Agricultural Credit Act, 1988
What is this act about?
This law, the Agricultural Credit Act, 1988, updates and expands the powers of the Agricultural Credit Corporation, particularly regarding the types of financial services it can offer and its financial limits.
Who it applies to: The Agricultural Credit Corporation; The Minister (who consults with the Central Bank of Ireland).
At a glance
- Country
- Ireland
- Area of law
- Environment and agriculture
- Articles
- 6
- Source
- irishstatutebook.ie
- Text retrieved
- Explanation updated
What does this act regulate?
- The types of financial activities the Corporation can engage in, such as lending, dealing with securities, and providing credit facilities.
- The maximum amount of money outstanding for certain activities of the Corporation.
- The share capital of the Corporation.
- The maximum amount the Minister can be liable for under guarantees.
Who does this act apply to?
- The Agricultural Credit Corporation.
- The Minister (who consults with the Central Bank of Ireland).
What are the key points?
- The Corporation can now provide various credit facilities, including hire-purchase and leasing, and act as an agent for credit arrangements.
- The amount outstanding for these new activities cannot exceed 25% of the total outstanding for specified purposes, or a lesser amount determined by the Minister.
- The share capital of the Corporation has been increased to £35,000,000, divided into shares of £1 each.
- The Minister's maximum liability for guarantees has been raised to £25,000,000.
Environment and agriculture
Legal text
Legal text
Agricultural Credit Act, 1988 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 1988 Agricultural Credit Act, 1988 Agricultural Credit Act, 1988 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 6 of 1988 AGRICULTURAL CREDIT ACT, 1988 ARRANGEMENT OF SECTIONS Section
Section 1
Definitions.
Section 2
Objects of Corporation.
Section 3
Alteration of memorandum and articles of association of Corporation.
Section 4
Amendment of section 11 of Principal Act.
Section 5
Amendment of section 15 of Principal Act.
Section 6
Short title, construction, collective citation and commencement.
Acts Referred to Agricultural Credit Act, 1978 1978, No. 2 Agricultural Credit Acts, 1978 to 1982 Companies Acts, 1963 to 1986 Number 6 of 1988 AGRICULTURAL CREDIT ACT, 1988 AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1978 TO 1982. [30th March, 1988] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Definitions.
1.—In this Act— “the Principal Act” means the Agricultural Credit Act, 1978 ;
Objects of Corporation.
2.—(1) Notwithstanding the provisions of section 8 (1) (a) of the Principal Act and subject to subsection (2) of this section, the Corporation may— (a) lend and advance money subject to the provisions of the Principal Act, (b) acquire, underwrite, hold, sell and otherwise deal with, shares, stocks, debentures, debenture stocks and other securities of any body corporate, (c) draw, accept, endorse, discount, purchase and otherwise deal with, bills of exchange, promissory notes and other negotiable instruments, (d) provide such other credit facilities as it thinks proper (including giving guarantees to any person in relation to the payment of money, and of interest on the money, or the repayment of money paid by that person on foot of loans, advances or other credit facilities granted by that person and the payment of interest on such money), (e) engage in the provision of hire-purchase and leasing facilities and for that purpose acquire, dispose of and otherwise deal with stock, and (f) arrange for the provision of credit facilities for any other person by any other person (and act as agent for any person in relation to the payment and collection and receipt of money in respect of such facilities), for such purposes as the Minister, after consultation with the Central Bank of Ireland, may from time to time determine and subject to such conditions as the Minister considers appropriate.
Alteration of memorandum and articles of association of Corporation.
3.—The Corporation shall take such steps as may be necessary under the Companies Acts, 1963 to 1986, to alter its memorandum and articles of association to make them consistent with this Act.
Amendment of section 11 of Principal Act.
4.—Section 11 of the Principal Act is hereby amended by the substitution of “£35,000,000” for “£20,000,000” in subsection (1) and the said subsection as so amended is set out in the Table to this section:
TABLE
Amendment of section 15 of Principal Act.
5.—Section 15 of the Principal Act is hereby amended by the substitution of “£25,000,000” for “£10,000,000” in subsection (2) and the said subsection as so amended is set out in the Table to this section:
TABLE
Short title, construction, collective citation and commencement.
6.—(1) This Act may be cited as the Agricultural Credit Act, 1988.
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