AGRICULTURAL CREDIT ACT, 1978

Original version:<a href='/vid/agricultural-credit-act-1978-748183025'>AGRICULTURAL CREDIT ACT, 1978</a>
 
FREE EXCERPT


Number 2 of 1978


AGRICULTURAL CREDIT ACT, 1978


ARRANGEMENT OF SECTIONS

PART I

Preliminary and General

Section

1.

Short title.

2.

Commencement.

3.

Interpretation.

4.

Central Fund.

5.

Payment into Exchequer of money paid to Minister.

6.

Expenses.

7.

Repeals.

PART II

Agricultural Credit Corporation

8.

Memorandum of association.

9.

Participation in agricultural projects.

10.

Directors.

11.

Share capital.

12.

Borrowing.

13.

Advances by Minister.

14.

Guarantee of borrowing.

15.

Guarantee against losses.

16.

Accounts.

17.

Membership of Oireachtas.

18.

Appointment of staff.

19.

Remuneration of chief officer.

20.

Superannuation of staff.

21.

Evidence of debt to Corporation.

22.

Alteration of memorandum and articles of association.

PART III

Chattel Mortgages

23.

Definitions for Part III.

24.

Chattel mortgage of specific stock.

25.

Recognised banks.

26.

Registers of chattel mortgages.

27.

Effect of specific chattel mortgage.

28.

Seizure of stock under specific chattel mortgage.

29.

Inventory of stock under chattel mortgage.

30.

Effect of floating chattel mortgage.

31.

Conversion of floating chattel mortgage into specific chattel mortgage.

32.

Effect of chattel mortgage on distraints.

33.

Effect of chattel mortgage on execution orders.

34.

Priorities of chattel mortgages.

35.

Disclosure of chattel mortgage to creditor.

36.

Avoidance of bills of sale of stock.

PART IV

Charges on Land in favour of the Corporation

Chapter 1

Preliminary

37.

Definitions for Part IV.

38.

Application of Part IV to existing charges.

Chapter 2

Registered Land

39.

Priority of charges in favour of Corporation.

40.

Equitable interests.

41.

Protection of minors and persons of unsound mind.

Chapter 3

Unregistered Land

42.

Priority of charges in favour of Corporation.

43.

Lodgement of cautions by puisne claimants.

44.

Rights of puisne claimants.

45.

Protection of minors and persons of unsound mind.

46.

Lodgement of cautions by the Corporation.

Chapter 4

Miscellaneous Provisions in relation to Charges on Land

47.

Charges by tenants for life.

48.

Charges by personal representatives.

49.

Sales by Corporation under priority charges.

50.

Sale by Land Commission of land subject to charge.

51.

Charges by evicted tenants.

52.

Adaptation of references in other enactments to permanent improvement charges.

53.

Exemption from stamp duty and fees.

Chapter 5

Charging Orders

54.

Charging money advanced by Corporation.

55.

Effect of charging order.

56.

Money payable on foot of charge.

57.

Conditions and variation of charging order.

58.

Cancellation of charge.

PART V

Agricultural Co-operative Societies

59.

Co-operative society.

60.

Rules of co-operative societies.

61.

Restrictions on activities of co-operative societies owing money to the Corporation.

SCHEDULE

Enactments Repealed


Number 2 of 1978


AGRICULTURAL CREDIT ACT, 1978


AN ACT TO CONSOLIDATE WITH AMENDMENTS THE AGRICULTURAL CREDIT ACTS, 1927 TO 1975. [28th February, 1978]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART I

Preliminary and General

Short title.

1.—This Act may be cited as the Agricultural Credit Act, 1978.

Commencement.

2.—This Act shall come into operation on such day as the Minister by order appoints.

Interpretation.

[1947, s. 3; 1961, s. 8.]

3.—(1) In this Act, except where the context otherwise requires—

“agriculture” includes—

(a) the breeding, rearing or keeping of animals of any kind (including birds and insects),

(b) fish culture,

(c) dairying,

(d) the pasturing of animals,

(e) afforestation,

(f) the processing, manufacture, preparation or completion for sale of any farm produce, and

(g) the marketing of any farm produce,

and “agricultural” shall be construed accordingly;

“the Corporation” means the Agricultural Credit Corporation, Limited;

“farm” means the land or buildings or the land and buildings on or in which the farmer, in relation to whom the word is used, carries on some form of agriculture;

“farmer” means an individual who carries on or intends to carry on some form of agriculture and includes—

(a) two or more individuals who jointly or in common carry on or intend to carry on some form of agriculture,

(b) the personal representative of a deceased person who, for the benefit of the estate of the deceased person, carries on or intends to carry on some form of agriculture,

(c) the trustee of a settlement who, for the benefit of the persons beneficially entitled under the settlement, carries on or intends to carry on some form of agriculture,

(d) any body corporate which carries on or intends to carry on, as its principal business, some form of agriculture, and

(e) two or more bodies corporate which jointly or in common carry on or intend to carry on, as their principal business, some form of agriculture;

“the Land Commission” means the Irish Land Commission;

“the Minister” means the Minister for Finance;

“settlement” means the deed, will or other instrument, parol declaration or construction of law, by virtue of which the trustee, in relation to whom the word is used, is such trustee;

“stock” has the meaning assigned by section 23;

“trustee” includes a trustee under a trust created by parol and also a trustee by construction of law.

(2) A reference in this Act to a Part or section is to a Part or section of this Act unless it is indicated that reference to some other enactment is intended.

(3) A reference in this Act to any enactment shall be construed as a reference to that enactment as amended by any subsequent enactment.

Central Fund.

[1961, s. 15.]

4.—All money from time to time required by the Minister to meet sums which may become payable by him under this Act shall be paid out of the Central Fund or the growing produce thereof.

Payment into Exchequer of money paid to Minister.

5.—Money paid to the Minister by the Corporation in pursuance of any provision of this Act shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister may direct.

Expenses.

6.—The expenses incurred by the Minister in the administration of this Act shall be paid out of money provided by the Oireachtas.

Repeals.

7.—(1) The enactments mentioned in the Schedule are hereby repealed to the extent specified in the third column.

(2) All instruments made under an enactment repealed by this Act shall, if in force immediately before the commencement of this Act, continue in force as if made under this Act.

PART II

AGRICULTURAL CREDIT CORPORATION

Memorandum of association.

[1961, s. 7; 1972, s. 2.]

8.—(1) The objects of the Corporation shall be so stated in its memorandum of association that its principal functions shall include—

(a) (i) lending and advancing money, subject to the provisions of this Act,

(ii) acquiring, underwriting, holding, selling and otherwise dealing with, shares, stocks, debentures, debenture stocks and other securities of any body corporate,

(iii) drawing, accepting, endorsing, discounting, purchasing and otherwise dealing with, bills of exchange, promissory notes and other negotiable instruments,

(iv) providing such other credit facilities as it thinks proper (including giving guarantees to any person in relation to the payment of money, and of interest on the money, or the repayment of money paid by that person on foot of loans, advances or other credit facilities granted by that person and the payment of interest on such money),

(v) engaging in the provision of hire-purchase and leasing facilities and for that purpose acquiring, disposing of and otherwise dealing with stock, and

(vi) arranging for the provision of credit facilities for any person by any other person (and acting as agent for any person in relation to the payment and collection and receipt of money in respect of such facilities),

for any purpose which, in the opinion of the Corporation will, or is likely to, increase, whether directly or indirectly, the productivity of, or be otherwise of benefit to, agriculture, horticulture or fisheries, on such terms and subject to such conditions as the Corporation thinks fit, and

(b) the receipt, on such terms and subject to such conditions as the Corporation thinks proper, of deposits of money (including money in a currency other than the currency of the State) from any source and the receipt of deposits of securities for safe keeping and management and, so far as may be lawful, the execution of trusts in relation to the securities.

(2) For the purposes of this section money received on deposit by the Corporation in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the money actually received, such equivalent being calculated according to the rate of exchange at the time of receiving the deposits.

(3) Nothing in this section shall prevent or restrict the inclusion among the objects of the Corporation as stated in its memorandum of association of all such objects and powers as are reasonably necessary or proper for or incidental or ancillary to the due performance of the principal functions aforesaid and are not inconsistent with this Act.

...

To continue reading

REQUEST YOUR TRIAL