First Previous (PART III. Priority of Charges on Land.)

30 1929

AGRICULTURAL CREDIT ACT, 1929

PART IV.

Miscellaneous and General.

Definition of “farmer” in Principal Act.

21. —(1) The word “farmer” where the same occurs in the Principal Act shall include a person or two or more persons jointly carrying on as personal representative or representatives of a deceased person or as trustee or trustees of a settlement and for the benefit of the estate of such deceased person or of the persons beneficially entitled under such settlement some form of agriculture as a business for profit on land forming part of such estate or subject to the trusts of such settlement, and references in the Principal Act to the farm of such person or persons shall mean the said land on which he or they so carries or carry on such agriculture, and the Principal Act shall be construed and have effect accordingly.

(2) In this section the word “trustee” includes a trustee under a trust created by parol and also a trustee by construction of law and the word “settlement” means the deed, will or other instrument, parol declaration or construction of law by virtue of which the trustee or trustees in relation to whom the word is used is or are such trustee or trustees.

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.

Limitations on the lending of money by the Corporation.

23. —(1) It shall be lawful for the Corporation so to alter its memorandum and articles of association that the Corporation shall be entitled and authorised to lend or advance money (in addition to the persons and for the purposes mentioned in section 12 of the Principal Act) to the persons and for the purpose here-inafter stated, that is to say:—

(a) to any person (other than a co-operative society) for the purpose of paying off a loan which was originally made to another person before the passing of the Principal Act wholly or mainly for the purpose of purchasing land for agricultural purposes;

(b) to any person (other than a co-operative society) for the purpose of paying off a loan or other liability which was originally obtained or incurred, whether before or after the passing of this Act, by him or any other person wholly or mainly for a purpose for which a loan could, under section 12 of the Principal Act or this section, be made to him by the Corporation;

(c) to any person (other than a co-operative society) for the purpose of paying off a charge on land or a loan borrowed for the purpose of paying off a charge on land where, in the opinion of the directors, the making of an advance to such person for such purpose will facilitate the making and securing the repayment of an advance made or intended to be made by the Corporation to such person for any other purpose authorised by section 12 of the Principal Act or this section;

(d) to any person (other than a co-operative society) for the purpose of paying off a loan or other liability which was originally obtained or incurred, whether before or after the passing of this Act, by him or any other person for any purpose (including personal and family maintenance) where, in the opinion of the directors, the obtaining such loan or incurring such liability was calculated to facilitate the person by whom the same was obtained or incurred in effecting economies or avoiding losses.

(2) Notwithstanding anything contained in the Principal Act or in the memorandum of association or the articles of association of the Corporation, the Corporation shall be deemed always to have been before the passing of this Act empowered to lend or advance money to any person (other than a co-operative society) for the purpose of paying off a loan or other liability which was originally made or incurred whether before or after the passing of the Principal Act to or by such person or any other person wholly or mainly for a purpose for which a loan could be made by the Corporation under section 12 of the Principal Act and no loan or advance of moneys so made by the Corporation before the passing of this Act shall be held or deemed to be or ever to have been invalid or irrecoverable on the ground that the making thereof was in excess of the powers of the Corporation.

Expenses of obtaining loans from the Corporation.

24. —(1) A loan or advance of money made by the Corporation to a person and for a purpose authorised by the memorandum and articles of association of the Corporation may include, in addition to the money required for such purpose, such sum as may be required to pay the expenses of obtaining such loan and giving security for the repayment thereof, and no loan or advance of money heretofore or hereafter made by the Corporation shall be or ever have been invalidated by reason of the inclusion therein of such sum as is or was required to meet such expenses or by reason of the application of part of such moneys in defraying such expenses.

(2) A charge which is a priority charge within the meaning of the Amending Act of 1928 shall not be precluded from being a permanent improvement charge within the meaning of that Act by reason only of portion of the principal sum secured by such charge having been borrowed for and expended in paying the expenses of borrowing such principal sum and giving security for the repayment thereof.

First mortgages under the Principal Act.

25. —No mortgage shall be or be deemed ever to have been precluded from being a first mortgage within the meaning of the Principal Act by reason only of the land affected by such mortgage or part of such land being subject in priority to such mortgage to one or more of all or any of the following charges, that is to say, quit rents, rents which were formerly crown rents, estate duty, succession duty, easements, and profits á prendre.

Evidence of indebtedness to the Corporation.

26. —In any proceedings in any Court of law for the recovery by the Corporation of any moneys owing to the Corporation 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, a certificate in writing purporting to be sealed with the seal of the Corporation stating that a specified sum of money was due at the date of such certificate to the Corporation by a specified person on account of a specified loan or advance by the Corporation shall, at any time within one month after the date purported to be borne by such certificate and without proof of the seal of the Corporation or of the due affixing thereof to such certificate, be evidence until the contrary is proved that the sum specified in such certificate is and remains due and owing to the Corporation by the person and on the account specified in such certificate.

Amendment of section 25 of the Principal Act.

27. —Sub-section (2) of section 25 of the Principal Act shall be construed and have effect and be deemed always to have had effect as if the words “within fourteen days” were inserted therein in lieu of the words “within seven days” now contained therein.

Sale by Irish Land Commission.

28. —Where land or a tenancy in land is put up for sale by the Irish Land Commission under any statutory power in that behalf vested in them and such land or tenancy is subject to a charge in favour of the Corporation which is a permanent improvement charge within the meaning of the Amending Act of 1928 or of this Act, such land or tenancy shall be sold subject to such charge in addition to any other charge, incumbrance, or liability subject to which such land or tenancy is required by law to be sold.

Rules of co-operative creamery societies.

29. —(1) Notwithstanding anything contained in the Industrial and Provident Societies Act, 1893, the rules of a society registered under that Act to carry on the business of a co-operative society may provide for all or any one or more of the following things, that is to say:—

(a) advances of money by the society to its members on security other than the security of real or personal property, where such advances are made out of money advanced to such society by the Corporation;

(b) guarantees by the society of the repayment of advances and the payment of interest on advances made by the Corporation to members of the society;

(c) the society acting as agent for the Corporation in the making of advances by the Corporation to members of the society.

(2) This section shall be deemed to have come into force on and shall have effect as on and from the 28th day of May, 1927.

Short title and citation.

30. —(1) This Act may be cited as the Agricultural Credit Act, 1929.

(2) The Agricultural Credit Acts, 1927 and 1928, and this Act may be cited together as the Agricultural Credit Acts, 1927 to 1929.