representative given by the Corporation in respect of the personal representative as such personal representative for any purpose for which the Corporation is entitled to give a guarantee in respect of any person,”.

(2) The amendment effected by paragraph (a) of subsection (1) of this section shall not have effect in respect of charges on land given before the date of the passing of this Act.

Amendment of section 53 of Act of 1947.

8.—Section 53 of the Act of 1947 is hereby amended by—

(a) the substitution of “, the Courts of Justice Acts, 1924 to 1961, or the Enforcement of Courts Orders Acts” for “or in the Enforcement of Courts Orders Acts”,

(b) the deletion of “whether for principal, interest, or otherwise in respect of any loan or advance made (whether before or after the passing of this Act) by the Corporation”, and

(c) the substitution of “in respect of a specified transaction” for “on account of a specified loan or advance by the Corporation”.

Amendment of section 9 of Act of 1961.

9.—(1) Subsection (1) of section 9 of the Act of 1961 is hereby amended by—

(a) the insertion after paragraph (b) of the following:

“or

(c) a personal representative of any such owner exercising a power conferred on him by section 48 of the Act of 1947,”,

(b) the insertion after “guarantee on the land” of “or on any land of which a person guaranteeing the repayment to the Corporation of the moneys and interest aforesaid is the registered owner”, and

(c) the insertion after “interest on the land” of “to which the order relates”.

(2) Subsection (5) of the said section 9 is hereby amended by the insertion in paragraph (a) after “the registered owner of land” in both places where it occurs of “or his personal representative”.

(3) The following subsection shall be substituted for subsection (10) of the said section 9:

“(10) (a) Stamp duty shall not be chargeable on any instrument whereby a charge or mortgage in favour of the Corporation 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 or the personal representative of such owner or person 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 or in the Registry of Deeds of a charge or mortgage created in favour of the Corporation or for the cancellation of the entry of a charge or mortgage in favour of the Corporation in a register of freeholders or in the Registry of Deeds, as the case may be, or for the registration or other notation in a register of freeholders of the variation or amendment of a charging order in favour of the Corporation”.

Provisions relative to Houses of Oireachtas.

10.—(1) Where a director of the Corporation is nominated, with his consent, as a candidate for election to either House of the Oireachtas or is nominated as a member of Seanad Éireann, he shall thereupon cease to be such director.

(2) Where a person who is either an officer or a servant in the employment of the Corporation becomes a member of either House of the Oireachtas—

(a) he shall, during the period commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen,upon his resignation or retirement from such employment by the Corporation, stand seconded from such employment,

(b) he shall not be paid by, or entitled to receive from the Corporation any salary or wages, as the case may be, in respect of that period.

(3) If a person who is or was an officer or servant of the Corporation becomes entitled to a pension under the Ministerial and Parliamentary Offices Acts, 1938 to 1960, he shall not be entitled to reckon the whole or any part of his period of pensionable service, within the meaning of those Acts, for any superannuation benefits payable under a scheme made by the Corporation for the payment of superannuation benefits to or in respect of the officers or servants of the Corporation.

(4) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein shall, while so entitled, be disqualified from being or becoming a director of the Corporation or an officer or servant of the Corporation.

Alteration in memorandum and articles of association of the Corporation.

11.—(1) It shall be lawful for the Corporation to make all such alterations in its memorandum and articles of association as are necessary or proper to give effect to the provisions of this Act and of the Acts as amended by this Act and as are necessary or proper by way of supplement to, or in consequence of, any such alteration.

(2) Subsections (2) and (3) of section 14 of the Act of 1961 shall apply and have effect in relation to alterations in the memorandum and articles of association of the Corporation authorised by this section in the same way as they apply and have effect in relation to alterations in that memorandum and those articles authorised by the said section 14.

Short title, construction and collective citation.

12.—(1) This Act may be cited as the Agricultural Credit Act, 1965.

(2) The Acts and this Act shall be construed together as one Act.

(3) The Acts and this Act may be cited together as the Agricultural Credit Acts, 1927 to 1965.