ACC Bank Act, 1994

Amendment of section 12 of Agricultural Credit Act, 1978.

1.Section 12 of the Agricultural Credit Act, 1978 , is hereby amended by the substitution for subsection (1) (inserted by section 8 of the ACC Bank Act, 1992 ) of the following subsection:

“(1) The Corporation may (subject to such conditions or limitations on amounts as the Minister, after consultation with the Central Bank, may determine) raise or borrow money (including money in a currency other than the currency of the State) in any manner it thinks fit:

Provided that the amount of money raised or borrowed and outstanding at any one time shall not exceed £1,400,000,000.”.