Agricultural Credit Act, 1978

Agricultural Credit Act, 1978 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1978 Agricultural Credit Act, 1978 Agricultural Credit Act, 1978 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 2 of 1978 AGRICULTURAL CREDIT ACT, 1978 ARRANGEMENT OF SECTIONS

PART I

Preliminary and General Section

Section 1

Short title.

Section 2

Commencement.

Section 3

Interpretation.

Section 4

Central Fund.

Section 5

Payment into Exchequer of money paid to Minister.

Section 6

Expenses.

Section 7

Repeals.

PART II

Agricultural Credit Corporation

Section 8

Memorandum of association.

Section 9

Participation in agricultural projects.

Section 10

Directors.

Section 11

Share capital.

Section 12

Borrowing.

Section 13

Advances by Minister.

Section 14

Guarantee of borrowing.

Section 15

Guarantee against losses.

Section 16

Accounts.

Section 17

Membership of Oireachtas.

Section 18

Appointment of staff.

Section 19

Remuneration of chief officer.

Section 20

Superannuation of staff.

Section 21

Evidence of debt to Corporation.

Section 22

Alteration of memorandum and articles of association.

PART III

Chattel Mortgages

Section 23

Definitions for Part III.

Section 24

Chattel mortgage of specific stock.

Section 25

Recognised banks.

Section 26

Registers of chattel mortgages.

Section 27

Effect of specific chattel mortgage.

Section 28

Seizure of stock under specific chattel mortgage.

Section 29

Inventory of stock under chattel mortgage.

Section 30

Effect of floating chattel mortgage.

Section 31

Conversion of floating chattel mortgage into specific chattel mortgage.

Section 32

Effect of chattel mortgage on distraints.

Section 33

Effect of chattel mortgage on execution orders.

Section 34

Priorities of chattel mortgages.

Section 35

Disclosure of chattel mortgage to creditor.

Section 36

Avoidance of bills of sale of stock.

PART IV

Charges on Land in favour of the Corporation

Chapter 1

Preliminary

Section 37

Definitions for Part IV.

Section 38

Application of Part IV to existing charges.

Chapter 2

Registered Land

Section 39

Priority of charges in favour of Corporation.

Section 40

Equitable interests.

Section 41

Protection of minors and persons of unsound mind.

Chapter 3

Unregistered Land

Section 42

Priority of charges in favour of Corporation.

Section 43

Lodgement of cautions by puisne claimants.

Section 44

Rights of puisne claimants.

Section 45

Protection of minors and persons of unsound mind.

Section 46

Lodgement of cautions by the Corporation.

Chapter 4

Miscellaneous Provisions in relation to Charges on Land

Section 47

Charges by tenants for life.

Section 48

Charges by personal representatives.

Section 49

Sales by Corporation under priority charges.

Section 50

Sale by Land Commission of land subject to charge.

Section 51

Charges by evicted tenants.

Section 52

Adaptation of references in other enactments to permanent improvement charges.

Section 53

Exemption from stamp duty and fees.

Chapter 5

Charging Orders

Section 54

Charging money advanced by Corporation.

Section 55

Effect of charging order.

Section 56

Money payable on foot of charge.

Section 57

Conditions and variation of charging order.

Section 58

Cancellation of charge.

PART V

Agricultural Co-operative Societies

Section 59

Co-operative society.

Section 60

Rules of co-operative societies.

Section 61

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

SCHEDULE Enactments Repealed Number 2 of 1978 AGRICULTURAL CREDIT ACT, 1978 AN ACT TO CONSOLIDATE WITH AMENDMENTS THE AGRICULTURAL CREDIT ACTS, 1927 TO 1975. [28th February, 1978] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART I

Preliminary and General Short title.

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

Commencement.

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

Interpretation. [1947, s. 3; 1961, s. 8.] 3.—(1) In this Act, except where the context otherwise requires— “agriculture” includes— (a) the breeding, rearing or keeping of animals of any kind (including birds and insects), (b) fish culture, (c) dairying, (d) the pasturing of animals, (e) afforestation, (f) the processing, manufacture, preparation or completion for sale of any farm produce, and (g) the marketing of any farm produce, and “agricultural” shall be construed accordingly; “the Corporation” means the Agricultural Credit Corporation, Limited; “farm” means the land or buildings or the land and buildings on or in which the farmer, in relation to whom the word is used, carries on some form of agriculture; “farmer” means an individual who carries on or intends to carry on some form of agriculture and includes— (a) two or more individuals who jointly or in common carry on or intend to carry on some form of agriculture, (b) the personal representative of a deceased person who, for the benefit of the estate of the deceased person, carries on or intends to carry on some form of agriculture, (c) the trustee of a settlement who, for the benefit of the persons beneficially entitled under the settlement, carries on or intends to carry on some form of agriculture, (d) any body corporate which carries on or intends to carry on, as its principal business, some form of agriculture, and (e) two or more bodies corporate which jointly or in common carry on or intend to carry on, as their principal business, some form of agriculture; “the Land Commission” means the Irish Land Commission; “the Minister” means the Minister for Finance; “settlement” means the deed, will or other instrument, parol declaration or construction of law, by virtue of which the trustee, in relation to whom the word is used, is such trustee; “stock” has the meaning assigned by section 23; “trustee” includes a trustee under a trust created by parol and also a trustee by construction of law.

Central Fund. [1961, s. 15.] 4.—All money from time to time required by the Minister to meet sums which may become payable by him under this Act shall be paid out of the Central Fund or the growing produce thereof.

Payment into Exchequer of money paid to Minister.

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

Expenses.

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

Repeals.

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

PART II

AGRICULTURAL CREDIT CORPORATION Memorandum of association. [1961, s. 7; 1972, s. 2.] 8.—(1) The objects of the Corporation shall be so stated in its memorandum of association that its principal functions shall include— (a) (i) lending and advancing money, subject to the provisions of this Act, (ii) acquiring, underwriting, holding, selling and otherwise dealing with, shares, stocks, debentures, debenture stocks and other securities of any body corporate, (iii) drawing, accepting, endorsing, discounting, purchasing and otherwise dealing with, bills of exchange, promissory notes and other negotiable instruments, (iv) providing such other credit facilities as it thinks proper (including giving guarantees to any person in relation to the payment of money, and of interest on the money, or the repayment of money paid by that person on foot of loans, advances or other credit facilities granted by that person and the payment of interest on such money), (v) engaging in the provision of hire-purchase and leasing facilities and for that purpose acquiring, disposing of and otherwise dealing with stock, and (vi) arranging for the provision of credit facilities for any person by any other person (and acting as agent for any person in relation to the payment and collection and receipt of money in respect of such facilities), for any purpose which, in the opinion of the Corporation will, or is likely to, increase, whether directly or indirectly, the productivity of, or be otherwise of benefit to, agriculture, horticulture or fisheries, on such terms and subject to such conditions as the Corporation thinks fit, and (b) the receipt, on such terms and subject to such conditions as the Corporation thinks proper, of deposits of money (including money in a currency other than the currency of the State) from any source and the receipt of deposits of securities for safe keeping and management and, so far as may be lawful, the execution of trusts in relation to the securities.

Participation in agricultural projects. [1961, s. 8.] 9.—The Corporation may do all or any of the following: (a) undertake, promote, engage or participate in, manage or supervise any scheme or project which, in the opinion of the Corporation, will, or is likely to, increase, whether directly or indirectly, the productivity of, or be otherwise of benefit to, agriculture, horticulture or fisheries, (b) appoint and remunerate clerical, technical and managerial staff for schemes and projects referred to in paragraph (a) and assist and advise in relation to the appointment of such staff, (c) provide the whole or part of the money required for any scheme or project referred to in paragraph (a), (d) agree with the undertakers or promotors of any scheme or project referred to in paragraph (a) to pay and discharge the whole or a part of any losses incurred by them in relation to that scheme or project, (e) form or take part in the formation of bodies corporate for the purpose of undertaking, promoting, engaging or participating in, managing or supervising schemes or projects referred to in paragraph (a) and acquire, hold and dispose of the capital, or such part of the capital as it thinks fit, of any such bodies corporate, (f) subject to the provisions of the Industrial and Provident Societies Acts, 1893 to 1971, acquire, hold and dispose of the capital, or such part of the capital as it thinks fit, of any body corporate undertaking, promoting, engaging or participating in, managing or supervising schemes or projects referred to in paragraph (a), and (g) assist in and facilitate, in any manner it thinks proper, the formation, promotion, establishment, reconstruction or reorganisation of bodies corporate referred to in paragraph (e).

Directors. [cf. 1961, s. 10.] 10.—(1) The number of directors of the Corporation (including the chairman) shall not be less than three or more than seven.

Share capital. [cf. 1947, s. 10; 1961, s. 6; 1969, s. 2.] 11.—(1) The share capital of the Corporation shall be £20,000,000 divided into shares of £1 each.

Borrowing. [cf. 1961, s. 3; 1972, ss. 3, 7.] 12.—(1) Subject to the approval of the Minister, the Corporation may raise or borrow money (including money in a currency other than the currency of the State) in any manner it thinks fit but the amount of money raised or borrowed and outstanding at any one time shall not exceed £350,000,000.

Advances by Minister. [1961, s. 11.] 13.—(1) The Minister may make advances to the Corporation.

Guarantee of borrowing. [1961, s. 5; 1972, s. 4.] 14.—(1) The Minister may guarantee, in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as he thinks fit, the due repayment by the Corporation of the principal of any money raised or borrowed by the Corporation or the payment of interest on such money or both the repayment of the principal and the payment of the interest and any such guarantee may include a guarantee of payment by the Corporation of incidental expenses arising in connection with the borrowing.

Guarantee against losses.

15.—(1) The Minister may— [1961, s. 4.] (a) guarantee, in such form and manner and on such terms and conditions as he may specify, the due repayment to the Corporation of the principal of any money paid by the Corporation on foot of loans, advances, guarantees to persons in relation to the payment of money by other persons or other credit facilities (including hire-purchase facilities) given, provided or arranged by the Corporation or in respect of which it undertakes any commitments or the payment of interest on such principal or both the repayment of the principal and the payment of the interest, and (b) recoup the Corporation, on foot of a guarantee under this section, on such terms and conditions as he may specify in respect of any losses incurred by the Corporation in relation to such loans, advances, guarantees or other credit facilities.

Accounts. [1947, s. 19; 1969, s. 5.] 16.—(1) The Corporation shall keep, in such form as may be approved by the Minister, all proper and usual accounts of all money received or expended by it, including a profit and loss account and a balance sheet and, in particular, all such special accounts as the Minister may from time to time direct.

Membership of Oireachtas. [cf. 1965, s. 10.] 17.—(1) Where a director of the Corporation is nominated as a member of Seanad Éireann or for election to either House of the Oireachtas, he shall, on accepting nomination as a member of Seanad Éireann or on nomination for such election (as the case may be), cease to be a director of the Corporation.

Appointment of staff. [cf. 1947, s. 55.] 18.—(1) Subject to subsection (2), appointments to situations in the service of the Corporation shall be made in accordance with such arrangements for securing the appointment of suitable and qualified persons as shall from time to time be determined by the directors, after consultation with the Local Appointments Commissioners, and such arrangements shall include a provision for giving to suitable and qualified candidates, who possess a knowledge of the Irish language of a standard not less than that fixed by the directors, credit in respect of such knowledge.

Remuneration of chief officer. [1975, s. 4.] 19.—There shall be paid by the Corporation to its chief officer such remuneration and allowances as the Corporation, with the consent of the Minister for the Public Service, shall determine.

Superannuation of staff. [New] 20.—Any alteration in the terms, in operation at the commencement of this Act, governing the grant of pensions, gratuities, allowances or other payments on resignation, retirement or death, to or in respect of a member of the permanent staff of the Corporation, including its chief officer, or any other arrangement to provide for benefits additional to the terms referred to above shall not take effect unless the said alteration or arrangement has the consent of the Minister for the Public Service.

Evidence of debt to Corporation. [1947, s. 53; 1965, s. 8.] 21.—In any proceedings for the recovery by the Corporation of any money owing to the Corporation, a certificate purporting to be sealed with the seal of the Corporation stating that a specified sum of money was due at the date of the certificate to the Corporation by a specified person shall, at any time within one month after the date of the certificate and without proof of the seal of the Corporation or of the due affixing thereof to the certificate, be evidence that the sum specified in the certificate is and remains due and owing to the Corporation by the person and on the account or accounts specified in the certificate.

Alteration of memorandum and articles of association. [cf. 1961, s. 14; 1975, s. 6.] 22.—It shall be lawful for the Corporation to make such alterations in its memorandum or articles of association as are necessary to make them consistent with this Act and such alterations shall be in such form as is approved by the Minister.

PART III

Chattel Mortgages Definitions for Part III. [1947, s. 21; 1961, s. 12.] 23.—(1) In this Part— “the Act of 1926” means the Enforcement of Court Orders Act, 1926 , as amended by the Enforcement of Court Orders Act, 1940 ; “chattel mortgage”, when used without qualification, means an instrument under seal made between a recognised borrower of the one part and a recognised lender of the other part which is— (a) a floating chattel mortgage, or (b) a specific chattel mortgage, or (c) both a floating chattel mortgage and a specific chattel mortgage; “execution order” means an execution order within the meaning of the Act of 1926; “floating chattel mortgage” means an instrument under seal made between a recognised borrower of the one part and a recognised lender of the other part whereby the recognised borrower charges the stock from time to time on the recognised borrower's land with the payment to the recognised lender of any money advanced or to be advanced to the recognised borrower; “land”, in relation to a recognised borrower, means the buildings or land or buildings and land in or on which the recognised borrower carries on business or which he uses in connection with his business; “the mortgagee”, in relation to a chattel mortgage, means the recognised lender to whom the chattel mortgage is given; “the mortgagor”, in relation to a chattel mortgage, means— (a) if the recognised borrower (party thereto) is an individual— (i) in case he is alive and has not become a bankrupt or of unsound mind, the recognised borrower, or (ii) in case he has died, his heirs, executors, administrators and successors, or the executor de son tort of his estate or the person into whose possession or control, legal or actual, the chattels charged under such chattel mortgage have passed by reason of the death, or (iii) in case he becomes a bankrupt, his assignee, or (iv) in case he becomes of unsound mind, his committee or guardian, (b) if the recognised borrower (party thereto) is a body corporate, that body corporate; “recognised bank” has the meaning assigned by section 25; “recognised borrower” means any person to whom money may be lent or advanced or who may be provided with other credit facilities by a recognised lender or who gives or agrees to give security to a recognised lender for the payment of money by himself or any other person; “recognised lender” means any body, being— (a) the Corporation, or (b) a recognised bank; “specific chattel mortgage” means an instrument under seal made between a recognised borrower of the one part and a recognised lender of the other part whereby the recognised borrower charges

specific stock (wheresoever situate) with the payment to the recognised lender of any money advanced or to be advanced to the recognised borrower; “stock” includes— (a) animals and birds of every kind and the progeny and produce of such animals and birds, (b) insects and fish of every kind and the progeny and produce of such insects and fish, (c) agricultural crops (whether growing on or severed from the land), (d) trees (whether growing on or severed from the land), (e) any product derived from any of the foregoing, (f) machinery, implements, vehicles, fixtures, fittings and materials used in or for the production, manufacture, processing, preparation for sale or marketing of any agricultural or fishery produce.

Chattel mortgage of specific stock. [1947, s. 22.] 24.—Where— (a) a recognised lender has agreed to make a loan to a recognised borrower wholly or partly for the purchase of specific stock, and (b) that recognised borrower, for the purpose of giving security for the loan, has, prior to the purchase, executed a specific chattel mortgage of the specific stock, and (c) the chattel mortgage is duly registered under this Part, that chattel mortgage shall, notwithstanding anything contained in this Part, create a charge on the specific stock on and from the date on which the stock comes into the ownership and possession of the recognised borrower.

Recognised banks. [cf. 1947, ss. 21 (1), 23] 25.—(1) Every bank which, immediately before the commencement of this Act, was a recognised bank for the purposes of

Part III

of the Agricultural Credit Act, 1947 , shall continue to be a recognised bank for the purposes of this Part.

Registers of chattel mortgages. [1947, ss. 24, 36.] 26.—(1) A register of chattel mortgages shall be kept and maintained in every Circuit Court Office in accordance with this section.

Effect of specific chattel mortgage. [1947, s. 25.] 27.—(1) A specific chattel mortgage shall, so long as it is duly registered under this Part and any money remains owing for principal or interest or costs on the security thereof, operate and have effect— (a) to prohibit the mortgagor from selling or otherwise transferring the ownership or possession of any stock comprised therein without giving to the mortgagee at least 7 days' previous notice in writing of his intention to effect the sale or transfer, (b) to prohibit the mortgagor from selling or otherwise transferring ownership or possession for less than a fair and reasonable price, (c) to impose on the mortgagor, in the event of any of the stock dying or being stolen or being destroyed by fire or other agency, the obligation to notify the mortgagee of such event within 7 days after it occurs, (d) to impose on the mortgagor, in the event of his selling or otherwise transferring the ownership or possession of any of the stock, the obligation to give forthwith to the mortgagee notice in writing of the sale or transfer, with such particulars thereof as the mortgagee may require, (e) to impose on the mortgagor, in the event of his selling or otherwise transferring the ownership or possession of any of the stock, the obligation to pay to the mortgagee, within 7 days after the sale or transfer, all sums secured by the chattel mortgage or such lesser sum as the mortgagee may in writing agree to accept or to apply the proceeds of the sale or transfer in such other manner as may have been previously authorised by the mortgagee, (f) to imply a covenant on the part of the mortgagor to pay to the mortgagee on demand the principal money and interest secured by the chattel mortgage at the time and in the manner thereby appointed, and (g) to impose on the mortgagor the obligation to preserve and keep safe the stock therein comprised and (save as may be otherwise authorised by the chattel mortgage or the mortgagee or as may be necessary for any intended lawful sale) not to remove such stock from his land.

Seizure of stock under specific chattel mortgage. [1947, s. 26.] 28.—(1) Where— (a) a specific chattel mortgage is for the time being duly registered under this Part, and (b) any money remains owing for principal or interest or costs on the security thereof, and (c) either— the principal money secured by the chattel mortgage or any part of such money or any interest thereon is unpaid for 14 days after the day appointed by the chattel mortgage for payment thereof, or a breach of any covenant or condition contained in the chattel mortgage has been committed by the mortgagor, the mortgagee may serve on the sheriff (or, if there is not a sheriff, the county registrar) of the county or county borough in which any of the stock comprised in the chattel mortgage is situate an order in the prescribed form requiring him to proceed in accordance with this subsection, and thereupon— (i) the sheriff or county registrar shall, as soon as may be, seize and remove from the custody of any person (other than a bona fide purchaser for value without notice of the chattel mortgage) and from any place (other than land or premises belonging to such purchaser) within the county or county borough of the sheriff or county registrar all or any of the stock comprised in the chattel mortgage; (ii) upon such seizure the sheriff or county registrar shall, with all convenient speed, cause the stock so seized to be sold, and shall apply the proceeds of such sale in or towards the discharge of expenses, fees and costs of the seizure and sale and of the sum certified in the order to be due on foot of the chattel mortgage, together with interest on the said sum at the rate applicable to the chattel mortgage from the date of the said order to the date of such seizure, and shall pay the surplus (if any) of such proceeds to the mortgagor.

Inventory of stock under chattel mortgage. [1947, s. 27.] 29.—(1) So long as any money remains owing for principal or interest or costs on the security of a chattel mortgage, the mortgagee may between the hours of sunrise and sunset on any day on which a civil process may be served— (a) in the case of a specific chattel mortgage, enter any land or premises (other than land or premises belonging to a bona fide purchaser for value, without notice of the specific chattel mortgage, of the stock comprised in the specific chattel mortgage) on or in which the said stock is and take an inventory of the said stock, or (b) in the case of a floating chattel mortgage, enter on the land to which the floating chattel mortgage relates and take an inventory of the stock on the land.

Effect of floating chattel mortgage. [1947, s. 28.] 30.—(1) A floating chattel mortgage shall, so long as it is duly registered under this Part and any money remains owing for principal or interest or costs on the security thereof, and it has not become fixed as hereinafter provided, have effect— (a) to create an ambulatory and shifting charge of the principal money and interest secured thereby on all stock the property of the mortgagor from time to time on the land to which the chattel mortgage relates (in this section referred to as the land), and (b) to prohibit the mortgagor from selling any of the stock at any time on the land otherwise than in the ordinary course of business, and (c) to impose on the mortgagor the obligation of maintaining the stock from time to time on the land at a level of value equivalent (as near as may be having regard to the ordinary course of business) to the value of the stock on the land at the date of the chattel mortgage, and (d) whenever the mortgagor sells any of the stock for the time being on the land and does not within one month replace such stock by new stock sufficient to bring the value of the stock on the land as near as may be to the value of the stock on the land at the date of the chattel mortgage, 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 money secured by the chattel mortgage and any interest and costs 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 money and interest and costs.

Conversion of floating chattel mortgage into specific chattel mortgage. [1947, s. 29.] 31.—(1) Whenever— (a) the principal money secured by a floating chattel mortgage or any part of such money remains unpaid for 28 days after the date appointed by the floating chattel mortgage for payment thereof, or some interest secured by a floating chattel mortgage is in arrear and unpaid for 56 days after becoming due, or there has been a breach (whether by commission or omission) by the mortgagor of some provision (other than a covenant for payment of the principal money or interest secured thereby) contained in a floating chattel mortgage or implied therein by virtue of section 30 (2), and (b) the mortgagee has served on the mortgagor a notice in writing declaring that the floating chattel mortgage has become fixed, and (c) the mortgagee has, before the service of the notice, taken an inventory of the stock then on the land to which the floating chattel mortgage relates, and (d) the mortgagee, within 7 days after the day on which the notice has been served, sends by registered post to the Circuit Court Office or Offices where the floating chattel mortgage is registered, a true copy of the notice and of the inventory, then— (i) the floating chattel mortgage with effect on and from the date of the service of the notice shall, for the purposes of this Act, become and be fixed, and shall have effect as a specific chattel mortgage of all stock which is on the said land at the time of the service of the said notice, and sections 27 and 28 shall apply accordingly; (ii) on receipt of the copies of the notice and inventory in any Circuit Court Office, there shall be entered in the register of chattel mortgages the fact that the notice has been served and the particulars of the stock set out in the inventory, and that entry shall, until the contrary is proved, be evidence in any proceedings that the notice was served and that the stock, particulars of which are so entered in the register, was on the land on the date on which the notice was served.

Effect of chattel mortgage on distraints. [1947, s. 30.] 32.—A chattel mortgage shall not prevent or restrict the lawful seizure of any stock comprised therein or affected thereby by a duly authorised officer distraining or levying under the Income Tax Acts or a rate collector distraining for rates or a landlord distraining for rent.

Effect of chattel mortgage on execution orders. [1947, s. 31.] 33.—(1) A chattel mortgage shall not prevent or restrict the lawful seizure and sale of any stock comprised therein or affected thereby under— (a) a warrant issued under section 28 of the Land Act, 1933 , or (b) an execution order issued for the enforcement of a judgement or order for the payment of— (i) money due or payable to or for the benefit of the Central Fund, or (ii) money in respect of advances made out of money provided by the Oireachtas or the interest on such advances, or (iii) money due or payable to the Land Commission under the Land Purchase Acts, or (iv) money due to the Commissioners of Public Works in Ireland in respect of a local loan, within the meaning of the Local Loans Fund Act, 1935 , or (v) money due to a rate collector in respect of rates levied by the council of a county, the corporation of a county or other borough, the council of an urban district or the commissioners of a town.

Priorities of chattel mortgages. [cf. 1947, s. 32.] 34.—(1) Chattel mortgages shall have priority in accordance with the times at which they are respectively registered under this Part.

Disclosure of chattel mortgage to creditor. [1947, s. 33.] 35.—(1) It shall be an obligation on every person (in this section referred to as the debtor) who seeks from another person (in this section referred to as 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 stock and the particulars of every (if any) such chattel mortgage.

Avoidance of bills of sale of stock. [1947, s. 35.] 36.—(1) A bill of sale of stock (whether including or not including any other chattels) made after the commencement of this Act shall, notwithstanding anything contained in the Bills of Sale (Ireland) Acts, 1879 and 1883, be void and be incapable of being registered under those Acts.

PART IV

Charges on Land in favour of the Corporation

Chapter 1

Preliminary Definitions for Part IV. [cf. 1947, s. 37.] 37.—In this Part— “the Act of 1964” means the Registration of Title Act, 1964 ; “charge” includes mortgage and any other means by which land is charged with or made liable for or security for the payment of money; references to equitable claims against registered land shall be construed as references to estates and interests in, and incumbrances on, and claims against, such land which at the date of the registration of a priority charge against the land are not entered in a register but are preserved by virtue of the registration of the owner otherwise than with an absolute title and references to an equitable claimant shall be construed accordingly; “interest in lieu of rent” includes any money payable under that name to the Land Commission under the Land Purchase Acts; “payment in lieu of rent” includes any money payable under that name to the Land Commission under the Land Purchase Acts; “interest on purchase money” includes any money payable under that name to the Land Commission under the Land Purchase Acts; “land purchase annuity” means a terminable annuity payable under that name to the Land Commission under the Land Purchase Acts in repayment of an advance made by that Commission under those Acts; “mortgage” includes any instrument by which land is charged with or made liable for or security for the payment of money; “mortgagor” means a person by whom a priority charge is given and the heirs, executors, administrators and assigns of such person; “periodic (Land Commission) sum” means any sum for the time being payable to the Land Commission being— (a) rent, or (b) interest in lieu of rent, or (c) payment in lieu of rent, or (d) interest on purchase money, or (e) any annual or other periodic payment whatsoever; “permanent improvement charge” means, in relation to any land, a priority charge on the land in respect of which it is shown by the mortgagor that— (a) the principal sum secured by the charge was advanced by the Corporation solely for permanent improvement purposes, and (b) the said principal sum was expended for one or more of those purposes; “permanent improvement purposes”, in relation to a charge on land, means any one or more of the following purposes— (a) constructing, altering, improving or repairing buildings on the land, (b) making on the land improvements of a permanent character calculated to increase, or facilitate or conduce to the increase of, the productivity of the land, (c) any other purpose which will be or is intended to be of permanent or long-term benefit to the farm business conducted on the land,

(d) paying the costs and expenses of borrowing the money secured by the charge and giving security for the repayment thereof; “priority charge” means— (a) in relation to registered land, a charge on the registered land to which priority is given by section 39; (b) in relation to unregistered land, a charge on the unregistered land to which priority is given by section 42; “puisne claim” means, in relation to unregistered land, any estate or interest in, or incumbrance on, or claim against the land which is postponed in priority by virtue of section 42 to a priority charge on the land; “puisne claimant” means, in relation to unregistered land, a person entitled to a puisne claim; “register” means a register maintained under the Act of 1964; “registered land” means land the ownership of which is entered in a register; “the registering authority” means the registering authority under the Act of 1964; “registration” means registration in a register and cognate words shall be construed accordingly; “the Registry of Deeds” means the office for registering deeds, conveyances and wills in Ireland; “unregistered land” means land which is, at the date of the execution of the relevant instrument of charge in favour of the Corporation, subject to a periodic (Land Commission) sum and is not registered land.

Application of Part IV to existing charges. [1947, s. 38.] 38.—This Part applies in respect of every charge on land given before the commencement of this Act in favour of the Corporation and subsisting immediately before such commencement and to which this Part would have been applicable if it had been in force at the time the charge was given, and any proceedings taken or thing done before such commencement as respects the charge under any provision of the Acts repealed by this Act shall be deemed to have been taken or done under the corresponding provision of this Act.

Chapter 2

Registered Land Priority of charges in favour of Corporation. [cf. 1947, s. 39; 1973, s. 4.] 39.—(1) Where a charge in favour of the Corporation for the repayment of a loan is registered as a burden affecting registered land, then, subject to subsection (2) and (3), the charge (including interest and the costs and expenses of all legal proceedings instituted by the Corporation for the purpose of realising the amount at any time owing on foot of the charge) shall as against the land be in priority to and shall override any equitable claim against the land.

Equitable interests. [1947, s. 40.] 40.—(1) A priority charge on registered land which is not a permanent improvement charge on the land shall as between the mortgagor and equitable claimants (other than the mortgagor) against the land be deemed to be charged on all and every (if any) estate and interest in the land to which the mortgagor was at the date of the registration of the priority charge or becomes at any time thereafter beneficially entitled in indemnification of all equitable claims against the land by equitable claimants other than the mortgagor.

Protection of minors and persons of unsound mind. [1947, s. 41.] 41.—(1) Where registered land is subject to a priority charge which is not a permanent improvement charge and an equitable claimant against the land is, at the date of registration of the priority charge, under the age of twenty-one years or of unsound mind, the equitable claimant shall be entitled at any time after registration (but, in case he is under the age of twenty-one years at the time of the registration, not after he attains the age of twenty-five years) to obtain from the Circuit Court an order that the mortgagor shall, by giving security, lodgment of money in Court or such other means as shall be approved of by the Court, give to the equitable claimant an indemnity which in the opinion of the Court adequately protects his equitable claim against the priority charge and that in default of the mortgagor giving such indemnity within three months after the date of the order the registered land be sold by the Court and the proceeds of sale be applied according to law and that in any event the costs of the equitable claimant in relation to the order, the application therefor and all proceedings thereunder when taxed as between solicitor and client be paid by the mortgagor.

Chapter 3

Unregistered Land Priority of charges in favour of Corporation. [cf. 1947, s. 42; 1973, s. 4.] 42.—(1) Where— (a) a person is in occupation of land which is for the time being subject to a periodic (Land Commission) sum, and (b) he is certified by the Land Commission to be the person by whom the sum is payable at the date of the certificate, and (c) he (either alone or in conjunction with other persons) within one month after the date of the certificate charges the land in favour of the Corporation with repayment of a loan, and (d) the instrument effecting the charge is duly registered in the Registry of Deeds, then, subject to subsections (2) and (3), the charge (including interest and the costs and expenses of all legal proceedings instituted by the Corporation for the purpose of realising the amount at any time owing to the Corporation on foot of the charge) shall as against the land so charged be in priority to and shall override all estates and interests in and all incumbrances and burdens on the land which may be subsisting at the date of the instrument except the said periodic (Land Commission) sum, compounded arrears of rent within the meaning of the Land Purchase Acts, mortgages in favour of the Land Commission, any land purchase annuity which may subsequently be charged on the land under the Land Purchase Acts, any annuity, rent charge or other periodic payment payable to the Commissioners of Public Works in Ireland, any charge or mortgage in favour of the said Commissioners on foot of any moneys due or payable to them in respect of a local loan within the meaning of the Local Loans Fund Act, 1935 , and any of the charges mentioned in paragraphs (a), (b), (f) and (h) of section 72 of the Act of 1964.

Lodgement of cautions by puisne claimants. [1947, s. 43.] 43.—(1) Any person claiming to be entitled to an estate or interest in or incumbrance on or claim against any unregistered land which is a puisne claim against the land or would become a puisne claim if a priority charge were created on the land, may (whether the instrument, if any, under which the claim arises is or is not registered in the Registry of Deeds) lodge under section 96 of the Act of 1964 a caution against the registration against the land, on or after the first registration thereof, of any dealing with the land in favour of the Corporation to the prejudice of the claim.

Rights of puisne claimants. [1947, s. 44.] 44.—(1) A priority charge on unregistered land which is not a permanent improvement charge against the land shall, as between the mortgagor and puisne claimants against the land, be deemed to be charged on all and every (if any) estate and interest in the land to which the mortgagor was at the date of registration of the priority charge or becomes at any time thereafter beneficially entitled in indemnification of all puisne claims against the land by puisne claimants.

Protection of minors and persons of unsound mind. [1947, s. 45.] 45.—(1) Where unregistered land is subject to a priority charge which is not a permanent improvement charge and a puisne claimant against the land is, at the date of registration of the priority charge, under the age of twenty-one years or of unsound mind, the puisne claimant shall be entitled at any time after registration (but, in case the puisne claimant is under the age of twenty-one years at the time of registration, not after he attains the age of twenty-five years) to obtain from the Circuit Court an order that the mortgagor shall, by giving security, lodgment of money in Court or such other means as are approved of by the Court, give to the puisne claimant an indemnity which in the opinion of the Court adequately protects his puisne claim against the priority charge and that in default of the mortgagor giving the indemnity within three months after the date of the order the land be sold by the Court and the proceeds of sale be applied according to law and that in any event the costs of the puisne claimant in relation to the order, the application therefor and all proceedings thereunder when taxed as between solicitor and client be paid by the mortgagor.

Lodgement of cautions by the Corporation. [1947, s. 46.] 46.—Whenever the Corporation claims to be an incumbrancer on unregistered land by virtue of an instrument registered in the Registry of Deeds, the Corporation may, notwithstanding anything to the contrary in section 96 of the Act of 1964, lodge with the registering authority a caution under that section, and when the caution is so registered the registering authority may, on the first registration of the land, register the incumbrance created by the instrument as a burden affecting the land with such priority (if any) as is given to the incumbrance by this Act or otherwise by law.

Chapter 4

Miscellaneous Provisions in relation to Charges on Land Charges by tenants for life. [1947, s. 47.] 47.—(1) Any person who is a tenant for life within the meaning of the Settled Land Acts, 1882 to 1890, of any land or has under those Acts the powers of a tenant for life in respect of any land may borrow from the Corporation and the Corporation may lend to any such person money for permanent improvement purposes on the security hereinafter authorised.

Charges by personal representatives. [1947, s. 48; 1965, s. 7; 1973, s. 5.] 48.—A personal representative of a deceased person shall be entitled to mortgage or charge the land of the deceased person, by way of priority charge or otherwise— (a) to secure the repayment to the Corporation of an advance or advances not exceeding £25,000 and interest thereon, made to him as such for any purpose for which the Corporation is entitled to make an advance to any person, or (b) to secure the payment to the Corporation of any money liable to be paid by it on foot of a guarantee of the payment of money not exceeding in amount £25,000 and interest thereon by the personal representative given by the Corporation in respect of the personal representative as such for any purpose for which the Corporation is entitled to give a guarantee in respect of any person, and any such mortgage or charge shall be deemed to have been given or made in due course and for the purpose of administering the estate of the deceased person.

Sales by Corporation under priority charges. [cf. 1947, s. 49.] 49.—(1) Whenever the Corporation, in exercise of the powers of sale conferred on it by the Conveyancing Act, 1881 , or otherwise as registered owner of a priority charge on registered land, sells the whole or any part of the land on which the priority charge is registered as a burden— (a) the power of the Corporation to transfer land so sold to the purchaser shall be exercisable as if the land were registered with an absolute title, and (b) such transfer shall have the same effect as if the land were so registered.

Sale by Land Commission of land subject to charge. [1947, s. 50.] 50.—Where— (a) land is offered for sale by the Land Commission under any statutory power in that behalf vested in them, and (b) the land is subject to a charge in favour of the Corporation to secure the repayment of money, and (c) the money is expressed in the instrument of charge to have been advanced for permanent improvement purposes and for no other purpose, the land shall be sold subject to the charge in addition to any other charge, incumbrance or liability subject to which the land is required to be sold.

Charges by evicted tenants. [1947, s. 51.] 51.—Notwithstanding section 35 of the Land Act, 1927 — (a) a priority or other charge in favour of the Corporation created by an evicted tenant on a parcel of land purchased by him under the Land Purchase Acts shall be a good and valid charge on the land, and (b) the Corporation may enforce the charge by any process or proceeding of law.

Adaptation of references in other enactments to permanent improvement charges. [1947, s. 52.] 52.—Every reference in any enactment (other than this Act) to a permanent improvement charge under this Act or any enactment repealed by this Act shall be construed as a reference to a charge on land in favour of the Corporation to secure any money which is expressed in the instrument of charge to have been advanced for permanent improvement purposes.

Exemption from stamp duty and fees. [1965, s. 9.] 53.—(1) Stamp duty shall not be chargeable on any instrument whereby a charge or mortgage in favour of the Corporation is created or released or a charging order under Chapter 5 of this Part or a condition subject to which moneys are lent or advanced, or a guarantee is given, by the Corporation is varied or amended or the consent of the registered owner or the person in occupation of the land to which the charge relates or the personal representative of such owner or person is given to such creation, variation or amendment.

Chapter 5

Charging Orders Charging money advanced by Corporation. [cf. 1961, s. 9; 1965, s. 9.] 54.—(1) Where the Corporation proposes to lend or advance or has lent or advanced money to or guarantees the payment of money by— (a) a registered owner of land, or (b) a person in occupation of registered land (other than the registered owner of the land) for any one or more of the following purposes— (i) constructing, altering, improving or repairing buildings on the land, (ii) making on the land improvements of a permanent character calculated to increase, or facilitate or conduce to the increase of, the productivity of the land, (iii) any other purpose which will be or is intended to be of permanent or long-term benefit to the farm business conducted on the land, (iv) paying the costs and expenses of the loan, advance or guarantee and giving security for the repayment of the loan or advance or of any money paid on foot of the guarantee, as the case may be, or (c) a personal representative of any such owner exercising a power pursuant to section 48, the provisions of this section shall have effect.

Effect of charging order. [1961, s. 9(4).] 55.—A charge created under this Chapter shall be deemed to be a mortgage made by deed within the meaning of the Conveyancing Acts, 1881 to 1911, and the Corporation shall be the mortgagee for the purposes of those Acts and, accordingly, shall have all the powers conferred by those Acts on mortgagees under mortgages made by deed and a charge created under this Chapter shall, upon registration thereof, be deemed to be a registered charge within the meaning of the Registration of Title Act, 1964 , and the land to which the charge relates shall be deemed, for the purposes of section 39, to have been charged by the registered owner thereof in favour of the Corporation with the repayment of the amount of the charge and the payment of the interest.

Money payable on foot of charge. [1961, s. 9(5)(6); 1965, s. 9.] 56.—(1) (a) All money payable on foot of a charge created under this Chapter in respect of money lent or advanced by the Corporation to the registered owner of land or his personal representative or paid by the Corporation on foot of a guarantee given by the Corporation of the payment of money by the registered owner of land or his personal representative shall be recoverable from the person who is the registered owner of the land subject to the charge at the time when proceedings for recovery of the money payable on foot of the charge are commenced as a personal liability of that person. (b) Nothing in this subsection shall relieve any other person from liability in respect of any such money and, as between successive registered owners of the land subject to the charge, all money paid or recovered from a registered owner on foot of a charge and for the payment of which a former registered owner was liable shall be recoverable by the registered owner who has paid it, or from whom it has been recovered, as a debt due to him by the registered owner in default.

Conditions and variation of charging order. [1961, s. 9(7).] 57.—(1) Where a charge is created under this Chapter in relation to money lent or advanced to any person by the Corporation or in relation to a guarantee given by the Corporation of the payment of money by any person, the loan, advance or guarantee shall be subject to such conditions (including conditions providing for the payment of interest, the manner of repayment of the money lent or advanced by the Corporation or of any money paid by the Corporation on foot of a guarantee given by the Corporation of the payment of money by the person and payment of the interest, whether by instalments or otherwise, and the time for repayment of any such money and the payment of the interest) as may be determined by the Corporation with the consent of that person when the Corporation agrees to make the loan or advance or give the guarantee, as the case may be, and the conditions may be varied or amended subsequently in any manner whatsoever by the Corporation with the consent of the person liable to repay the money, and the conditions (including conditions as subsequently varied or amended) shall be deemed to be and shall operate as covenants entered into with the Corporation by the person liable to repay the money.

Cancellation of charge. [1961, s. 9(8).] 58.—Where all money payable on foot of a charge created under this Chapter has been repaid to the Corporation and the registered owner or the person in occupation of the land to which the charge relates requests the Corporation to release the charge, the Corporation shall thereupon transmit to the registering authority a certificate under its seal stating that all money payable on foot of the charge has been repaid to the Corporation, and upon transmission to the registering authority of a certificate purporting to be under the seal of the Corporation and stating that all money payable on foot of the charge to which it relates has been repaid to the Corporation, the entry of the charge in the register in which it is entered shall be cancelled.

PART V

Agriculture Co-operative Societies Co-operative society.

59.—In this Part “co-operative society” means a society registered under the Industrial and Provident Societies Act, 1893 .

Rules of co-operative societies. [1929, s. 29.] 60.—The rules of a co-operative society may provide for all or any one or more of the following— (a) advances of money by the society to its members on security other than the security of real or personal property, where such advances are made out of money advanced to the society by the Corporation; (b) guarantees by the society of the repayment of advances and the payment of interest on advances made by the Corporation to members of the society; (c) the society acting as agent for the Corporation in the making of advances by the Corporation to members of the society.

Restrictions on activities of co-operative societies owing money to the Corporation. [1947, s. 15.] 61.—(1) So long as any portion of a loan or advance made by the Corporation to a co-operative society (in this subsection referred to as the debtor society) remains owing to the Corporation— (a) the debtor society shall not lend money at interest to any person other than a person to whom the Corporation may lend or advance money; (b) the debtor society shall not lend money at interest to any body corporate engaged in or carrying on, as a substantial part of its business, the selling by retail of any goods which are neither produced by that body corporate or (if it is a co-operative society) its members nor are requisites of agricultural production or marketing; (c) the debtor society shall not itself engage in or carry on, as a substantial part of its business, the selling by retail of any goods which are neither produced by the debtor society or its members nor are requisites of agricultural production or marketing; (d) if the debtor society contravenes paragraph (a), (b) or (c) the whole of the loan or advance or so much of it as remains owing to the Corporation shall (notwithstanding any agreement to the contrary) forthwith become due and payable by the debtor society to the Corporation.

SCHEDULE ENACTMENTS REPEALED

Section 7

.

Number and Year Short Title Extent of Repeal No. 24 of 1927.

Agricultural Credit Act, 1927.

The whole Act.

No. 30 of 1929.

Agricultural Credit Act, 1929.

The whole Act.

No. 39 of 1934.

Agricultural Co-operative Societies (Debentures) Act, 1934.

Section 4(1):

the words “and with such consent of the Minister as is mentioned in this Act” and “capital sum of”.

Section 5.

No. 14 of 1947.

Agricultural Credit Act, 1947 .

The whole Act.

No. 13 of 1961.

Agricultural Credit Act, 1961.

The whole Act.

No. 12 of 1965.

Agricultural Credit Act, 1965.

The whole Act.

No. 6 of 1969.

Agricultural Credit Act, 1969.

The whole Act.

No. 3 of 1972.

Agricultural Credit Act, 1972.

The whole Act.

No. 31 of 1973.

Agricultural Credit Act, 1973.

The whole Act.

No. 17 of 1975.

Agricultural Credit Act, 1975.

The whole Act.

Acts Referred to Agricultural Credit Act, 1947 1947, No. 14.

Bills of Sale (Ireland) Act, 1879 1879, c. 50.

Companies Act, 1963 1963, No. 33.

Conveyancing Act, 1881 1881, c. 41.

County Officers and Courts (Ireland) Act, 1877 1877, c. 56.

Enforcement of Court Orders Act, 1926 1926, No. 18.

Enforcement of Court Orders Act, 1940 1940, No. 23.

Industrial and Provident Societies Act, 1893 1893, c. 39.

Irish Bankrupt and Insolvent Act, 1857 1857, c. 60.

Land Act, 1927 1927, No. 19.

Land Act, 1933 1933, No. 38.

Local Loans Fund Act, 1935 1935, No. 16.

Registration of Title Act, 1964 1964, No. 16.

Settled Land Act, 1882 1882, c. 38.

Trustee Act, 1893 1893, c. 53.

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