Agricultural Credit Act, 1929

Charges by tenants for life.

22.—(1) Any person who is a tenant for life within the meaning of the Settled Land Acts, 1882 to 1890, of any land or has under those Acts the powers of a tenant for life in respect of any land may borrow from the Corporation and the Corporation may lend to any such person money for the purposes and on the security hereinafter authorised.

(2) Money borrowed under this section shall be paid by the Corporation only to the trustees for the purposes of the Settled Land Acts, 1882 to 1890, of the settlement under which the borrower is tenant for life or has the powers of a tenant for life or to persons appointed under this section to receive such money, and such money shall be capital money arising under the said settlement within the meaning of the said Acts, and the purpose for which such money is borrowed under this section shall as respects such money be a purpose for which capital money may be applied under the said Acts, and the said Acts shall apply to the said money accordingly.

(3) Where money is proposed to be borrowed under this section and there are not trustees for the purposes of the Settled Land Acts, 1882 to 1890, of the settlement under which the borrower is tenant for life or has the powers of a tenant for life under those Acts and the annual value under the Valuation Acts of the land comprised in the said settlement does not exceed sixty pounds, the Minister for Agriculture may nominate two suitable persons (other than the borrower) to receive such money and thereupon the persons so nominated shall become and be trustees for the purposes of the said Acts of the said settlement in respect of such money but no further or otherwise.

(4) Where money is borrowed under this section the borrower may charge all the land comprised in the settlement under which he is tenant for life or has the powers of a tenant for life with the repayment to the Corporation of the moneys so borrowed and the interest thereon and such charge shall have effect as a disposition under the Settled Land Acts, 1882 to 1890, and, where the circumstances are such that such charge, if made by a full or absolute owner of such land, would be a priority charge within the meaning of the Amending Act of 1928 or of this Act, such charge shall be a priority charge and a permanent improvement charge within the meaning of the Amending Act of 1928 or of this Act (as the case may require) and such Act shall apply to such charge accordingly.

(5) The purposes for which money may be borrowed under this section are all or any of the following purposes, that is to say:—

(a) construction of buildings on the land in respect of which the borrower is tenant for life or has the powers of a tenant for life,

(b) making on such land improvements of a permanent character calculated to increase or facilitate or conduce to the increase of the productivity of such land,

(c) payment of the expenses incurred in borrowing such money and giving security for the repayment thereof.