PART I.

Preliminary and General.

1. —(1) This Act may be cited as the Agricultural Credit Act, 1947.

(2) The Agricultural Credit Acts, 1927 to 1929, and this Act may be cited together as the Agricultural Credit Acts, 1927 to 1947.

2. —(1) In this Act—

the expression “the Acts” means the Agricultural Credit Acts, 1927 to 1929;

the expression “the Amending Act of 1928” means the Agricultural Credit Act, 1928 (No. 22 of 1928);

the expression “the Amending Act of 1929” means the Agricultural Credit Act, 1929 (No. 30 of 1929);

the expression “the appointed day” means the day appointed by order of the Minister made under section 6 of this Act;

the expression “co-operative society” means a society registered under the Industrial and Provident Societies Act, 1893;

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

the expression “the Minister” means the Minister for Finance;

the expression “the Principal Act” means the Agricultural Credit Act, 1927 (No. 24 of 1927).

(2) This Act shall be construed as one with the Acts.

3. —(1) In this Act—

the word “agriculture” includes—

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

(b) dairying,

(c) the pasturing of animals, and

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

and the word “agricultural” shall be construed accordingly;

the word “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 such 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 such 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 word “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.

(2) In this section—

the word “trustee” includes a trustee under a trust created by parol and also a trustee by construction of law;

the word “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.

4. —(1) The enactments specified in column (2) of Part I of the Schedule to this Act are hereby repealed to the extent set out in column (3) of the said Part I as on and from the date of the passing of this Act.

(2) The enactments specified in column (2) of Part II of the Schedule to this Act are hereby repealed to the extent set out in column (3) of the said Part II as on and from the appointed day.