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Uimhir 24 de 1927.
ACHT CÁIRDE TALMHAÍOCHTA, 1927.
[28adh Bealtaine, 1927.]
CUID I.
Roimh-Ra.
Gearr-theideal.
1.—Féadfar an tAcht Cáirde Talmhaíochta, 1927, do ghairm den Acht so.
Mínithe i gcoitinne.
2.—San Acht so—
cialluíonn an focal “an tAire” an tAire Airgid;
cialluíonn an focal “an Chorparáid” Corparáid an Cháirde Thalmhaíochta, Teoranta, atá le bunú agus le clárú do réir an Achta so;
cialluíonn an focal “na Stiúrthóirí” Stiúrthóirí na Corparáide;
foluíonn an focal “talmhaíocht” síolrú, beathú no cimeád ainmhithe d'aon tsaghas (ar a n-áirítear éanlaithe agus feathaidí), déiríocht, agus ainmhithe do chur ar féarach, agus déanfar focail atá gaolmhar leis do léiriú dá réir sin;
cialluíonn an focal “feirmeoir” duine, no beirt no níos mó daoine le chéile no i bpáirtíocht, ag gabháil do shaghas éigin talmhaíochta ar thalamh mar ghnó chun proifite;
cialluíonn an focal “feirm” an talamh ar a ndineann an feirmeoir 'n-a n-úsáidtear an focal ina thaobh a chuid ghnótha mar fheirmeoir;
cialluíonn agus foluíonn an focal “morgáiste” aon instruimid le n-a gcuirtar talamh fé mhuirear no fé fhiachas íoctha airgid no le n-a ndintar urrús ar íoc airgid de;
cialluíonn an focal “céad-mhorgáiste” morgáiste ná baineann ach le talamh ná fuil fé aon mhuirear ná ualach 'na bhfuil tosach aige ar an morgáiste sin ach amháin blianachtaí talamhcheannaigh ionstadtha fé sna hAchtanna Talamh-cheannaigh, cíos-mhuirearacha in ionad deachaithe, no muirearacha do bunuíodh fé sna Landed Property Improvement (Ireland) Acts, fé sna Drainage and Improvement of Land (Ireland) Acts, 1863 to 1892, no fé sna hAchtanna chun Dréineáil do Choinneáil Suas, 1866 agus 1924.
CUID II.
Corparaid an Chairde Thalmhaiochta.
Bunú agus clárú na Corparáide.
3.—Díreach tar éis rithte an Achta so déanfidh an tAire gach ní is dó leis is gá no is maith chun a chur fé ndeár cuideachta theoranta (dá ngairmtear an Chorparáid san Acht so) a bheidh do réir na gcoiníoll atá leagtha síos san Acht so do bhunú agus do chlárú fé sna hAchtanna Cuideachtan, 1908 go 1924, ar dháta nách déanaí ná an 30adh lá de Mheán Fhomhair, 1927, chun na feidhmeanna a luaidhtear san Acht so do dhéanamh.
Ainm agus caipital na Corparáide.
4.—(1) Isé ainm a bheidh ar an gCorparáid ná “Corparáid an Cháirde Thalmhaíochta, Teoranta.”
(2) Isé caipital a bheidh ag an gCorparáid ná £500,000 (cúig céad míle punt) a bheidh roinnte ina chúig céad míle scair de phunt an ceann agus beidh cúig scillinge dhe sin iníoctha ar iarraidh na scaire agus beidh cúig scillinge eile dhe iníoctha ar dháta nách luatha ná fiche lá ná nách déanaí ná dachad lá tar éis an leith-roinneacháin, agus beidh an chuid eile dhe iníoctha fé mar a ghlaodhfidh agus nuair a ghlaodhfidh na Stiúrthóirí air ar fhógra nách lú ná deich lá fichead.
(3) Féadfidh iontaobhaí, mara dtoirmeascthear é go soiléir leis an instruimid (más ann di) le n-ar bunuíodh an t-iontaobhas, aon chistí iontaobhais a bheidh ar láimh aige do shúncáil, pe'ca ar staid shúncála dhóibh le linn na huaire no nách ea, in aon scaireanna de chuid na Corparáide a bheidh, le linn na súncála, lán-íoctha maidir le caipital.
Caipital na Corparáide do cheannach.
5.—(1) Tairgfar dhá chéad míle scair de chuid na Corparáide in éineacht chun a gceannuithe ag bainc a dhineann gnó, i bpáirt no go hiomlán, i Saorstát Éireann agus ag na bainc sin amháin agus chó luath agus is féidir é tar éis deire na haimsire a ceapfar le haontú an Aire i gcóir an cheannuithe sin déanfar an trí chéad míle scair eile de chuid na Corparáide agus pé méid, má bhíonn aon cheann, den dá chéad míle scair sin ná beidh ceannuithe ag na bainc sin do thairisgint in éineacht chun a gceannuithe ag daoine den phuiblíocht i gcoitinne.
(2) Na scaireanna de chuid na Corparáide a tairgfar chun a gceannuithe ag an bpuiblíocht i gcoitinne agus ná ceannófar amhlaidh déanfidh an tAire, tar éis deire na haimsire a ceapfar le haontú an Aire i gcóir an cheannuithe sin, iad do cheannach.
Fiachas an Stáit i gcaipital na Corparáide.
6.—(1) Má théigheann an Chorparáid fé ghlana-suas gnótha (pe'ca dá deoin no dá hainneoin é) agus go gcríochnófar a gnó agus, ar an gcríochnú gnótha san, go bhfuighfar nách leor a sócmhainní chun suim iomlán a caipitail íoctha d'íoc le baill na Corparáide, soláthróidh an tAire agus íocfa sé leis an socrathóir sa chríochnú ghnótha san pé suim is leor, i dteanta na sócmhainní de chuid na Corparáide a bheidh ar fáil chuige sin, chun suim iomlán chaipitail íoctha na Corparáide d'íoc.
(2) Gach airgead a íocfidh an tAire fén alt so leis an socrathóir déanfidh an socrathóir sin (pe'ca is leor sócmhainní na Corparáide chun a fiach-éilitheoirí d'íoc in iomlán no nách leor) é do chur chun no mar chabhair chun suim iomlán chaipital íoctha na Corparáide d'íoc le baill na Corparáide.
Fiachas an Stáit i ndividenda ar chaipital na Corparáide.
7.—(1) Iocfidh an Chorparáid le n-a baill dividenda do réir an ráta shocruithe de 5 per cent. per annum ar an méid dá caipital a bheidh íoctha de thurus na huaire agus is go leath-bhliantúil, ar pé dátaí a cheapfidh na Stiúrthóirí chuige sin le haontú an Aire, a íocfidh an Chorparáid na dividenda san.
(2) Más rud é, aon lá dá gceapfar fén alt so chun íoctha dividenda leath-bhliantúla, ná beidh aon airgead no ná beidh a dóthin airgid ar fáil ag an gCorparáid chun an dividendum is iníoctha amhlaidh an lá san d'íoc, deimhneoidh an Chorparáid láithreach don Aire cadé an tsuim is gá, i dteanta an airgid (más ann do) a bheidh ar fáil amhlaidh, chun an dividendum san d'íoc, agus, ar fháil an deimhnithe sin do, roimh-íocfidh an tAire leis an gCorparáid an tsuim do dheimhnigh an Chorparáid amhlaidh agus déanfidh na Stiúrthóirí láithreach an t-airgead a roimh-íocfar amhlaidh do chur chun no mar chabhair chun an dividendum san d'íoc.
(3) Gach airgead a roimh-íocfidh an tAire leis an gCorparáid fén alt so beidh sé ionaisíoctha ag an gCorparáid leis an Aire, ar a iarraidh sin do, maraon le hús o dháta an roimh-íoctha do réir pé ráta a shocróidh an tAire agus (lasmuich de chríochnú gnótha na Corparáide) ní bheidh sé ionaisíoctha amhlaidh ach as airgead a bheidh ina phroifit mar a déanfar amach í do réir treoracha ón Aire agus i gcríochnú gnótha na Corparáide is tar éis fiach-éilitheoirí na Corparáide do bheith íoctha in iomlán a bheidh sé ionaisíoctha amhlaidh.
Memorandum Comhlachais na Corparáide.
8.—(1) Is i pé fuirm a bheidh do réir forálacha an Achta so agus le n-a n-aontóidh an tAire agus an tAire Tailte agus Talmhaíochta a bheidh Memorandum Comhlachais na Corparáide.
(2) D'ainneoin éinní atá sna hAchtanna Cuideachtan, 1908 go 1924, aon atharú i Memorandum Comhlachais na Corparáide a déanfar gan aontú d'fháil roimh ré ón Aire agus ón Aire Tailte agus Talmhaíochta no a bheidh buiniscionn le haon cheann d'fhorálacha an Achta so, ní bheidh sé dleathach ná éifeachtúil.
Cuspóirí na Corparáide.
9.—(1) Luadhfar cuspóirí na Corparáide ina Memorandum Comhlachais i slí is gurb iad a bheidh ina bprímh-fheidhmeanna don Chorparáid ná airgead do thabhairt ar iasacht no do roimh-íoc (fé réir na sriantachtaí a forchuirtar leis an Acht so) ar pé urrús is dó leis na Stiúrthóirí, fé réir forálacha an Achta so, a bheith ceart, billí malairte, nótaí geallúna agus instruimidí ionmhalairtithe eile do lascainiú agus do cheannach (fé réir na sriantachtaí a forchuirtar leis an Acht so), taiscí airgid do ghlaca (fé réir forálacha an Achta so), taiscí urrús do ghlaca chun iad do chimeád sábhálta agus do bhainistí agus, sa mhéid go mbeidh sé dleathach, iontaobhaisí maidir le hurrúis den tsórt san d'fheidhmiú.
(2) Ní dhéanfidh éinní san alt so cosc ná srian do chur le gach cuspóir agus comhacht a bheidh riachtanach do réir réasúin no ceart chun na prímh-fheidhmeanna roimhráite d'fheidhmiú go cuibhe, no a bhainfidh no a chabhróidh leis an bhfeidhmiú san, agus ná beidh buiniscionn leis an Acht so do chur imeasc cuspóirí na Corparáide mar a bheid luaidhte ina Memorandum Comhlachais.
Airtiogail Chomhlachais na Corparáide.
10.—(1) Is i pé fuirm a bheidh do réir forálacha an Achta so agus le n-a n-aontóidh an tAire agus an tAire Tailte agus Talmhaíochta a bheidh Airtiogail Chomhlachais na Corparáide.
(2) D'ainneoin éinní atá sna hAchtanna Cuideachtan, 1908 go 1924, aon atharú in Airtiogail Chomhlachais na Corparáide no aon chur leo a déanfar gan aontú d'fháil roimh ré ón Aire agus ón Aire Tailte agus Talmhaíochta no a bheidh buiniscionn le haon fhoráil den Acht so, ní bheidh sé dleathach ná éifeachtúil.
Stiúrthóirí na Corparáide.
11.—Forálfar le hAirtiogail Chomhlachais na Corparáide—
(i) gurb é líon na stiúrthóirí (agus an Cathaoirleach d'áireamh) ná seachtar, agus gurb iad na scaireánaigh a thoghfidh ceathrar acu san fé réir na ngnáthfhorálacha i dtaobh daoine do chó-thogha chun fothfholúntaisí agus gurb é an tAire a ainmneoidh triúr acu o am go ham fé mar is gá é;
(ii) gurb é an tAire a ainmneoidh Cathaoirleach na stiúrthóirí o am go ham, as an triúr stiúrthóirí a bheidh ainmnithe aige, faid a bheidh an tAire i seilbh níos mó ná dhá chéad míle scair de chuid na Corparáide,
Teoranta leis an gCorparáid do thabhairt airgid ar iasacht.
12.—(1) Déanfar memorandum agus airtiogail chomhlachais na Corparáide do dhreachtú agus d'fhocalú i slí go mbeidh teideal agus údarás ag an gCorparáid iasacht no roimh-íoc airgid do thabhairt do sna daoine agus chun na gcrícheanna a luaidhtear anso ina dhiaidh seo, agus dóibh sin agus chúcha san amháin, sé sin le rá:—
(a) d'aon fheirmeoir chun foirgintí do thógáil ar a fheirm, no chun buan-fheabhsuithe do dhéanamh ar a fheirm do raghadh chun torthúlacht a fheirme do mhéadú no chun a méadú san do chur in usacht no chun cabhruithe leis, no chun eallach stuic, meaisínteacht no úirlisí talmhaíochta, leasuithe, abhair bheathúcháin, síolta, no riachtanaisí eile i saothrú no i margáil tora thalmhaíochta do cheannach;
(b) d'aon chomhar-chumann (fé réir na dteoranta a luaidhtear anso ina dhiaidh seo) chun a ghnó do bhunú, do chimeád ar siúl, no do leathnú;
(c) d'éinne atá ag gabháil no ar aigne bheith ag gabháil do ghnó gur chun seirbhíse d'fheirmeoirí no do lucht feirmeoireachta is mó atá sé ceaptha chun an gnó san do bhunú, do chimeád ar siúl, no do leathnú;
(d) d'éinne (seachas comhar-chumann) chun talamh do cheannach chun crícheanna talmhaíochta, talamh a bhí, díreach sarar ceannuíodh é, ina chuid d'urrús do bhí ag an gCorparáid o dhíoltóir an tailimh sin;
(e) d'éinne (seachas comhar-chumann) chun iasacht d'íoc do céad-tugadh do (pe'ca roimh rith an Achta so é no dá éis sin) ar fad no nách mór ar fad chun críche chun a bhféadfadh an Chorparáid iasacht do thabhairt do fén alt so;
(f) d'éinne (seachas comhar-chumann) chun iasacht d'íoc do céad-tugadh do roimh rith an Achta so ar fad no nách mór ar fad chun talamh do cheannach chun crícheanna talmhaíochta;
(g) d'aon chomhar-chumann (eadhon, comhar-chumann dá bhféadfadh an Chorparáid iasacht do thabhairt fén alt so) chun iasacht d'íoc do tugadh don chumann san (pe'ca roimh rith an Achta so é no dá éis sin) ar fad no nách mór ar fad chun críche chun a bhféadfadh an Chorparáid iasacht do thabhairt don chumann san fén alt so.
(2) Déanfar fós memorandum agus airtiogail chomhlachais na Corparáide do dhreachtú agus d'fhocalú i slí go bhféadfidh an tAire agus an tAire Tailte agus Talmhaíochta o am go ham, más rogha leo araon é, tré orduithe a dhéanfid araon le chéile atharú do dhéanamh (pe'ca tré leathnú, tré shriana, no ar aon tslí eile é), maidir leis na daoine gur dóibh agus leis na crícheanna gur chúcha a bheidh teideal agus údarás ag an gCorparáid iasacht no roimh-íoc airgid do thabhairt mar a bheidh luaidhte sa mhemorandum agus sna hairtiogail sin do réir an ailt seo, ach san i slí ná déanfar, le haon ordú den tsórt san, leathnú maidir leis na daoine agus leis na crícheanna san i dtreo go mbeidh ar a measc—
(a) éinne ná fuil ag gabháil no ar tí bheith ag gabháil do thalmhaíocht no do ghnó a bhaineann le talmhaíocht no gur do dhaoine bheadh ag gabháil do thalmhaíocht is mó a raghadh sé chun tairbhe, díreach no neadhíreach, no
(b) éinne go dtoirmiscthear go soiléir leis an alt so ar an gCorparáid iasacht no roimh-íoc do thabhairt do, no
(c) aon chríoch ná baineann, díreach no nea-dhíreach, le talmhaíocht.
Gach ordú a dhéanfidh an tAire agus an tAire Tailte agus Talmhaíochta fen bhfo-alt so leagfar é fé bhráid gach Tighe den Oireachtas chó luath agus is féidir é tar éis a dhéanta agus mara ndinidh aon Tigh den Oireachtas, laistigh de lá is fiche tar éis an chéad lá a shuidhfidh an Tigh sin tar éis leaga an orduithe sin fé n-a bhráid, rún do rith ag cur an orduithe sin ar nea-mbrí tiocfidh an t-ordú san i ngníomh i gceann lá is fiche o pé lá acu so a leanas is déanaí, sé sin le rá, an chéad lá a shuidhfidh Dáil Éireann tar éis leaga an orduithe sin fé n-a bráid no an chéad lá a shuidhfidh Seanad Éireann tar éis leaga an orduithe sin fé n-a bhráid.
(3) Ní thabharfidh an Chorparáid aon iasacht ná aon roimh-íoc airgid—
(a) d'aon chomhar-chumann ná beidh ar a chuspóirí ceann amháin ar a laighead de sna cuspóirí seo a leanas, sé sin le rá, cáirde talmhaíochta do thabhairt uaidh, no tora talmhaíochta do shaothrú no do mhargáil, no meaisínteacht no úirlisí talmhaíochta no leasuithe, abhair bheathúcháin, síolta, no riachtanaisí eile i saothrú no i margáil tora thalmhaíochta do dhíol, no comhacht agus solus do dhéanamh agus do thabhairt, no a dtabhairt amháin, agus san nách mór ar fad d'fheirmeoirí, ná
(b) d'aon chomhar-chumann go mbeidh ar siúl aige mar ghnó, nuair a bheidh an iasacht no an roimh-íoc á thabhairt do, aon earraí do mhiondíol ná saothruíonn an cumann san ná a bhaill ná nách riachtanaisí i saothrú ná i margáil tora thalmhaíochta, ná
(c) do chathaoirleach na Corparáide ná d'aon stiúrthóir uirthi.
(4) Faid a bheidh aon chuid d'iasacht no de roimh-íoc a thug an Chorparáid do chomhar-chumann amuich ag an gCorparáid, ní dhéanfidh an cumann san congnamh airgid do thabhairt ná leanúint d'é do thabhairt d'aon chomhar-chumann no cuideachta 'na mbeidh ar siúl aige no a bheidh i mbun aon earraí do mhiondíol ná saothruíonn an comhar-chumann san ná a bhaill ná an chuideachta san ná nách riachtanaisí i saothrú ná i margáil tora thalmhaíochta agus ní bheidh ar siúl aige féin ná ní ragha sé i mbun aon ghnótha den tsórt san, agus má sháruíonn aon chumann den tsórt san forálacha an fho-ailt seo tiocfidh láithreach chun bheith dlite uaidh don Chorparáid agus iníoctha aige léi (d'ainneoin aon chó-aontú contrárdha dho san) iomlán na hiasachta no an roimh-íoca do thug an Chorporáid do amhlaidh.
(5) Más rud é, maidir leis na hearraí a dhíolann comharchumann, gur earraí do shaothruigh an cumann san no a bhaill a bhfurmhór, féadfar, chun crícheanna an ailt seo, aon earraí den tsórt chéanna ná díolann an cumann san ach foth-uair d'áireamh mar earraí a saothruítear amhlaidh bíodh is gur saothruíodh iad ag, agus gur cheannuigh an cumann iad o, daoine eile.
(6) Ní lascaineoidh ná ní cheannóidh an Chorparáid aon nóta geallúna, bille malairte, ná instruimid ionmhalairtithe eile do dhin duine go dtoirmiscthear ar an gCorparáid go soiléir leis an alt so iasacht no roimh-íoc airgid do thabhairt do, no do dineadh chun aon chríche eile seachas airgead d'fháil don té do dhin é no d'éinne eile le cur chun críche chun a bhféadfadh an Chorparáid go dleathach iasacht no roimh-íoc do thabhairt don té sin no don éinne eile sin ach ní bhainfidh an fo-alt so ná ní chuirfe sé cosc le hairgead do shúncáil i gceannach billí, nótaí no instruimidí ionmhalairtithe eile do dhin an tAire Airgid no an Cisteán Briotáineach.
(7) Ní léireofar tagairtí san alt so d'iasacht no do roimh-íoc airgid do thabhairt mar nithe a fholuíonn airgead do shúncáil i gceannach stocanna, scaireanna, bannaí no debentiúirí a luadhfar ar an mBúrsa i mBaile Atha Cliath no ar an mBúrsa i Lundain no stocanna, scaireanna, bannaí, no debentiúirí do cheannach a beifear ar aigne a luadh amhlaidh.
Teoranta leis an gCorparáid do ghlaca taiscí.
13.—Déanfar Memorandum agus Airtiogail Chomhlachais na Corparáide do dhreachtú agus d'fhocalú i slí—
(a) ná beidh an Chorparáid i dteideal taiscí airgid ná taiscí urrús do ghlaca le n-a gcimeád sábhálta agus le n-a mbainisti o aon daoine seachas comhar-chumainn, agus
(b) ná beidh an Chorparáid i dteideal taiscí airgid do ghlaca is ionaisíoctha ar fhógra is lú ná deich lá fichead no ar a n-éileamh no in aghaidh seiceanna.
Féadfidh an Chorparáid debentiúirí do thabhairt amach.
14.—Déanfar Memorandum agus Airtiogail Chomhlachais na Corparáide do dhreachtú i slí go n-údaróid don Chorparáid iasacht airgid d'fháil ar urrús debentiúirí no stuic dhebentiúra a thabharfa sí amach do réir ghnáth-chleachta chuideachtana teoranta ach fé réir ná teorann ná raghaidh an méid a bheidh gan bheith aisíoctha ag an gCorparáid aon uair ar urrús na ndebentiúirí no an stuic dhebentiúra san thar an méid a bheidh i gcaipital lán-íoctha na Corparáide an uair sin.
Féadfidh an Chorparáid Deimhnithe Muirir do thabhairt amach.
15.—(1) Déanfar Memorandum agus Airtiogail Chomhlachais na Corparáide do dhreachtú i slí go n-údaróid don Chorparáid iasacht airgid d'fháil ar urrús deimhnithe muirir a thabharfa sí amach agus beidh ionta, maidir le deimhnithe den tsórt san do thabhairt amach, na forálacha atá curtha síos sa Sceideal a ghabhann leis an Acht so no forálacha sa chéill chéanna agus féadfidh a bheith ionta, leis, pé forálacha eile (ná beidh buiniscionn leis na forálacha san atá curtha síos sa Sceideal san) maidir le deimhnithe den tsórt san do thabhairt amach a measfar a bheith riachtanach no ceart.
(2) Pé uair a chuirfidh an Chorparáid roimpi sraith de dheimhnithe muirir do thabhairt amach agus a bheidh an tAire sásta, de bharr pé fiosrú, iniúcha cuntais, agus scrúdú is dó leis is ceart do dhéanamh, gur cólíonadh go cuibhe gach coiníoll bá ghá a chólíona roimh thabhairt amach na sraithe sin de dheimhnithe, féadfidh an tAire, fé réir na dteoranta a luaidhtear anso ina dhiaidh seo, urraíocht do thabhairt, i pé fuirm agus slí is dó leis is ceart, go n-íocfidh an Chorparáid go cuibhe do réir téarmaí na ndeimhnithe sin colann an airgid agus an t-ús uirthi a bheidh urruithe leis na deimhnithe sin.
(3) Ní mó ná milliún punt a bheidh an méid iomlán a gheobhaidh an Chorparáid ar iasacht aon bhliain áirithe ar urrús deimhnithe muirir a bheidh fé urraíocht an Aire fén alt so agus ní mó ná seacht milliúin agus cúig céad míle punt a bheidh an méid iomlán a bheidh gan bheith aisíoctha aon uair áirithe ag an gCorparáid ar urrús deimhnithe muirir a bheidh fé urraíocht an Aire fén alt so.
(4) Bainfidh alt 93 den Companies (Consolidation) Act, 1908, le deimhnithe muirir a thabharfidh an Chorparáid amach fé is dá mba dhebentiúirí na deimhnithe sin agus chun críche na bainte sin, ach ní chun aon chríche eile, tuigfar gur sraith de dhebentiúirí sraith de dheimhnithe muirir.
(5) Féadfidh iontaobhaí, mara dtoirmiscthear é go soiléir leis an instruimid (más ann di) le n-ar bunuíodh an t-iontaobhas, aon chistí iontaobhais a bheidh ar láimh aige do shúncáil, pe'ca ar staid shúncála dhóibh le linn na huaire no nách ea, in aon deimhniú muirir a bheidh fé urraíocht an Aire fén alt so.
Cuntaisí breise do Chlárathóir na gCuideachtan.
16.—(1) I dteanta aon chuntais a ceangaltar, leis na hAchtanna Cuideachtan, 1908 go 1924, ar chuideachtain a chur chun clárathóra na gcuideachtan, tabharfidh an Chorparáid do chlárathóir na gcuideachtan pé cuntaisí eile i pé tráthanna agus i pé fuirm a ordóidh an tAire le hordú.
(2) Bainfidh forálacha fo-alt (5) d'alt 26 den Companies (Consolidation) Act, 1908, leis an gCorparáid do thabhairt faillí i ndéanamh do réir aon orduithe a dhéanfidh an tAire fén alt so fé mar a bhaineann an fo-alt san le cuideachta do thabhairt faillí i ndéanamh do réir an ailt sin 26.
Cuntaisí na Corparáide.
17.—Cimeádfidh an Chorparáid gach cuntas agus breacachán eile, agus san i pé fuirm, a hordófar le rialacháin a dhéanfidh an tAire fén alt so.
Saoirse o dhiúité stampa.
18.—Ní bheidh aon diúité stampa iníoctha ar aon aistriú ar scaireanna de chuid na Corparáide ná ar aon aistriú ar dhebentiúirí, ar stoc dhebentiúra, no ar dheimhnithe muirir a thabharfidh an Chorparáid amach.
Có-orduithe ón Aire Airgid agus ón Aire Tailte agus Talmhaíochta do chlárú.
19.—(1) Gach có-ordú a dhéanfidh an tAire agus an tAire Tailte agus Talmhaíochta fén Acht so maidir leis na daoine gur dóibh agus leis na crícheanna gur chúcha a bheidh teideal agus údarás ag an gCorparáid iasacht no roimh-íoc airgid do thabhairt no maidir leis an saghas no na saghsanna urrús go bhféadfidh an Chorparáid deimhnithe muirir do thabhairt amach ina n-aghaidh, déanfar cóip de do chlóbhuala agus do chur chun clárathóra na gcuideachtan laistigh de chúig lá déag o dháta an orduithe sin do theacht i bhfeidhm agus cuirfidh seisean an chóip sin ar breaca.
(2) Déanfar cóip de gach ordú le n-a mbaineann an fo-alt san roimhe seo agus a bheidh i bhfeidhm de thurus na huaire d'ionchorparú i ngach cóip no do cheangal de gach cóip de mhemorandum agus d'airtiogail chomhlachais na Corparáide a tabharfar amach tar éis dáta an orduithe sin do theacht i bhfeidhm.
Comhachta an Aire maidir le scaireanna bheidh ar seilbh aige.
20.—(1) Féadfidh an tAire na scaireanna de chuid na Corparáide a cheannóidh sé fén Acht so do chimeád chó fada agus is oiriúnach leis é agus féadfa sé, fé mar is oiriúnach agus nuair is oiriúnach leis é, gach scair no aon scair acu san do dhíol, ach ní dhíolfa sé aon scair den tsórt san amhlaidh ar phraghas is lú ná an méid a bheidh íoctha uirthi de thurus na huaire.
(2) Íocfar isteach sa Stát-Chiste tora glan gach díola a dhéanfidh an tAire ar scaireanna de chuid na Corparáide a bheidh ar seilbh aige.
(3) Íocfar isteach sa Stát-Chiste gach dividendum agus airgead eile a gheobhaidh an tAire ar scór scaireanna de chuid na Corparáide a cheannóidh sé agus a bheidh ar seilbh aige.
(4) Féadfidh an tAire, faid a bheidh scaireanna de chuid na Corparáide ar seilbh aige, gach ceann no aon cheann de sna cirt agus de sna comhachta is infheidhmithe o am go ham ag sealbhóir scaireanna den tsórt san d'fheidhmiú agus i gcás ina mbeidh na cirt no na comhachta san infheidhmithe tré atúrnae féadfidh an tAire, más dó leis gur ceart é, na cirt no na comhachta san d'fheidhmiú tré a atúrnae.
Airgead do mhuirearú ar an bPrímh-Chiste.
21.—(1) Is ar an bPrímh-Chiste no ar a thora fáis a bheidh muirear agus íoc gach airgid is gá chun íoc do dhéanamh—
(a) in íocaíochta nách foláir don Aire d'íoc leis an gCorparáid ar scór scaireanna de chuid na Corparáide a cheannóidh sé fén Acht so, no
(b) i suimeanna gur gá don Aire, do réir an Achta so, iad do sholáthar agus d'íoc leis an socrathóir i gcríochnú gnótha na Corparáide, no
(c) i suimeanna gur gá don Aire, do réir an Achta so, iad do roimh-íoc leis an gCorparáid chun no mar chabhair chun dividenda d'íoc le baill den Chorparáid, no
(d) i suimeanna a thiocfidh chun bheith iníoctha fé aon urraíocht a thug an tAire uaidh fén Acht so maidir leis an airgead a hurruíodh le sraith de dheimhnithe muirir a thug an Chorparáid amach.
(2) Chun soláthar do dhéanamh chun suimeanna d'íoc a muirearófar ar an bPrímh-Chiste fén alt so, no chun na suimeanna uile a roimh-íocfar amhlaidh no aon chuid acu d'aisíoc leis an gCiste sin, no chun aon urrúis a tabharfar amach fén alt so d'íoc sa mhéid ná socruítear ar aon tslí eile i gcóir an íoctha sin, féadfidh an tAire airgead d'fháil ar iasacht tré pé urrúis is dó leis is ceart do thabhairt amach, agus íocfar isteach sa Stát-Chiste gach suim a gheobhfar ar iasacht amhlaidh.
(3) Is ar an bPrímh-Chiste no ar a thora fáis a bheidh muirear cholann agus ús gach urrúis a tabharfar amach fén alt so.
(4) Íocfar isteach sa Stát-Chiste gach airgead a gheobhaidh an tAire ón gCorparáid in aisíoc airgid no mar ús ar airgead a roimhíoc sé leis an gCorparáid chun no mar chabhair chun dividenda d'íoc le baill na Corparáide no in aisíoc airgid no mar ús ar airgead a íoc an tAire fé aon urraíocht a thug sé uaidh fén Acht so maidir leis an airgead a hurruíodh le sraith de dheimhnithe muirir a thug an Chorparáid amach.
Ciontaí maidir le hiasachtaí ón gCorparáid.
22.—(1) Einne adéarfidh go toiliúil, pe'ca de bhréithre béil no i scríbhinn é, éinní is eol do a bheith bréagach no mí-threorach, chun iasacht no roimh-íoc airgid d'fháil ón gCorparáid do féin no d'éinne eile no d'aon dream daoine, corparuithe no neachorparuithe, beidh sé ciontach i mí-iompar agus ar a chiontú ann dlighfar fíneáil ná raghaidh thar dhá chéad punt do chur air no, i gcás duine aonair agus más rogha leis an gcúirt é, piantseirbhís ar feadh trí mblian no príosúntacht ar feadh aon téarma nách sia ná dhá bhliain.
(2) Tar éis iasacht no roimh-íoc airgid d'fháil ón gCorparáid do ar na téarmaí go gcuirfe sé an t-airgead san chun críche áirithe, gach éinne go dteipfidh air an t-airgead san do chur chun na críche sin beidh sé ciontach i mí-iompar agus ar a chiontú ann dlighfar fíneáil ná raghaidh thar dhá chéad punt do chur air no, i gcás duine aonair agus más rogha leis an gcúirt é, príosúntacht ar feadh aon téarma nách sia ná bliain.
CUID III.
Morgaisti Airneise.
Mínithe maidir le morgáistí áirnéise.
23.—(1) San Acht so—
cialluíonn an focal “morgáiste áirnéise” instruimid fé shéala a dintar idir feirmeoir ar aon taobh amháin agus an Chorparáid no banc admhuithe ar an taodh eile agus tré n-a ndineann an feirmeoir, mar gheall ar airgead a roimh-íocann an morgáistí leis, a chumhnantú leis an morgáistí go n-aisíocfa sé an t-airgead san maraon le hús, agus tré n-a ndineann sé fós aisíoc an airgid agus an úis sin do chur mar mhuirear, i bhfabhar don mhorgáistí, ar stoc áirithe feirmeoireachta no (mar mhuirear sho-ghluaiste) ar an stoc feirmeoireachta a bheidh ar a fheirm o am go ham no ar stoc áirithe feirmeoireachta agus ar an stoc feirmeoireachta a bheidh ar a fheirm o am go ham le chéile;
cialluíonn an focal “morgáiste áirnéise áirithe” morgáiste áirnéise le n-a gcruthnuítear muirear ar stoc áirithe feirmeoireachta;
an focal “morgáiste áirnéise so-ghluaiste” morgáiste áirnéise le n-a gcruthnuítear muirear so-ghluaiste ar an stoc feirmeoireachta a bheidh ar fheirm o am go ham;
morgáiste áirnéise le n-a gcruthnuítear muirear ar stoc áirithe feirmeoireachta agus muirear so-ghluaiste ar an stoc a bheidh ar fheirm o am go ham tá sé foluithe sa bhfocal “morgáiste áirnéise áirithe” sa mhéid go gcruthnuítear muirear ar stoc áirithe feirmeoireachta leis agus tá sé foluithe sa bhfocal “morgáiste áirnéise so-ghluaiste” sa mhéid go gcruthnuítear an muirear so-ghluaiste sin leis;
cialluíonn agus foluíonn an focal “stoc feirmeoireachta” ainmhithe agus éanlaithe de gach saghas a beathuítear no a cimeádtar chun proifite, gach a bhfachtar o sna hainmhithe agus o sna héanlaithe sin, ainmhithe tarraic de gach saghas, meaisínteacht agus úirlisí talmhaíochta, agus barraí talmhaíochta pe'ca ag fás ar an talamh dóibh no bainte den talamh;
nuair a húsáidtear an focal “morgáisteoir” agus “morgáistí” maidir le morgáiste áirnéise cialluíd fé seach an feirmeoir a dhineann agus an Chorparáid no an banc admhuithe chun a ndintar an morgáiste áirnéise sin;
cialluíonn an focal “banc admhuithe” banc a bheidh de thurus na huaire ceaptha ag an Aire chun bheith ina bhanc admhuithe chun crícheanna na Coda so den Acht so.
(2) Ní bheidh instruimid gearrtha amach o bheith ina morgáiste áirnéise de bhrí gur mar urra no mar urruithe amháin atá duine no daoine (i dteanta an mhorgáisteora agus an mhorgáistí) ina pháirtí no ina bpáirtithe chuige.
(3) Déanfar tagairtí san Acht so do stoc fheirmeoireachta maidir le morgáiste áirnéise do léiriú mar thagairtí do stoc fheirmeoireachta agus don stoc san amháin a bheidh dá chuid féin amuich is amach ag an bhfeirmeoir a dhéanfidh an morgáiste áirnéise sin.
Bainc admhuithe.
24.—Ar iarratas aon bhainc féadfidh an tAire, más oiriúnach leis é, an banc san do cheapa chun bheith ina bhanc admhuithe chun crícheanna na Coda so den Acht so, agus pé uair a dhéanfidh an tAire banc do cheapa amhlaidh chun bheith ina bhanc admhuithe tabharfa sé don Aire Dlí agus Cirt láithreach fógra i dtaobh an cheaptha san.
Cláir de mhorgáistí áirnéise.
25.—(1) Chó luath agus a bheidh sé caothúil tar éis bunú agus clárú na Corparáide cuirfar clár de mhorgáistí áirnéise ar bun i ngach Oifig Chúirte Cuarda agus cimeádfar agus coinneofar ar siúl ansan as san amach é do réir an ailt seo agus do réir na rialachán a déanfar fén alt so.
(2) Fé réir na gcoiníollacha do chólíona a horduítear leis an alt so no a hordófar fé chun morgáiste áirnéise do chlárú féadfar gach morgáiste áirnéise do chlárú, laistigh de sheacht lá agus ní níos sia ná san tar éis a dháta, sa chlár de mhorgáistí áirnéise a bheidh á choinneáil ar siúl fén alt so san Oifig Chúirte Cuarda don líomatáiste ina bhfuil feirm an mhorgáisteora suidhte no, i gcás an fheirm sin do bheith suidhte i dhá líomatáiste no níos mó go mbeidh Oifigí Cúirte Cuarda fé leith ann dóibh, i ngach ceann de sna cláir de mhorgáistí áirnéise a bheidh á gcoinneáil ar siúl fén alt so sna hOifigí Cúirte Cuarda san fé seach.
(3) Féadfidh éinne is páirtí chun morgáiste áirnéise (pe'ca mar mhorgáisteoir, mar mhorgáistí, no mar urra é) no ionadaí dlíthiúil éinne den tsórt san, an morgáiste áirnéise sin do chlárú, laistigh de sheacht lá agus ní níos sia ná san tar éis a dháta, in aon chlár de mhorgáistí áirnéise in ar féidir an morgáiste áirnéise sin do chlárú fén alt so agus féadfidh an morgáistí sin no, le haontú an mhorgáistí i scríbhinn, féadfidh an morgáisteoir no an t-urra san no a ionadaí dlíthiúil an morgáiste áirnéise sin do thógaint as aon chlár den tsórt san aon uair.
(4) Pé uair a bheidh aisíoc iomlán déanta san airgead colna agus san ús a bhí urruithe le morgáiste áirnéise déanfidh an morgáistí láithreach an morgáiste áirnéise sin do thógaint as gach clár de mhorgáistí áirnéise ina mbeidh sé cláruithe fén alt so.
(5) Ní bheidh aon fheidhm ná éifeacht ag aon mhorgáiste áirnéise mara ná go dtí go ndéanfar go cuibhe, do réir an ailt seo agus do réir na rialachán a déanfar fén alt so, é do chlárú sa chlár no i ngach clár (pe'ca aca é) de mhorgáistí áirnéise in ar féidir é chlárú fén alt so agus scuirfidh morgáiste áirnéise a bheidh cláruithe amhlaidh d'aon fheidhm ná éifeacht do bheith aige má scuireann agus nuair a scuirfe sé de bheith cláruithe go cuibhe sa chlár san no i ngach clár den tsórt san (pe'ca aca é).
(6) Ní déanfar a mbeidh in aon chlár de mhorgáistí áirnéise a bheidh á choinneáil ar siúl fén alt so d'fhoillsiú ná do nochta ná ní tabharfar amach aon chóipeanna dhe ná d'aon chuid de d'éinne ach amháin—
(a) go bhféadfidh éinne ar fostú ag an gCorparáid agus údarás cuibhe aige chuige ón gCorparáid i scríbhinn aon chlár den tsórt san no aon chuid de d'iniúcha agus cóipeanna dhéanamh de aon uair; agus
(b) go bhféadfidh éinne ar fostú ag banc admhuithe agus údarás cuibhe aige chuige ón mbanc san i scríbhinn aon chlár den tsórt san no aon chuid de d'iniúcha agus cóipeanna dhéanamh de aon uair; agus
(c) go bhféadfidh fo-shirriam aon uair iniúcha dhéanamh ar an gclár de mhorgáistí áirnéise a bheidh á choinneáil ar siúl in Oifig Chúirte Cuarda don líomatáiste no d'aon chuid den líomatáiste dar fo-shirriam é; agus
(d) go bhféadfidh éinne i seirbhís an Stáit agus údarás cuibhe aige chuige ón Aire no ón Aire Tailte agus Talmhaíochta i scríbhinn aon chlár den tsórt san no aon chuid de d'iniúcha agus cóipeanna dhéanamh de aon uair; agus
(e) go bhféadfidh oifigeach ar fostú in Oifig Chúirte Cuarda agus ag cólíona dualgaisí do chólíonadh an fo-shirriam tráth iniúcha do dhéanamh aon uair ar an gclár de mhorgáistí áirnéise a bheidh á choinneáil ar siúl san Oifig Chúirte Cuarda san; agus
(f) pé uair a ordóidh an Chúirt Uachtarach no aon Bhreitheamh den Ard-Chúirt no den Chúirt Chuarda cóip den chuid d'aon chlár den tsórt san a bhaineann le haon mhorgáiste áirnéise fé leith no le rud adeirtar a bheith ina mhorgáiste áirnéise do sholáthar dóibh no dho, go soláthrófar an chóip sin amhlaidh dá réir sin agus go bhféadfidh an Chúirt no an Breitheamh san an chóip sin no a mbeidh ann do nochta no d'fhoillsiú sa mhéid agus sa tslí sin agus fé sna coiníollacha san is dó leo-san no leis-sean is gá chun ceart do shásamh.
(7) Féadfidh an Ard-Chúirt no an Chúirt Chuarda, no an Chúirt Uachtarach ar athchomharc ón Ard-Chúirt, a chur fé ndeár, aon uair, aon chlár de mhorgáistí áirnéise a bheidh á choinneáil ar siúl fén alt so do cheartú (pe'ca tré atharú, tré chur leis, no tré fhágaint ar lár é) i pé slí is gá chun ceart do shásamh.
(8) Féadfidh an tAire Dlí agus Cirt le hordú rialacháin do dhéanamh i dtaobh gach ní no éinní acu so a leanas, sé sin le rá:—
(a) fuirm na gcláracha agus a mbeidh sna cláracha uile agus fé seach de mhorgáistí áirnéise a bheidh á gcoinneáil ar siúl fén alt so;
(b) na cláracha san do chimeád agus do choinneáil ar siúl go generálta;
(c) modh cláruithe morgáiste áirnéise sna cláracha san agus an fhianaise a bheidh le tabhairt i láthair chun críche an chláruithe sin ar fheidhmiú agus stampáil chuibhe an mhorgáiste áirnéise sin;
(d) le haontú an Aire Airgid, na táillí a héileofar agus a glacfar ar scór morgáistí áirnéise do chlárú sna cláracha san, ar scór morgáistí áirnéise do thógaint as na cláracha san, ar scór iniúcha na gcláracha san agus ar scór éinní eile bhaineann leis na cláracha san;
(e) sicréideacht na gcláracha san do chimeád go generálta agus go háirithe an fhianaise údaráis a thaisbeánfidh daoine bheidh á éileamh na cláracha san d'iniúcha no cóipeanna do dhéanamh díobh.
(9) Sa mhéid go gceadóidh an tAire Airgid é is amach as airgead a sholáthróidh an tOireachtas a híocfar na costaisí a bhainfidh leis an alt so do chur in éifeacht.
Oibriú agus éifeacht morgáiste áirnéise áirithe.
26.—Faid a bheidh morgáiste áirnéise áirithe cláruithe go cuibhe fén Acht so agus a fhanfidh aon airgid gan aisíoc ar scór colna no úis ar a urrús oibreoidh sé agus beidh éifeacht aige—
(a) chun a bhronna mar cheart ar an morgáistí, pé uair a bheidh an t-airgead colna a bheidh urruithe leis an morgáiste áirnéise, no aon chuid den airgead san, no aon íoc úis air, gan íoc ar feadh seacht lá tar éis an lá a ceapadh leis an morgáiste áirnéise chun a íoctha, an stoc feirmeoireachta go léir a bheidh áirithe sa mhorgáiste áirnéise no aon chuid de do ghabháil agus do thógaint as cimeád éinne (seachas duine do cheannaigh é bona fide ar a luach in airgead no i gcó-ionannas airgid gan fógra d'fháil i dtaobh an mhorgáiste áirnéise) agus o aon áit (seachas talamh no áitreabh is leis an gceannathóir sin); agus
(b) chun a chur d'oblagáid ar an morgáistí an stoc feirmeoireachta go léir do ghaibh agus do thóg sé fén morgáiste áirnéise do dhíol chó tapaidh agus a bheidh san caothúil do agus tora an díola san do chur chun no mar chabhair chun an t-airgead colna agus an t-ús atá urruithe leis an morgáiste áirnéise d'íoc agus barrachas (más ann do) an tora san d'íoc leis an morgáisteoir no le n-a ionadaí no le n-a shannaí dlíthiúil; agus
(c) chun a thoirmeasc ar an morgáisteoir aon stoc feirmeoireachta a bheidh áirithe sa mhorgáiste áirnéise do dhíol gan fógra trí lá ar a laighead do thabhairt roimh ré i scríbhinn don mhorgáistí go bhfuil sé chun é dhíol agus chun a thoirmeasc air aon chuid den stoc fheirmeoireachta san do dhíol ar níos lú ná praghas cothrom réasúnta; agus
(d) chun a chur d'oblagáid ar an morgáisteoir pé uair a dhíolfa sé aon chuid den stoc fheirmeoireachta a bheidh áirithe sa mhorgáiste áirnéise, fógra i scríbhinn do thabhairt láithreach don mhorgáistí i dtaobh an díola san maraon le pé mion-innste ar an díol san a éileoidh an morgáistí agus tora an díola san no pé méid de is gá chun íoctha an airgid cholna agus an úis atá gan aisíoc ar urrús an mhorgáiste áirnéise d'íoc leis an morgáistí no neachtar acu an tora san d'úsáid ar pé slí eile d'údaruigh an morgáistí roimh ré; agus
(e) chun a chur i dtuisgint gur dineadh cumhnant ar thaobh an mhorgáisteora, a oighrí, a sheiceadúirí agus a riarthóirí, leis an morgáistí an t-airgead colna agus an t-ús a hurruítear leis an morgáiste d'íoc leis an morgáistí ar na huaire agus sa tslí a ceaptar leis an morgáiste áirnéise; agus
(f) chun a chur d'oblagáid ar an morgáisteoir an stoc feirmeoireachta a bheidh áirithe sa mhorgáiste áirnéise do chimeád sábhálta agus (lasmuich de chás dá n-údaruíonn an morgáiste áirnéise no an morgáistí a mhalairt no in ar gá é i gcóir aon díola dhleathaigh a beifear ar aigne a dhéanamh) gan an stoc feirmeoireachta san d'aistriú óna fheirm.
(2) Má dhineann agus pé uair a dhéanfidh an morgáisteoir sárú (tré ghníomh no tré fhaillí) ar aon fhoráil a bheidh i dtuisgint i morgáiste áirnéise áirithe de bhua an ailt seo (seachas an cumhnant go n-íocfar an t-airgead colna agus an t-ús a hurruítear leis an morgáiste áirnéise sin) tiocfidh iomlán an airgid cholna a hurruítear leis an morgáiste áirnéise sin chun bheith agus beidh sé láithreach iníoctha d'ainneoin éinní ina choinnibh sin sa mhorgáiste áirnéise sin.
Oibriú agus éifeacht morgáistí áirnéise so-ghluaiste.
27.—(1) Faid a bheidh morgáiste áirnéise so-ghluaiste cláruithe go cuibhe fén Acht so agus a fhanfidh aon airgead gan aisíoc ar scór colna no úis ar a urrús, agus ná beidh sé tagtha chun bheith do-ghluaiste mar a foráltar anso ina dhiaidh seo, oibreoidh sé agus beidh éifeacht aige—
(a) chun muirear siúlach aistritheach den airgead cholna agus den ús a hurruítear leis do chruthnú ar an stoc feirmeoireachta go léir a bheidh o am go ham ar an bhfeirm le n-a mbaineann an morgáiste áirnéise (agus dá ngairmtear an fheirm anso ina dhiadh seo); agus
(b) chun a thoirmeasc ar an morgáisteoir aon chuid den stoc fheirmeoireachta a bheidh ar an bhfeirm aon uair do dhíol ar aon tslí eile seachas i ngnáth-chúrsa feirmeoireachta; agus
(c) chun a chur d'oblagáid ar an morgáisteoir an stoc feirmeoireachta a bheidh ar an bhfeirm o am go ham do chimeád ar leibheul luacha is có-ionann (chó gairid do agus is féidir é ag cuimhneamh ar an ngnáth-chúrsa feirmeoireachta) le luach an stuic fheirmeoireachta a bhí ar an bhfeirm ar dháta an mhorgáiste áirnéise; agus
(d) pé uair a dhíolfidh an morgáisteoir aon chuid den stoc fheirmeoireachta a bheidh ar an bhfeirm de thurus na huaire, chun a chur d'oblagáid air pé cuid (más ann di) de thora an díola san a éileoidh an morgáistí d'íoc leis an morgáistí chun an t-airgead colna a hurruítear leis an morgáiste áirnéise agus aon ús a bheidh dlite air do laigheadú no do ghlana, agus chun a bhronna mar cheart ar an morgáisteoir tora iomlán an díola san no aon chuid de d'íoc leis an morgáistí chun an t-airgead colna agus an t-ús san do laigheadú no do ghlana.
(2) Pé uair a bheidh an t-airgead colna a hurruítear le morgáiste áirnéise so-ghluaiste no aon chuid den airgead san gan íoc ar feadh mí tar éis an dáta a ceapadh leis an morgáiste áirnéise chun a íoctha, no a bheidh ús éigin a hurruítear le morgáiste áirnéise so-ghluaiste i riaráiste agus gan íoc ar feadh dhá mhí tar éis do teacht dlite, no a bheidh an morgáisteoir tar éis sárú (tré ghníomh no tré fhaillí) do dhéanamh ar fhoráil éigin atá i morgáiste áirnéise so-ghluaiste no atá i dtuisgint ann de bhua an ailt seo (lasmuich de chumhnant go n-íocfar an t-airgead colna no an t-ús a hurruítear leis), féadfidh an morgáistí fógra i scríbhinn do sheirbheáil ar an morgáisteoir á fhaisnéis go bhfuil an morgáiste áirnéise so-ghluaiste sin tar éis teacht chun bheith do-ghluaiste agus leis sin tiocfidh an morgáiste áirnéise so-ghluaiste sin chun bheith agus beidh sé do-ghluaiste do réir bhrí an ailt seo.
(3) Nuair a thiocfidh morgáiste áirnéise so-ghluaiste chun bheith do-ghluaiste oibreoidh an morgáiste áirnéise sin agus beidh éifeacht aige as san amach mar mhorgáiste áirnéise áirithe ar an stoc feirmeoireachta go léir atá ar an bhfeirm le linn seirbheála an fhógra á fhaisnéis go bhfuil an morgáiste áirnéise sin tar éis teacht chun bheith do-ghluaiste agus na forálacha den Acht so a bhaineann le hoibriú agus le héifeacht mhorgáiste áirnéise áirithe bainfid leis an gcás dá réir sin.
(4) Faid a bheidh morgáiste áirnéise so-ghluaiste cláruithe go cuibhe fén Acht so oibreoidh sé agus beidh éifeacht aige chun a chur i dtuisgint gur dineadh cumhnant ar thaobh an mhorgáisteora, a oighrí, a sheiceadiúirí, agus a riarthóirí, leis an morgáistí an t-airgead colna agus an t-ús a hurruítear leis an morgáiste áirnéise d'íoc leis an morgáistí ar na huaire agus sa tslí a ceaptar leis an morgáiste áirnéise.
Conus a bheidh tosach ag morgáistí áirnéise.
28.—(1) Beidh tosach ag morgáistí áirnéise do réir na dtráthanna ina gclárófar no ina gcéad-chlárófar (pe'ca aca é) iad fé seach fén Acht so.
(2) Beidh morgáiste áirnéise áirithe, ar aon stoc feirmeoireachta a bheidh ar dháta an mhorgáiste áirnéise sin ar fheirm le n-a mbaineann roimh-mhorgáiste áirnéise so-ghluaiste an uair sin, gan bhrí gan éifeacht faid a bheidh, ach ní níos sia ná an fhaid a bheidh, aon airgead colna no ús gan aisíoc ar urrús an mhorgáiste áirnéise so-ghluaiste sin.
(3) Má leanann agus faid a leanfidh bille díola a dineadh roimh rith an Achta so de bheith dleathach agus infheidhmithe fé sna Bills of Sale Acts, 1879 and 1883, beidh tosach aige ar mhorgáiste áirnéise.
(4) Ní tuigfar stoc feirmeoireachta atá áirithe i morgáiste áirnéise áirithe no i morgáiste áirnéise so-ghluaiste a bheidh tagtha chun bheith do-ghluaiste do bheith i seilbh ná fé ordú ná i gcomhachta an mhorgáisteora do réir bhrí an Irish Bankrupt and Insolvent Act, 1857, ná do réir bhrí aon Achta le n-a ndintar an tAcht san d'atharú no do leasú.
Morgáiste áirnéise do nochta d'fhiachéilitheóir.
29.—(1) Gach duine (dá ngairmtear an féicheamh anso ina dhiaidh seo) a bheidh á iarraidh ar dhuine eile (dá ngairmtear an fiach-éilitheoir anso ina dhiaidh seo) cáirde do thabhairt do no leanúint de cháirde do thabhairt do, beidh sé d'oblagáid air a nochta don fhiach-éilitheoir i scríbhinn (má éilíonn an fiachéilitheoir i scríbhinn air é dhéanamh) ce'ca tá morgáiste áirnéise ann no ná fuil maidir le haon chuid de stoc fheirmeoireachta an fhéichimh, agus fós mion-innste gach morgáiste áirnéise den tsórt san (más ann d'aon cheann).
(2) Ní nochtfidh aon fhiach-éilitheoir aon eolas a thabharfidh an féicheamh do do réir an ailt seo ach amháin sa mhéid gur gá no cur ceart an nochta san chun crícheanna cúisimh fén alt so no chun imeachta dlí do bhunú no do stiúrú chun airgead a bheidh ag an bhfiach-éilitheoir ar an bhféicheamh do bhaint amach.
(3) Gach éinne dhéanfidh ráiteas i scríbhinn do réir an ailt seo agus a fhios aige é bheith bréagach no mí-threorach in aon phonc táchtach agus gach éinne a nochtfidh, contrárdha don alt so, aon eolas do tugadh do do réir an ailt seo, beid ciontach i gcionta fén alt so agus ar a gcointú ann ar an slí achmair dlighfar fíneáil ná raghaidh thar fiche punt do chur ortha.
Ráiteas ón abhar mhorgáisteora ar na fiacha atá air.
30.—(1) Pé uair a aontóidh feirmeoir (dá ngairmtear an t-abhar morgáisteora anso ina dhiaidh seo) morgáiste áirnéise (dá ngairmtear an morgáiste áirnéise beartuithe anso ina dhiaidh seo) do dhéanamh agus a aontóidh an Chorparáid no banc admhuithe (dá ngairmtear an t-abhar morgáistí anso ina dhiaidh seo) an morgáiste sin do ghlaca, tabharfidh an t-abhar morgáisteora don abhar mhorgáistí ráiteas i scríbhinn á rá ce'ca tá no ná fuil sé i bhfiacha an uair sin ag an gCorparáid no ag aon bhanc admhuithe (dá ngairmtear an sean-fhiach-éilitheoir anso ina dhiaidh seo) agus, má tá sé i bhfiacha amhlaidh, cad is ainm don tsean-fhiachéilitheoir.
(2) Má abrann an t-abhar morgáisteora sa ráiteas san go bhfuil sé i bhfiacha amhlaidh cuirfidh an t-abhar morgáistí tríd an bpost chun an tsean-fhiach-éilitheora fógra i scríbhinn á rá go bhfuil an t-abhar morgáistí ar aigne morgáiste áirnéise do ghlaca ón abhar morgáisteora, agus má theipeann ar an abhar morgáistí an fógra san do chur chun siúil amhlaidh no má dintar an morgáiste áirnéise beartuithe laistigh de sheacht lá tar éis an lá a cuirfar an fógra san chun siúil amhlaidh, tuigfar an morgáiste áirnéise beartuithe do bheith calaoiseach agus gan bhrí i gcoinnibh éilithe an tsean-fhiach-éilitheora.
(3) Má dintar morgáiste áirnéise gan an ráiteas san do bheith tugtha ag an abhar morgáisteora don abhar mhorgáistí agus go raibh an morgáisteoir, ar dháta an mhorgáiste áirnéise sin, i bhfiacha ag an gCorparáid no ag banc admhuithe, tuigfar, má bhí an t-abhar morgáisteora i bhfiacha ag an gCorparáid amhlaidh agus nách í an Chorparáid an morgáistí, tuigfar an morgáiste áirnéise sin do bheith calaoiseach agus gan bhrí i gcoinnibh éilithe na Corparáide agus, má bhí an t-abhar morgáisteora i bhfiacha ag aon bhanc admhuithe amhlaidh, tuigfar an morgáiste áirnéise sin do bheith calaoiseach agus gan bhrí i gcoinnibh éilithe gach bainc admhuithe (seachas an morgáistí) ag á raibh an t-abhar morgáisteora i bhfiacha amhlaidh.
(4) Gach éinne dhéanfidh ráiteas i scríbhinn do réir an ailt seo agus a fhios aige é bheith bréagach no mí-threorach in aon phonc táchtach beidh sé ciontach i mí-iompar agus ar a chiontú ann dlighfar fíneáil ná raghaidh thar dhá chéad punt do chur air no, más rogha leis an gcúirt é, pian-tseirbhís ar feadh trí mblian no príosúntacht ar feadh aon téarma nách sia ná dhá bhliain.
An éifeacht a bheidh ag morgáistí áirnéise maidir le horduithe feidhmiúcháin.
31.—(1) Ní dhéanfidh morgáiste áirnéise tiarna talmhan a bheidh ag gabháil earraí in éiric cíosa, ná oifigeach a bheidh údaruithe go cuibhe agus a bheidh ag gabháil no ag tógaint earraí fé sna hAchtanna Cánach Ioncuim, ná ráta-bhailitheoir a bheidh ag gabháil earraí in éiric rátaí, do chosc ná do shriana o aon stoc feirmeoireachta a bheidh áirithe sa mhorgáiste sin no dá ndéanfa sé deifir do ghabháil go dleathach, ná cosc ná srian do chur le haon stoc feirmeoireachta den tsórt san do ghabháil agus do dhíol go dleathach fé ordú fheidhmiúcháin a tugadh amach chun feidhmiú do dhéanamh ar bhreithiúntas no ar ordú go n-íocfí airgead a bheidh dlite don Phrímh-Chiste, no iníoctha leis, no chun tairbhe dho, no go n-aisíocfí roimh-íocanna do híocadh amach as airgead do sholáthruigh an tOireachtas no an t-ús ar roimhíocanna den tsórt san no airgead a bheidh dlite do Choimisiún Talmhan na hÉireann, no iníoctha leis, fé sna hAchtanna Talamh-Cheannaigh no dlite do ráta-bhailitheoir, no iníoctha leis, ar scór rátaí do gearradh ag comhairle chontae, chontae-bhuirge no bhuirge eile, no bhailecheanntair, no ag coimisinéirí baile, no airgead a bheidh dlite do thiarna talmhan, no iníoctha leis, ar scór cíosa.
(2) Ach amháin mar a foráltar sa bhfo-alt san roimhe seo, ní gabhfar ná ní díolfar fé ordú fheidhmiúcháin aon stoc feirmeoireachta a bheidh áirithe i morgáiste áirnéise no dá ndéanfa sé deifir mara n-íocfidh an fiach-éilitheoir, roimh an ngabháil sin, leis an bhfo-shirriam no leis an gclárathóir contae a bheidh ag feidhmiú an orduithe fheidhmiúcháin sin suim iomlán an airgid cholna agus an úis a bheidh amuich agus gan íoc an uair sin ar urrús an mhorgáiste áirnéise sin.
(3) Pé uair a íocfidh fiach-éilitheoir fén bhfo-alt san roimhe seo le fo-shirriam no le clárathóir contae an tsuim iomlán a bheidh amuich ar urrús mhorgáiste áirnéise beidh éifeacht ag na forálacha so a leanas, sé sin le rá:—
(a) íocfidh an fo-shirriam no an clárathóir contae an tsuim sin leis an morgáistí agus glacfidh an morgáistí an tsuim sin mar ghlana ar an airgead a hurruítear leis an morgáiste áirnéise sin d'ainneoin éinní ina choinnibh sin sa mhorgáiste áirnéise sin agus go sonnrách d'ainneoin gan an t-airgead san do bheith dlite ná iníoctha an uair sin, agus
(b) cuirfar an tsuim sin leis na fiacha go bhfuil an feidhmiú indéanta fén ordú feidhmiúcháin mar gheall ortha, agus beidh éifeacht ag an ordú feidhmiúcháin sin dá réir sin.
(4) Chun a chur ar chumas an fhiach-éilitheora tairbhe do bhaint as forálacha fo-altanna (2) agus (3) den alt so beidh éifeacht ag na forálacha so a leanas, sé sin le rá:—
(a) pé uair a éileoidh fiach-éilitheoir ordú feidhmiúcháin d'fheidhmiú ar aon stoc feirmeoireachta iniúchfidh an fo-shirriam no an clárathóir contae an clár de mhorgáistí áirnéise a bhaineann leis an gcás agus má gheibhtar, ar a dhéanamh san, go bhfuil an stoc feirmeoireachta san áirithe i morgáiste áirnéise no go mbaineann morgáiste áirnéise leis cuirfidh an foshirriam no an clárathóir contae sin in úil don fhiachéilitheoir go bhfuil an morgáiste áirnéise sin ann agus cad is dáta dho agus cad is ainm agus seola don mhorgáistí, agus
(b) ar a éileamh san air don fhiach-éilitheoir tabharfidh an morgáistí don fhiach-éilitheoir cuntas ar an méid iomlán den airgead cholna agus den ús a bheidh amuich agus gan íoc an uair sin ar urrús an mhorgáiste áirnéise.
(5) San alt so cialluíonn an focal “ordú feidhmiúcháin” an ní céanna a chialluíonn sé san Acht um Fheidhmiú Orduithe Cúirte, 1926 (Uimh. 18 de 1926), agus cialluíonn an focal “fiachéilitheoir” an té gur ar iarratas uaidh a tugtar amach ordú feidhmiúcháin.
Seachaint bhillí díola ar stoc feirmeoireachta.
32.—Gach bille díola stuic fheirmeoreachta (pe'ca bheidh aon áirnéise eile áirithe ann no ná beidh) a déanfar tar éis rithte an Achta so, beidh sé, d'ainneoin éinní atá sna Bills of Sale Acts, 1879 and 1883, gan bhrí gan éifeacht agus gan bheith ionchláruithe fé sna hAchtanna san.
SCEIDEAL.
Deimhnithe Muirir.
1. Pé uair a bheidh ar seilbh ag an gCorporáid, mar urrús ar airgead do roimh-íoc sí, céad-mhorgáistí ar thalamh ar ainmmhéid nách lú ná céad míle punt, féadfidh na stiúrthóirí sraith de dheimhnithe muirir do thabhairt amach i gcoinnibh roinnt de sna morgáistí sin no ina gcoinnibh go léir.
2. Más oiriúnach agus nuair is oiriúnach leo é féadfidh an tAire agus an tAire Tailte agus Talmhaíochta, tré ordú a dhéanfid araon le chéile, a údarú go dtabharfaí deimhnithe muirir amach i gcoinnibh aon tsaghas no saghsanna urrús a bheidh luaidhte san ordú san agus leis an ordú san féadfid pé sriantachtaí is oiriúnach leo d'fhorchur maidir leis an gcion no leis an méid d'aon tsaghas áirithe urrúis (agus céad-mhorgáistí ar thalamh d'áireamh) a bheidh le háireamh ar na hurrúis go bhféadfar sraith de dheimhnithe muirir do thabhairt amach ina gcoinnibh, agus féadfid fós, leis an ordú san, a údarú go dtabharfí deimh nithe muirir amach bíodh is ná beidh ar seilbh ag an gCorparáid, mar urrús ar airgead do roimh-íoc sí, céad-mhorgáistí ar thalamh ar aimn-mhéid de chéad míle punt.
3. Féadfar deimhnithe muirir do thabhairt amach fén ainm sin no fé aon ainm eile is dó leis na stiúrthóirí a bheith oiriúnach agus isé bheidh i sraith de dheimhnithe muirir ná deimhnithe de pé ainm-mhéid iomlán is dó leis na stiúrthóirí, le haontú an Aire, a bheith ceart agus iad roinnte ina ndeimhnithe de dheich bpúint an ceann no de pé méid eile no de pé méideanna deifriúla is dó leis na stiúrthóirí, le haontú an Aire, a bheith ceart.
4. Sara dtugaid amach sraith de dheimhnithe muirir cuirfidh na stiúrthóirí fé smacht iontaobhaithe i pé slí, tré aistriú, tré fho-mhorgáiste, tré thaisce, no ar aon tslí eile, a cheadóidh an tAire, urrúis (dá ngairmtear urrúis údaruithe sa Sceideal so) go bhféadfidh an Chorparáid deimhnithe muirir do thabhairt amach ina gcoinnibh fé mhír 1 no fé mhír 2 den Sceideal so na dá bua agus a bheidh ar seilbh ag an gCorparáid mar urrús ar roimhíocanna d'íoc sí ar ainm-mhéid nách lú ná ainm-mhéid na sraithe sin de dheimhnithe.
5. Isé líon d'iontaobhaithe a bheidh ann ná pé uimhir chothrom is oiriúnach leis na stiúrthóirí agus isé an tAire a ainmneoidh leath na n-iontaobhaithe i gcomhnaí agus isiad na stiúrthóirí a ainmneoidh an leath eile de sna hiontaobhaithe sa chéad dul síos agus, tar éis an tsraith de dheimhnithe do bheith tabhartha amach, isiad sealbhóirí na ndeimhnithe sin a ainmneoidh an leath eile sin fé mar a thárlóidh folúntaisí.
6. Cuirfar na hurrúis údaruithe sin fé smacht na n-iontaobhaithe i slí is go mbeid ar seilbh ag na hiontaobhaithe ar iontaoibh don Aire agus do shealbhóirí na ndeimhnithe a tabharfar amach i gcoinnibh na n-urrús n-údaruithe sin agus go mbeidh ag na hiontaobhaithe gach comhacht is gá agus is ceart chun suim cholann agus úis na ndeimhnithe sin do chruinniú don Aire agus do sna sealbhóirí sin tríd na hurrúis údaruithe sin agus fós, nuair a bheidh íoctha in iomlán as aon deimhnithe den tsórt san ag an gCorparáid, comhacht chun oiread de sna hurrúis údaruithe sin do scaoile chun na Corparáide agus is có-ionann ina n-ainmmhéid le méid na ndeimhnithe go mbeidh íoctha in iomlán asta amhlaidh agus, fós, comhacht chun aon chuid de sna hurrúis údaruithe sin do scaoile chun na Corparáide aon uair ar iarratas na stiúrthóirí mar mhalairt ar a gcothrom san d'urrúis údaruithe den tsórt chéanna.
7. Déarfidh agus déanfidh gach deimhniú muirir—
(a) a cheangal ar an gCorparáid suim cholann an deimhnithe d'íoc le sealbhóir an deimhnithe laistigh de thréimhse bhlian (nách sia ná dachad bliain) a hainmneofar ann agus ús ar an suim cholna san d'íoc do réir an ráta a hainmneofar ann le toilliú an Aire ach ná beidh níos mó ná trí per cent. per annum os cionn an mheánráta úis (a gheobhfar amach do réir rialachán a dhéanfidh an tAire chuige sin) a bhí á íoc ag na príomhbhainc i Saorstát Éireann ar airgead a bhí ar seilbh acu ar cuntas taisce i rith pé tréimhse bhliana dar thosach am nár luatha ná cúig mhí dhéag roimh thabhairt amach na ndeimhnithe agus a ceapfar le rialacháin a dhéanfidh an tAire chuige sin;
(b) lán-tairbhe na n-iontaobhas ar a gcuirfar na hurrúis údaruithe sin fé smacht na n-iontaobhaithe do bhronna ar shealbhóir an deimhnithe;
(c) tairbhe na hurraíochta a thug an tAire maidir leis an deimhniú fén Acht so do bhronna ar shealbhóir an deimhnithe.
8. Sara dtugaid sraith de dheimhnithe muirir amach cuirfidh na stiúrthóirí fé bhráid an Aire iad chun pé urraíocht d'fháil uaidh a húdaruítear do leis an Acht so do thabhairt uaidh.
9. Má thugann agus pé uair a thabharfidh an tAire an urraíocht san uaidh féadfidh na stiúrthóirí pé deimhnithe muirir is oiriúnach leo do thabhairt amach don phuiblíocht i pé slí agus ar pé téarmaí is oiriúnach leo fé réir na sriantachta ná tabharfar amach aon deimhniú den tsórt san ar phraghas is lú ná méid na suime colna a hurruítear leis.
10. Beidh ag sraith de dheimhnithe muirir, maidir leis na hurrúis údaruithe a bheidh ar seilbh ag na hiontaobhaithe mar urrús ortha, tosach ar aon debentiúirí no stoc debentiúra a thug an Chorparáid amach agus ar gach fiach agus fiachas eile a bheidh ar an gCorparáid, ach ní bheidh ionta ach fiacha gnáthchonnartha maidir le haon tsócmhainní eile a bheidh ag an gCorparáid.
Number 24 of 1927.
AGRICULTURAL CREDIT ACT, 1927.
ARRANGEMENT OF SECTIONS
Preliminary.
Section | |
The Agricultural Credit Corporation.
State liability for dividends on the capital of the Corporation. | |
Registration of Joint Orders of Minister for Finance and Minister for Lands and Agriculture. | |
Chattel Mortgages.
Effect of chattel mortgages in relation to execution orders. | |
Certificates of Charge.
Acts Referred to | |
No. 18 of 1926 | |
Number 24 of 1927.
AGRICULTURAL CREDIT ACT, 1927.
PART I.
Preliminary.
Short title.
1.—This Act may be cited as the Agricultural Credit Act, 1927.
Definitions generally.
2.—In this Act—
the expression “the Minister” means the Minister for Finance; the expression “the Corporation” means the Agricultural Credit Corporation, Limited, to be formed and registered in pursuance of this Act;
the expression “the Directors” means the Directors of the Corporation;
the word “agriculture” includes the breeding, rearing or keeping of animals of any kind (including birds and insects), dairying and the pasturing of animals, and cognate words shall be construed accordingly.
the word “farmer” means a person or two or more persons jointly or in common carrying on some form of agriculture on land as a business for profit;
the word “farm” means the land on which the farmer in relation to whom the expression is used carries on his business as farmer;
the word “mortgage” means and includes any instrument by which land is charged with or made liable for or security for the payment of money;
the expression “first mortgage” means a mortgage affecting only land which is not subject to any charge or encumbrance having priority to such mortgage other than terminable land purchase annuities under the Land Purchase Acts, rent-charges in lieu of tithes, or charges created under the Landed Property Improvement (Ireland) Acts, the Drainage and Improvement of Land (Ireland) Acts, 1863 to 1892, or the Drainage Maintenance Acts, 1866 and 1924.
PART II.
The Agricultural Credit Corporation.
Formation and registration of the Corporation.
3.—Immediately upon the passing of this Act the Minister shall take all such steps as appear to him to be necessary or desirable to procure that a limited company (in this Act referred to as the Corporation) conforming to the conditions laid down in this Act shall be formed and registered under the Companies Acts, 1908 to 1924 not later than the 30th day of September, 1927 to perform the functions specified in this Act.
Name and capital of the Corporation.
4.—(1) The name of the Corporation shall be “The Agricultural Credit Corporation, Limited.”
(2) The capital of the Corporation shall be £500,000 (five hundred thousand pounds) divided into five hundred thousand shares of one pound each of which five shillings shall be payable on application for the share and a further five shillings shall be payable not less than twenty nor more than forty days after allotment, and the residue shall be payable as and when called by the Directors on not less than thirty days notice.
(3) A trustee may, unless expressly forbidden by the instrument (if any) creating the trust, invest any trust funds in his hands, whether at the time in a state of investment or not, in any shares of the Corporation which are at the time of the investment fully paid-up as to capital.
Subscription of capital of the Corporation.
5.—(1) Two hundred thousand shares of the Corporation shall be offered at the one time for subscription only by banks carrying on business either wholly or partly in Saorstát Eireann and as soon as may be after the expiration of the time limited with the approval of the Minister for such subscription the remaining three hundred thousand shares of the Corporation and such if any of the said two hundred thousand shares as shall not have been subscribed for by such banks shall be offered at the one time for subscription by members of the general public.
(2) All shares of the Corporation offered for subscription by the general public and not so subscribed for shall at the expiration of the time limited with the approval of the Minister for such subscription be subscribed for by the Minister.
State liability for capital of the Corporation.
6.—(1) In the event of the Corporation going into liquidation (whether voluntary or compulsory) and being wound up and its assets proving on such winding-up to be insufficient to pay to the members of the Corporation the full amount of its paid-up capital, the Minister shall provide and pay to the liquidator in such winding-up such sum as will be sufficient with the assets of the Corporation available for the purpose to pay the full amount of the paid-up capital of the Corporation.
(2) All moneys paid under this section to the liquidator by the Minister shall (whether the assets of the Corporation are or are not sufficient to pay its creditors in full) be applied by such liquidator in or towards paying to the members of the Corporation the full amount of the paid-up capital of the Corporation.
State liability for dividends on the capital of the Corporation.
7.—(1) The Corporation shall pay to its members dividends at the fixed rate of five per cent. per annum on the amount of its capital for the time being paid up and such dividends shall be paid by the Corporation half-yearly on such dates as shall be appointed for that purpose by the Directors with the approval of the Minister.
(2) If on any of the days appointed under this section for the payment of half-yearly dividends the Corporation have not any or sufficient moneys available for the payment of the dividend so payable on such day the Corporation shall forthwith certify to the Minister the sum which with the moneys (if any) so available is required to pay such dividend and upon receipt of such certificate the Minister shall advance to the Corporation the amount so certified by the Corporation and the moneys so advanced shall be forthwith applied by the Directors in or towards payment of such dividend.
(3) All moneys advanced to the Corporation by the Minister under this section shall be repayable by the Corporation to the Minister on demand with interest from the date of the advance at such rate as shall be fixed by the Minister and (except in the winding-up of the Corporation) shall be so repayable only out of moneys which are profits as ascertained in accordance with directions of the Minister and in the winding-up of the Corporation shall be so repayable after the creditors of the Corporation have been paid in full.
Memorandum of Association of the Corporation.
8.—(1) The Memorandum of Association of the Corporation shall be in such form consistent with the provisions of this Act as shall be approved by the Minister and the Minister for Lands and Agriculture.
(2) Notwithstanding anything contained in the Companies Acts, 1908 to 1924 no alteration in the Memorandum of Association of the Corporation which is made without the previous approval of the Minister and the Minister for Lands and Agriculture or is inconsistent with any of the provisions of this Act shall be valid or effective.
Objects of the Corporation.
9.—(1) The objects of the Corporation shall be so stated in its Memorandum of Association that the principal functions of the Corporation shall be the lending or advancing (subject to the restrictions imposed by this Act) of money upon such security as the Directors may, subject to the provisions of this Act, think proper, the discounting and purchasing (subject to the restrictions imposed by this Act) of bills of exchange, promissory notes, and other negotiable instruments, the receipt (subject to the provisions of this Act) of deposits of money, 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 such securities.
(2) 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.
Articles of Association of the Corporation.
10.—(1) The Articles of Association of the Corporation shall be in such form consistent with the provisions of this Act as shall be approved by the Minister and the Minister for Lands and Agriculture.
(2) Notwithstanding anything contained in the Companies Acts, 1908 to 1924, no alteration in or addition to the Articles of Association of the Corporation which is made without the previous approval of the Minister and the Minister for Lands and Agriculture or is inconsistent with any provision of this Act shall be valid or effective.
Directors of the Corporation.
11.—The Articles of Association of the Corporation shall provide—
(i) that the number of directors (including the Chairman) shall be seven, of whom four shall be elected by the shareholders with the usual provisions for co-option to casual vacancies and three shall be nominated by the Minister from time to time as occasion requires;
(ii) that so long as the Minister holds more than two hundred thousand shares of the Corporation the Chairman of the directors shall be nominated from time to time by the Minister from amongst the three directors nominated by him.
Limitations on the lending of money by the Corporation.
12.—(1) The memorandum and articles of association of the Corporation shall be so framed and expressed that the Corporation shall be entitled and authorised to lend or advance money only to the persons and for the purposes hereinafter stated, that is to say:—
(a) to any farmer for the purpose of constructing buildings on his farm, or making on his farm improvements of a permanent character calculated to increase or facilitate or conduce to the increase of the productivity thereof or for the purpose of purchasing live stock, agricultural machinery or implements, manures, feeding stuffs, seeds, or other requisites of agricultural production or marketing;
(b) to any co-operative society (subject to the limitations hereinafter contained) for the purpose of establishing, carrying on, or extending its business;
(c) to any person engaged in or proposing to engage in an enterprise primarily designed for the service of farmers or of farming communities for the purpose of establishing, carrying on, or extending such enterprise;
(d) to any person (other than a co-operative society) for the purpose of purchasing for agricultural purposes land which was immediately before the purchase comprised in a security held by the Corporation from the vendor of such land;
(e) to any person (other than a co-operative society) for the purpose of paying off a loan which was originally made to him (whether before or after the passing of this Act) wholly or mainly for a purpose for which a loan could under this section be made to him by the Corporation;
(f) to any person (other than a co-operative society) for the purpose of paying off a loan which was originally made to him before the passing of this Act wholly or mainly for the purpose of purchasing land for agricultural purposes;
(g) to any co-operative society (being a co-operative society to which a loan could be made under this section by the Corporation) for the purpose of paying-off a loan made to such society (whether before or after the passing of this Act) wholly or mainly for a purpose for which a loan could under this section be made to such society by the Corporation.
(2) The memorandum and articles of association of the Corporation shall also be so framed and expressed that the persons to whom and the purposes for which the Corporation shall be entitled and authorised to lend or advance money as stated in such memorandum and articles in pursuance of this section may be varied (whether by extension, restriction, or otherwise) from time to time by the Minister and the Minister for Lands and Agriculture at their joint discretion by orders made by them jointly, but so that such persons and purposes shall not by any such order be extended so as to include—
(a) any person who is not engaged or about to engage in agriculture or in a business or enterprise of an agricultural character or calculated directly or indirectly to benefit primarily persons engaged in agriculture, or
(b) any person to whom the Corporation is expressly forbidden by this section to make a loan or advance, or
(c) any purpose which is not directly or indirectly related to or concerned with agriculture.
Every order made by the Minister and the Minister for Lands and Agriculture under this sub-section shall be laid before each House of the Oireachtas as soon as may be after it is made and unless either such House shall, within twenty-one days after the first day on which such House sits after such order is laid before it, pass a resolution annulling such order such order shall come into operation at the expiration of twenty-one days from whichever of the following days is the later that is to say the first day on which Dáil Eireann sits after such order is laid before it or the first day on which Seanad Eireann sits after such order is laid before it.
(3) The Corporation shall not make any loan or advance any money to—
(a) any co-operative society the objects of which do not include at least one of the following objects, that is to say, the giving of agricultural credit, or the production or the marketing of agricultural produce, or the sale of agricultural machinery or implements or manures, feeding stuffs, seeds, or other requisites of agricultural production or marketing, or the production and distribution or the distribution only of power and light mainly to farmers, or
(b) any co-operative society which at the time of the making of the loan or advance carries on the business of selling by retail any goods which are neither produced by that society or its members nor are requisites of agricultural production or marketing, or
(c) the chairman or any director of the Corporation.
(4) So long as any portion of a loan or advance made by the Corporation to a co-operative society remains owing to the Corporation, such society shall not give or continue financial assistance to any co-operative society or company, engaged in or carrying on the business of selling by retail any goods which are neither produced by that co-operative society or its members or by that company nor are requisites of agricultural production or marketing and shall not itself engage in or carry on any such business, and if any such society contravenes the provisions of this sub-section the whole of the loan or advance so made to it by the Corporation shall (notwithstanding any agreement to the contrary) forth with become due and payable by it to the Corporation.
(5) Where the goods sold by a co-operative society are mainly goods produced by that society or its members, any similar goods occasionally sold by such society may for the purposes of this section be deemed to have been so produced although in fact produced by, and purchased by the society from, other persons.
(6) The Corporation shall not discount or purchase any promissory note, bill of exchange, or other negotiable instrument which was made by a person to whom the Corporation is expressly forbidden by this section to lend or advance money or which was made otherwise than for the purpose of obtaining for the maker thereof or for any other person money for expenditure on a purpose for which a loan or advance could lawfully be made by the Corporation to such maker or person but this sub-section shall not apply to or prevent the investment of moneys in the purchase of bills, notes or other negotiable instruments made by the Minister for Finance or by the British Treasury.
(7) References in this section to the lending or advancing of money shall not be construed as including the investment of moneys in the purchase of stocks, shares, bonds or debentures quoted on the Stock Exchange in Dublin or on the Stock Exchange in London or the subscription for stocks, shares, bonds or debentures intended to be so quoted.
Limitations on receipt of deposits by the Corporation.
13.—The Memorandum and Articles of Association of the Corporation shall be so framed and expressed that—
(a) the Corporation shall not be entitled to receive deposits of money or deposits of securities for safe-keeping and management from any persons except co-operative societies, and
(b) that the Corporation shall not be entitled to receive deposits of money repayable on less than thirty days notice or on demand or against cheques.
Issue of debentures by the Corporation.
14.—The Memorandum and Articles of Association of the Corporation shall be so framed as to authorise the Corporation to borrow money on the security of debentures or debenture stock issued by it in accordance with the usual practice of limited companies but subject to the limitation that the amount at any time owing by the Corporation on the security of such debentures or debenture stock shall not exceed the amount of the paid-up capital of the Corporation at that time.
Issue of Certificates of Charge by the Corporation.
15.—(1) The Memorandum and Articles of Association of the Corporation shall be so framed as to authorise the Corporation to borrow money on the security of certificates of charge issued by it and shall contain in relation to the issue of such certificates the provisions set forth in the Schedule to this Act or other provisions to the same effect and may also contain such further provisions (not inconsistent with the said provisions set forth in the said Schedule) in relation to the issue of such certificates as may be thought necessary or proper.
(2) Whenever the Corporation proposes to issue a series of certificates of charge and the Minister is satisfied as a result of such inquiry, audit, and investigation as he may think proper to make that all conditions precedent to the issue of such series of certificates have been duly performed the Minister may, subject to the limitations hereinafter mentioned, guarantee in such form and manner as he may think proper the due payment by the Corporation in accordance with the terms of such certificates of the principal moneys and the interest thereon secured by such certificates.
(3) The total amount borrowed by the Corporation on the security of certificates of charge guaranteed by the Minister under this section in any one year shall not exceed one million pounds and the total amount owing at any one time by the Corporation on the security of certificates of charge guaranteed by the Minister under this section shall not exceed seven million five hundred thousand pounds.
(4) Section 93 of the Companies (Consolidation) Act, 1908, shall apply to certificates of charge issued by the Corporation as if such certificates were debentures and for the purpose of such application but no other purpose a series of certificates of charge shall be deemed to be a series of debentures.
(5) A trustee may, unless expressly forbidden by the instrument (if any) creating the trust, invest any trust funds in his hands, whether at the time in a state of investment or not, in any certificate of charge guaranteed by the Minister under this section.
Additional returns to Registrar of Companies.
16.—(1) In addition to any return required by the Companies Acts, 1908 to 1924, to be forwarded by a company to the registrar of companies, the Corporation shall furnish to the registrar of companies such other returns at such times and in such form as the Minister may by order prescribe.
(2) The provisions of sub-section (5) of section 26 of the Companies (Consolidation) Act, 1908, shall apply to a default by the Corporation in complying with the requirements of any order made by the Minister under this section, in like manner as that sub-section applies to a default by a company in complying with the requirements of the said section 26.
Accounts of the Corporation.
17.—The Corporation shall keep all such accounts and other records and in such form as may be prescribed by regulations made by the Minister under this section.
Exemption from stamp duty.
18.—No stamp duty shall be payable on any transfer of shares of the Corporation or of debentures, debenture stock, or certificates of charge issued by the Corporation.
Registration of Joint Orders of Minister for Finance and Minister for Lands and Agriculture.
19.—(1) A copy of every joint order made under this Act by the Minister and the Minister for Lands and Agriculture in relation to the persons to whom and the purposes for which the Corporation shall be entitled and authorised to lend or advance money or the class or classes of securities against which certificates of charge may be issued by the Corporation shall, within fifteen days from the date on which such order has come into force, be printed and forwarded to the registrar of companies, who shall record the same.
(2) A copy of every order to which the foregoing sub-section applies and which is for the time being in force shall be embodied in or annexed to every copy of the memorandum and articles of association of the Corporation issued after the date on which such order has come into force.
Powers of Minister in respect of shares held by him.
20.—(1) The Minister may hold for so long as he thinks fit the shares of the Corporation subscribed for by him under this Act and may as and when he thinks fit sell all or any of such shares, but shall not so sell any such share at a price less than the amount for the time being paid up thereon.
(2) The net proceeds of every sale by the Minister of shares of the Corporation held by him shall be paid into the Exchequer.
(3) All dividends and other moneys received by the Minister in respect of shares of the Corporation subscribed for and held by him shall be paid into the Exchequer.
(4) The Minister may, so long as he holds shares of the Corporation, exercise all or any of the rights and powers from time to time exercisable by the holder of such shares, and where such rights or powers are exercisable by attorney the Minister may if he so thinks proper exercise such rights or powers by his attorney.
Charge of moneys on Central Fund.
21.—(1) All moneys required to meet—
(a) payments required to be made by the Minister to the Corporation in respect of shares of the Corporation subscribed for by him under this Act, or
(b) sums required by this Act to be provided and paid by the Minister to the liquidator in the winding-up of the Corporation, or
(c) sums required by this Act to be advanced by the Minister to the Corporation for or towards the payment of dividends to members of the Corporation, or
(d) sums which become payable under any guarantee given under this Act by the Minister in respect of the moneys secured by a series of certificates of charge issued by the Corporation,
shall be charged on and paid out of the Central Fund or the growing produce thereof.
(2) The Minister may, for the purpose of providing for the payment of sums charged on the Central Fund under this section, or for the repayment to that Fund of all or any part of the sums so advanced, or for paying off any securities issued under this section so far as such payment is not otherwise provided for, borrow money by means of the issue of such securities as he thinks proper, and all sums so borrowed shall be paid into the Exchequer.
(3) The principal of and interest on all securities issued under this section shall be charged on and payable out of the Central Fund or the growing produce thereof.
(4) All moneys recovered by the Minister from the Corporation in repayment of or as interest on moneys advanced by him to the Corporation for or towards the payment of dividends to the members of the Corporation or in repayment of or as interest on moneys paid by the Minister under any guarantee given by him under this Act in respect of the moneys secured by a series of certificates of charge issued by the Corporation shall be paid into the Exchequer.
Offences in relation to loans by the Corporation.
22.—(1) Any person who for the purpose of obtaining for himself or any other person or any body of persons corporate or un-incorporate a loan or advance of money from the Corporation wilfully makes whether verbally or in writing a statement which is to his knowledge false or misleading shall be guilty of a misdemeanour and be liable on conviction thereof to a fine not exceeding two hundred pounds or in the case of an individual and at the discretion of the court to penal servitude for three years or imprisonment for any term not exceeding two years.
(2) Every person who, having obtained a loan or advance of money from the Corporation on the terms that such money shall be applied by him for a specified purpose, fails to apply such money for such purpose shall be guilty of a misdemeanour and shall be liable on conviction thereof to a fine not exceeding two hundred pounds or in the case of an individual and at the discretion of the court to imprisonment for any term not exceeding twelve months.
PART III.
Chattel Mortgages.
Definitions in relation to chattel mortgages.
23.—(1) In this Act—
the expression “chattel mortgage” means an instrument under seal made between a farmer of the one part and the Corporation or a recognised bank of the other part whereby the farmer in consideration of moneys advanced to him by the mortgagee covenants with the mortgagee to repay such moneys with interest and charges in favour of the mortgagee either specific farming stock or (by way of floating charge) the farming stock from time to time on his farm or both specific farming stock and the farming stock from time to time on his farm with the repayment of the said moneys and interest;
the expression “specific chattel mortgage” means a chattel mortgage whereby a charge on specific farming stock is created; the expression “floating chattel mortgage” means a chattel mortgage whereby a floating charge on the farming stock from time to time on a farm is created;
a chattel mortgage whereby both a charge on specific farming stock and a floating charge on the farming stock from time to time on a farm are created is included in the expression “specific chattel mortgage” in so far as a charge on specific farming stock is thereby created and is included in the expression “floating chattel mortgage” in so far as such floating charge is thereby created;
the expression “farming stock” means and includes animals and birds of every kind reared or kept for profit, the produce of such animals and birds, draught animals of every kind, agricultural machinery and implements, and agricultural crops whether growing in or severed from the land;
the words “mortgagor” and “mortgagee” when used in relation to a chattel mortgage mean respectively the farmer by whom and the Corporation or recognised bank to whom such chattel mortgage is made;
the expression “recognised bank” means a bank which is for the time being appointed by the Minister to be a recognised bank for the purposes of this Part of this Act.
(2) An instrument shall not be excluded from being a chattel mortgage by reason only of one or more persons (in addition to the mortgagor and the mortgagee) being a party or parties thereto as surety or sureties only.
(3) References in this Act to farming stock in relation to a chattel mortgage shall be construed as referring only to farming stock which is the absolute property of the farmer by whom such chattel mortgage is made.
Recognised banks.
24.—The Minister may if he so thinks fit on the application of any bank appoint such bank to be a recognised bank for the purposes of this part of this Act, and whenever the Minister so appoints a bank to be a recognised bank he shall forthwith give to the Minister for Justice notice of such appointment.
Registers of chattel mortgages.
25.—(1) As soon as conveniently may be after the formation and registration of the Corporation a register of chattel mortgages shall be set up in every Circuit Court Office and shall be thenceforward there kept and maintained in accordance with this section and the regulations made thereunder.
(2) Subject to compliance with the conditions prescribed by or under this section for the registration of a chattel mortgage every chattel mortgage shall be capable of being registered within seven days and no longer after its date in the register of chattel mortgages maintained under this section in the Circuit Court Office serving the area in which the farm of the mortgagor is situate or, where such farm is situate in two or more areas served by separate Circuit Court Offices, in each of the several registers of chattel mortgages maintained under this section in the said Circuit Court Offices respectively.
(3) Any person party to a chattel mortgage (whether as mortgagor, mortgagee, or surety) or the legal representative of any such person may register such chattel mortgage within seven days and no longer after its date in any register of chattel mortgages in which such chattel mortgage is capable of being registered under this section and such mortgagee or, with the consent in writing of the mortgagee, such mortgagor or surety or his legal representative may at any time remove such chattel mortgage from any such register.
(4) Whenever the principal moneys and interest secured by a chattel mortgage are fully repaid the mortgagee shall forthwith remove such chattel mortgage from every register of chattel mortgages in which it is registered under this section.
(5) No chattel mortgage shall be of any force or effect unless or until it is duly registered in accordance with this section and the regulations made thereunder in the register or every register (as the case may be) of chattel mortgages in which it is capable of being registered under this section and a chattel mortgage so registered shall cease to be of any force or effect if and when it ceases to be duly registered in such register or every such register (as the case may be).
(6) The contents of any register of chattel mortgages maintained under this section shall not be published or disclosed nor shall any copies thereof or any part thereof be issued to any person save only and except that—
(a) any person in the employment of the Corporation and duly authorised in writing in that behalf by the Corporation may at any time inspect and take copies of any such register or any part thereof; and
(b) any person in the employment of a recognised bank and duly authorised in writing in that behalf by such bank may at any time inspect and take copies of any such register or any part thereof; and
(c) an under-sheriff may at any time inspect the register of chattel mortgages maintained in a Circuit Court Office serving the area or any part of the area for which he is the under-sheriff; and
(d) any person in the service of the State and duly authorised in writing in that behalf by the Minister or the Minister for Lands and Agriculture may at any time inspect and take copies of any such register or any part thereof; and
(e) an officer employed in a Circuit Court Office and performing duties formerly performed by the undersheriff may at any time inspect the register of chattel mortgages maintained in such Circuit Court Office; and
(f) whenever the Supreme Court or any Judge of the High Court or the Circuit Court directs that a copy of the portion of any such register relating to any particular chattel mortgage or alleged chattel mortgage be furnished to them or him, such copy shall be so furnished accordingly and such Court or Judge may disclose or publish such copy or the contents thereof to such extent and in such manner and subject to such conditions as in their or his opinion justice may require.
(7) The High Court or the Circuit Court or the Supreme Court on appeal from the High Court may at any time cause any register of chattel mortgages maintained under this section to be rectified (whether by variation, addition, or omission) in such manner as justice may require.
(8) The Minister for Justice may by order make regulations in relation to all or any of the following matters, that is to say:—
(a) the form and contents of the several registers of chattel mortgages maintained under this section;
(b) the keeping and maintenance generally of such registers;
(c) the mode of registering a chattel mortgage in such registers and the evidence to be produced for the purpose of such registration of the due execution and stamping of such chattel mortgage;
(d) with the consent of the Minister for Finance the fees to be charged and taken in respect of the registration of chattel mortgages in such registers, the removal of chattel mortgages from such registers, the inspection of such registers and any other matter relating to such registers;
(e) the general preservation of the secrecy of such registers and in particular the evidence of authority to be produced by persons claiming to inspect or take copies of such registers.
(9) The expenses of carrying this section into effect shall, to such extent as shall be sanctioned by the Minister for Finance, be paid out of moneys to be provided by the Oireachtas.
Operation and effect of specific chattel mortgage.
26.—(1) A specific chattel mortgage shall so long as it is duly registered under this Act and any moneys remain owing for principal or interest on the security thereof operate and have effect—
(a) to confer on the mortgagee the right whenever the principal moneys secured by the chattel mortgage or any part of such moneys or any payment of interest thereon is unpaid for seven days after the day appointed by the chattel mortgage for payment thereof to seize and remove from the custody of any person (other than a bona fide purchaser for value in money or money's worth without notice of the chattel mortgage) and from any place (other than land or premises belonging to such purchaser) all or any of the farming stock comprised in the chattel mortgage; and
(b) to impose on the mortgagee the obligation to sell with all convenient speed all farming stock seized and removed by him under the chattel mortgage and to apply the proceeds of such sale in or towards the discharge of the principal moneys and interest secured by the chattel mortgage and to pay the surplus (if any) of such proceeds to the mortgagor or his legal representative or assignee; and
(c) to prohibit the mortgagor from selling any farming stock comprised in the chattel mortgage without giving at least three days' previous notice in writing to the mortgagee of his intention to sell the same and from selling any of such farming stock for less than a fair and reasonable price; and
(d) to impose on the mortgagor the obligation, whenever he sells any of the farming stock comprised in the chattel mortgage, of giving forthwith to the mortgagee notice in writing of such sale with such particulars thereof as the mortgagee may require and either of paying to the mortgagee the proceeds of such sale or so much thereof as may be necessary to discharge the principal moneys and interest owing on the security of the chattel mortgage or of applying such proceeds in such other manner as may have been previously authorised by the mortgagee; and
(e) to imply a covenant on the part of the mortgagor his heirs executors and administrators with the mortgagee to pay to the mortgagee the principal moneys and interest secured by the chattel mortgage at the times and in the manner appointed by the chattel mortgage; and
(f) to impose on the mortgagor the obligation to preserve and keep safe the farming stock comprised therein and (save as may be otherwise authorised by the chattel mortgage or the mortgagee or may be necessary for any intended lawful sale) not to remove such farming stock from his farm.
(2) If and whenever the mortgagor commits a breach (whether of commission or of omission) of any provision implied in a specified chattel mortgage by virtue of this section (other than the covenant for payment of the principal moneys and interest secured by such chattel mortgage) the whole of the principal moneys secured by such chattel mortgage shall become and be forthwith payable notwithstanding anything to the contrary contained in such chattel mortgage.
Operation and effect of floating chattel mortgages.
27.—(1) A floating chattel mortgage shall, so long as it is duly registered under this Act and any moneys remain owing for principal or interest on the security thereof, and it has not become fixed as hereinafter provided, operate and have effect—
(a) to create an ambulatory and shifting charge of the principal moneys and interest secured thereby on all farming stock from time to time on the farm to which the chattel mortgage relates (hereinafter referred to as the farm); and
(b) to prohibit the mortgagor from selling any of the farming stock at any time on the farm otherwise than in the ordinary course of farming; and
(c) to impose on the mortgagor the obligation of maintaining the farming stock from time to time on the farm at a level of value equivalent (as near as may be having regard to the ordinary course of farming) to the value of the farming stock on the farm at the date of the chattel mortgage; and
(d) whenever the mortgagor sells any of the farming stock for the time being on the farm to impose on him the obligation of paying such (if any) part of the proceeds of such sale as the mortgagee shall require to the mortgagee in reduction or discharge of the principal moneys secured by the chattel mortgage and any interest due thereon and to confer on the mortgagor the right to pay the whole or any part of such proceeds of sale to the mortgagee in reduction or discharge of such principal moneys and interest.
(2) Whenever the principal moneys secured by a floating chattel mortgage or any part of such moneys remain unpaid for one month after the date appointed by the chattel mortgage for payment thereof or some interest secured by a floating chattel mortgage is in arrear and unpaid for two months after becoming due or there has been a breach (whether of commission or omission) by the mortgagor of some provision contained in a floating chattel mortgage or implied therein by virtue of this section (other than a covenant for payment of the principal moneys or interest secured thereby), the mortgagee may serve on the mortgagor a notice in writing declaring that such floating chattel mortgage has become fixed and thereupon such floating chattel mortgage shall become and be fixed within the meaning of this section.
(3) When a floating chattel mortgage has become fixed such chattel mortgage shall thenceforward operate and have effect as a specific chattel mortgage of all farming stock which is on the farm at the time of the service of the notice declaring such chattel mortgage to have become fixed and the provisions of this Act in relation to the operation and effect of a specific chattel mortgage shall apply accordingly.
(4) A floating chattel mortgage shall so long as it is duly registered under this Act operate and have effect to imply a covenant on the part of the mortgagor, his heirs, executors, and administrators with the mortgagee to pay to the mortgagee the principal moneys and interest secured by the chattel mortgage at the times and in the manner appointed by the chattel mortgage.
Priorities of chattel mortgages.
28.—(1) Chattel mortgages shall have priority in accordance with the times at which they are respectively registered or first registered (as the case may be) under this Act.
(2) A specific chattel mortgage of any farming stock which is at the date of such chattel mortgage on a farm to which a prior floating chattel mortgage then applies shall be void and of no effect so long but so long only as any principal moneys or interest remain owing on the security of such floating chattel mortgage.
(3) A bill of sale made before the passing of this Act shall if and so long as it continues to be valid and enforceable under the Bills of Sale Acts, 1879 and 1883 have priority over a chattel mortgage.
(4) Farming stock comprised in a specific chattel mortgage or in a floating chattel mortgage which has become fixed shall not be deemed to be in the possession, order or disposition of the mortgagor within the meaning of the Irish Bankrupt and Insolvent Act, 1857 or any Act altering or amending that Act.
Disclosure of chattel mortgage to creditor.
29.—(1) It shall be an obligation on every person (hereinafter called the debtor) who seeks from another person (hereinafter called the creditor) the grant or continuance of credit to disclose in writing to the creditor (if required in writing by the creditor so to do) whether there is or is not a chattel mortgage subsisting in respect of any of the debtor's farming stock and the particulars of every (if any) such chattel mortgage.
(2) No creditor shall disclose any information furnished to him by the debtor in pursuance of this section save in so far as such disclosure may be necessary or proper for the purposes of a prosecution under this section or for the institution or conduct of legal proceedings for the recovery of moneys due by the debtor to the creditor.
(3) Every person who shall make in writing a statement in pursuance of this section which is to his knowledge false or misleading in any material respect and every person who shall in contravention of this section disclose any information furnished to him in pursuance of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a penalty not exceeding twenty pounds.
Statement of existing indebtedness by intending mortgagor.
30.—(1) Whenever a farmer (hereinafter referred to as the intending mortgagor) agrees to make and the Corporation or a recognised bank (hereinafter referred to as the intending mortgagee) agrees to take a chattel mortgage (hereinafter referred to as the proposed chattel mortgage) the intending mortgagor shall furnish to the intending mortgagee a statement in writing stating whether he is or is not then indebted to the Corporation or any recognised bank (hereinafter referred to as the existing creditor) and, if he is so indebted, the name of the existing creditor.
(2) If in such statement the intending mortgagor states that he is so indebted the intending mortgagee shall send by post to the existing creditor a notice in writing stating the intention of the intending mortgagee to take a chattel mortgage from the intending mortgagor, and if either the intending mortgagee fails so to send such notice or the proposed chattel mortgage is made within seven days after the day on which such notice is so sent the proposed chattel mortgage shall be deemed to be fraudulent and void as against the existing creditor.
(3) If a chattel mortgage is made without such statement being furnished by the intending mortgagor to the intending mortgagee and the mortgagor was at the date of such chattel mortgage indebted to the Corporation or a recognised bank such chattel mortgage shall if the intending mortgagor was so indebted to the Corporation and the Corporation is not the mortgagee be deemed to be fraudulent and void as against the Corporation and shall if the intending mortgagor was so indebted to any recognised bank be deemed to be fraudulent and void as against every recognised bank (other than the mortgagee) to which the intending mortgagor was so indebted.
(4) Every person who shall make a statement in writing in pursuance of this section which is to his knowledge false or misleading in any material respect shall be guilty of a misdemeanour and be liable on conviction thereof to a fine not exceeding two hundred pounds, or at the discretion of the court, to penal servitude for three years or imprisonment for any term not exceeding two years.
Effect of chattel mortgages in relation to execution orders.
31.—(1) A chattel mortgage shall not prevent or restrict the lawful seizure of any farming stock comprised therein or affected thereby by a landlord distraining for rent or a duly authorised officer distraining or levying under the Income Tax Acts or a rate collector distraining for rates or the lawful seizure and sale of any such farming stock under an execution order issued for the enforcement of a judgment or order for the payment of moneys due or payable to or for the benefit of the Central Fund or the repayment of advances made out of moneys provided by the Oireachtas or the interest on such advances or of moneys due or payable to the Irish Land Commission under the Land Purchase Acts or to a rate collector in respect of rates levied by the council of a county, a county or other borough, or an urban district or the commissioners of a town, or to a landlord in respect of rent.
(2) Save as is provided in the foregoing sub-section no farming stock comprised in or affected by a chattel mortgage shall be seized or sold under an execution order, unless before such seizure the creditor has paid to the under-sheriff or county registrar executing such execution order the full amount of the principal moneys and interest then owing and unpaid on the security of such chattel mortgage.
(3) Whenever a creditor pays under the foregoing sub-section to an under-sheriff or county registrar the full amount owing on the security of a chattel mortgage, the following provisions shall have effect, that is to say:—
(a) the under-sheriff or county registrar shall pay such amount to the mortgagee and the mortgagee shall accept such amount in discharge of the moneys secured by such chattel mortgage notwithstanding anything to the contrary contained in such chattel mortgage and in particular notwithstanding that such moneys are not then due or payable, and
(b) the said amount shall be added to the debt for which execution is leviable under the execution order, and such execution order shall have effect accordingly.
(4) For the purpose of enabling the creditor to take advantage of the provisions of sub-sections (2) and (3) of this section, the following provisions shall have effect, that is to say:—
(a) whenever a creditor requires an execution order to be executed against any farming stock the under-sheriff or county registrar shall inspect the appropriate register of chattel mortgages and if on such inspection such farming stock is found to be comprised in or affected by a chattel mortgage such under-sheriff or county registrar shall inform the creditor of the existence of such chattel mortgage the date thereof and the name and address of the mortgagee, and
(b) the mortgagee shall on demand made by the creditor furnish to the creditor a statement of the full amount of the principal moneys and interest then owing and unpaid on the security of the chattel mortgage.
(5) In this section the expression “execution order” has the same meaning as it has in the Enforcement of Court Orders Act, 1926 (No. 18 of 1926) and the word “creditor” means the person at whose instance an execution order is issued.
Avoidance of bills of sale on farming stock.
32.—Every bill of sale of farming stock (whether including or not including any other chattels) made after the passing of this Act shall, notwithstanding anything contained in the Bills of Sale Acts, 1879 and 1883, be void and of no effect and be incapable of being registered under those Acts.
SCHEDULE.
Certificates of Charge.
1. Whenever the Corporation holds, as security for money advanced by it, first mortgages on land to the nominal amount of not less than one hundred thousand pounds, the directors may issue a series of certificates of charge against some or all of such mortgages.
2. The Minister and the Minister for Lands and Agriculture may if and whenever they so think fit by order made by them jointly authorise certificates of charge to be issued against any class or classes of securities specified in such order and may by such order impose such restrictions as they think fit as to the proportion or amount of any particular class of security (including first mortgages on land) to be included in the securities against which a series of certificates of charge may be issued, and may also by such order authorise certificates of charge to be issued although the Corporation does not hold as security for money advanced by it first mortgages on land to the nominal amount of one hundred thousand pounds.
3. Certificates of charge may be issued under that name or under any other name which the directors think suitable and a series of certificates of charge shall consist of certificates of such total nominal amount as the directors with the approval of the Minister shall think proper divided into certificates of ten pounds each or of such other amount or different amounts as the directors with the approval of the Minister shall think proper.
4. Before issuing a series of certificates of charge the directors shall place under the control of trustees, in such manner by transfer, sub-mortgage, deposit, or otherwise as shall be approved by the Minister, securities (in this Schedule referred to as authorised securities) against which certificates of charge may be issued by the Corporation under or by virtue of paragraphs 1 or 2 of this Schedule held by the Corporation as security for advances made by it to a nominal amount not less than the nominal amount of such series of certificates.
5. The number of the trustees shall be such even number as the directors think fit and one-half of the trustees shall always be nominated by the Minister and the other half of the trustees shall in the first instance be nominated by the directors and after the issue of the series of certificates shall be nominated as vacancies occur by the holders of such certificates.
6. The said authorised securities shall be so placed under the control of the trustees that the trustees shall hold the same upon trust for the Minister and the holders of the certificates issued against such authorised securities and that the trustees shall have all necessary and proper powers for raising for the Minister and such holders by means of such authorised securities the amount of the principal and interest of such certificates and also power when any such certificates are paid off in full by the Corporation to release to the Corporation so much of such authorised securities as shall be equal in nominal amount to the amount of the certificates so paid off and also power at any time at the request of the directors to release to the Corporation any of such authorised securities in exchange for an equal amount of similar authorised securities.
7. Every certificate of charge shall be expressed and shall operate—
(a) to bind the Corporation to pay to the holder of the certificate the principal amount thereof within a period of years (not exceeding forty) named therein and to pay interest on such principal amount at the rate named therein with the consent of the Minister but not exceeding by more than three per cent. per annum the average (ascertained in accordance with regulations made in that behalf by the Minister) rate of interest paid by the leading banks in Saorstát Eireann on moneys held by them on deposit account during such period of twelve months commencing not earlier than fifteen months before the issue of the certificates as shall be appointed by regulations made in that behalf by the Minister;
(b) to confer on the holder of the certificate the full benefit of the trusts on which the said authorised securities are placed under the control of the trustees;
(c) to confer on the holder of the certificate the benefit of the guarantee given by the Minister in respect thereof under this Act.
8. Before issuing a series of certificates of charge the directors shall submit the same to the Minister for the purpose of receiving from him such guarantee as he is authorised by this Act to give.
9. If and when such guarantee is given by the Minister the directors may issue such certificates of charge to the public in such manner and on such terms as they think fit subject to the restriction that no such certificate shall be issued at a less price than the amount of the principal sum secured thereby.
10. A series of certificates of charge shall as against the authorised securities held by the trustees as security therefor rank in priority to any debentures or debenture stock issued by the Corporation and to all other debts and liabilities of the Corporation but as against any other assets of the Corporation shall rank as simple contract debts.