Number 6 of 1988

AGRICULTURAL CREDIT ACT, 1988

ARRANGEMENT OF SECTIONS

Number 6 of 1988

AGRICULTURAL CREDIT ACT, 1988

Definitions.

1.—In this Act—

“the Principal Act” means the Agricultural Credit Act, 1978;

Objects of Corporation.

2.—(1) Notwithstanding the provisions of section 8 (1) (a) of the Principal Act and subject to subsection (2) of this section, the Corporation may—

(a) lend and advance money subject to the provisions of the Principal Act,

(b) acquire, underwrite, hold, sell and otherwise deal with, shares, stocks, debentures, debenture stocks and other securities of any body corporate,

(c) draw, accept, endorse, discount, purchase and otherwise deal with, bills of exchange, promissory notes and other negotiable instruments,

(d) provide 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),

(e) engage in the provision of hire-purchase and leasing facilities and for that purpose acquire, dispose of and otherwise deal with stock, and

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

for such purposes as the Minister, after consultation with the Central Bank of Ireland, may from time to time determine and subject to such conditions as the Minister considers appropriate.

(2) The amount outstanding, at any particular time, in respect of activities engaged in by the Corporation pursuant to subsection (1) of this section shall not exceed 25 per cent. of the sum of—

(a) the total amount outstanding or expended for purposes specified in section 8 (1) (a) of the Principal Act in respect of—

(i) loans and advances made by the Corporation,

(ii) acquiring, 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 other credit facilities,

(v) sums unpaid or due to the Corporation, in respect of hire-purchase or leasing agreements,

and

(b) the amount or the aggregate amount other than amounts in respect of interest which the Corporation may be liable to pay on foot of any guarantee or guarantees given pursuant to the said section 8 (1) (a),

or such lesser amount as the Minister may from time to time determine.

Alteration of memorandum and articles of association of Corporation.

3.—The Corporation shall take such steps as may be necessary under the Companies Acts, 1963 to 1986, to alter its memorandum and articles of association to make them consistent with this Act.

Amendment of section 11 of Principal Act.

4.—Section 11 of the Principal Act is hereby amended by the substitution of “£35,000,000” for “£20,000,000” in subsection (1) and the said subsection as so amended is set out in the Table to this section:

TABLE

(1) The share capital of the Corporation shall be £35,000,000 divided into shares of £1 each.

Amendment of section 15 of Principal Act.

5.—Section 15 of the Principal Act is hereby amended by the substitution of “£25,000,000” for “£10,000,000” in subsection (2) and the said subsection as so amended is set out in the Table to this section:

TABLE

(2) The Minister shall not so exercise the powers conferred by subsection (1) that the amount or the aggregate amount of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection for the time being in force exceeds £25,000,000.

Short title, construction, collective citation and commencement.

6.—(1) This Act may be cited as the Agricultural Credit Act, 1988.

(2) The Agricultural Credit Acts, 1978 to 1982, and this Act shall be construed together as one Act and may be cited together as the Agricultural Credit Acts, 1978 to 1988.

(3) This Act shall come into operation on such day as the Minister appoints by order.

Uimhir 6 de 1988

AN tACHT CAIRDE TALMHAÍOCHTA, 1988

RIAR NA nALT

Uimhir 6 de 1988

AN tACHT CAIRDE TALMHAÍOCHTA, 1988

[An tiontú oifigiúil]

Mínithe.

1.—San Acht seo—

ciallaíonn “an Príomh-Acht” an tAcht Cairde Talmhaíochta, 1978.

Cuspóirí na Corparáide.

2.—(1) D'ainneoin fhorálacha alt 8 (1) (a) den Phríomh-Acht agus faoi réir fho-alt (2) den alt seo, féadfaidh an Chorparáid—

(a) airgead a thabhairt ar iasacht agus a airleacan faoi réir fhorálacha an Phríomh-Achta,

(b) scaireanna, stoic, bintiúir, stoic bhintiúir agus urrúis eile de chuid aon chomhlachta chorpraithe a fháil, a fhrithgheallúint, a shealbhú, a dhíol agus déileáil leo ar shlí eile,

(c) billí malairte, nótaí gealltanais agus ionstraimí soshannta eile a tharraingt, a ghlacadh, a fhormhuiniú, a lascainiú, a cheannach agus déileáil leo ar shlí eile,

(d) cibé saoráidí creidmheasa eile a mheasfaidh sí is cuí (lena n-áirítear ráthaíochtaí a thabhairt d'aon duine i ndáil le hairgead, agus ús ar an airgead, a íoc, nó i ndáil le hairgead a d'íoc an duine sin ar scór iasachtaí, airleacan nó saoráidí creidmheasa eile a thug an duine sin a aisíoc agus i ndáil le hús a íoc ar an airgead sin) a chur ar fáil,

(e) gabháil do shaoráidí fruilcheannaigh agus léasaithe a chur ar fáil agus chun na críche sin stoc a fháil, a dhiúscairt agus déileáil leis ar shlí eile, agus

(f) socrú a dhéanamh maidir le saoráidí creidmheasa a chur ar fáil d'aon duine eile ag aon duine eile (agus gníomhú mar ghníomhaire d'aon duine i ndáil le hairgead a íoc agus a bhailiú agus a ghlacadh maidir le saoráidí den sórt sin),

chun cibé críocha a chinnfidh an tAire ó am go ham, tar éis dó dul i gcomhairle le Banc Ceannais na hÉireann, agus faoi réir cibé coinníollacha is dóigh leis an Aire is iomchuí.

(2) Ní rachaidh an méid a bheidh gan íoc, aon tráth áirithe, maidir le gníomhaíochtaí a ngabhann an Chorparáid dóibh de bhun fho-alt (1) den alt seo, thar 25 faoin gcéad de shuim—

(a) an méid iomlán a bheidh gan íoc nó a bheidh caite chun críocha a shonraítear in alt 8 (1) (a) den Phríomh-Acht—

(i) maidir le hiasachtaí agus airleacain a rinne an Chorparáid,

(ii) maidir le scaireanna, stoic, bintiúir, stoic bhintiúir agus urrúis eile de chuid aon chomhlachta chorpraithe a fháil, a shealbhú, a dhíol agus déileáil leo ar shlí eile,

(iii) maidir le billí malairte, nótaí gealltanais agus ionstraimí soshannta eile a tharraingt, a ghlacadh, a fhormhuiniú, a lascainiú, a cheannach agus déileáil leo ar shlí eile,

(iv) maidir le saoráidí creidmheasa eile a chur ar fáil,

(v) maidir le suimeanna a bheidh gan íoc leis an gCorparáid, nó a bheidh dlite di, i leith comhaontuithe fruilcheannaigh nó léasaithe,

agus

(b) an méid nó an méid comhiomlán seachas méideanna maidir le hús a dhlífidh an Chorparáid a íoc ar scór aon ráth aíochta nó ráthaíochtaí a tugadh de bhun an ailt sin 8 (1) (a),

nó cibé méid eile is lú ná sin a chinnfidh an tAire ó am go ham.

Meabhrán agus airteagail chomhlachais na Corparáide a athrú.

3.—Déanfaidh an Chorparáid cibé bearta is gá faoi Achtanna na gCuideachtaí, 1963 go 1986, chun a meabhrán agus a hairteagail chomhlachais a athrú d'fhonn go mbeidís ar comhréir leis an Acht seo.

Leasú ar alt 11 den Phríomh-Acht.

4.—Leasaítear leis seo alt 11 den Phríomh-Acht trí “£35,000,000” a chur in ionad “£20,000,000” i bhfo-alt (1) agus tá an fo-alt sin, arna leasú amhlaidh, leagtha amach sa Tábla a ghabhann leis an alt seo:

Leasú ar alt 15 den Phríomh-Acht.

5.—Leasaítear leis seo alt 15 den Phríomh-Acht trí “£25,000,000” a chur in ionad “£10,000,000” i bhfo-alt (2) agus tá an fo-alt sin, arna leasú amhlaidh, leagtha amach sa Tábla a ghabhann leis an alt seo:

Gearrtheideal, forléiriú, comhlua agus tosach feidhme.

6.—(1) Féadfar an tAcht Cairde Talmhaíochta, 1988, a ghairm den Acht seo.

(2) Forléireofar na hAchtanna Cairde Talmhaíochta, 1978 go 1982, agus an tAcht seo le chéile mar aon Acht amháin agus féadfar na hAchtanna Cairde Talmhaíochta, 1978 go 1988, a ghairm díobh le chéile.

(3) Tiocfaidh an tAcht seo i ngníomh cibé lá a cheapfaidh an tAire le hordú.