In short
This law, the Agricultural Credit Act, 1975, updates previous agricultural credit laws, primarily by increasing the maximum amount of money that can be borrowed and guaranteed for agricultural purposes.
What it regulates
- The maximum amount of money the Corporation can borrow.
- The maximum amount the Minister can guarantee for loans.
- The remuneration of the chief officer of the Corporation.
- How certain monies related to the Agricultural Credit Act, 1972, are handled by the Minister.
Who it concerns
- The Corporation (Agricultural Credit Corporation).
- The Minister (likely the Minister for Finance, though not explicitly stated in the provided text).
Key points
- The maximum amount of money the Corporation can borrow and have outstanding at any one time is increased from one hundred and twenty million pounds to two hundred and twenty million pounds.
- The maximum amount of principal the Minister can be liable for under guarantees is also increased to two hundred and twenty million pounds.
- The Corporation's chief officer's pay and allowances are determined by the Corporation with the consent of the Minister for the Public Service.
- The Corporation is allowed to change its memorandum and articles of association to align with this Act.
đ Legal text
Agricultural Credit Act, 1975
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1975
Agricultural Credit Act, 1975
Agricultural Credit Act, 1975
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Number 17 of 1975
AGRICULTURAL CREDIT ACT, 1975
ARRANGEMENT OF SECTIONS
Section
1.
Definitions.
2.
Amendment of section 3 of Act of 1965.
3.
Amendment of section 4 of Act of 1965.
4.
Remuneration of chief officer of Corporation.
5.
Provision in relation to moneys paid by or to Minister pursuant to section 7 of Agricultural Credit Act, 1972.
6.
Alteration of memorandum and articles of association of Corporation.
7.
Short title, construction and collective citation.
Acts Referred to
Agricultural Credit Act, 1965
1965, No. 12
Agricultural Credit Act, 1973
1973, No. 31
Agricultural Credit Act, 1972
1972, No. 3
Number 17 of 1975
AGRICULTURAL CREDIT ACT, 1975
AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1927 TO 1973. [29th July, 1975]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Definitions.
1.âIn this Actâ
âthe Act of 1965â means the
Agricultural Credit Act, 1965
;
âthe Act of 1973â means the
Agricultural Credit Act, 1973
.
Amendment of section 3 of Act of 1965.
2.âSection 3 (1) of the Act of 1965 (as amended by section 2 of the Act of 1973) is hereby amended by the substitution of âtwo hundred and twenty million poundsâ for âone hundred and twenty million poundsâ and the said section 3 (1), as so amended, is set out in the Table to this section.
TABLE
3.â(1) The amount of money raised or borrowed by the Corporation under the Acts or this Act and outstanding at any one time shall not exceed two hundred and twenty million pounds.
Amendment of section 4 of Act of 1965.
3.âSection 4 of the Act of 1965 (as amended by section 3 of the Act of 1973) is hereby amended by the substitution of âtwo hundred and twenty million poundsâ for âone hundred and twenty million poundsâ and the said section 4, as so amended, is set out in the Table to this section.
TABLE
4.âThe amount, or the aggregate amount, of principal which the Minister may at any one time be liable to pay on foot of any guarantee or guarantees under subsection (1) of section 5 of the Act of 1961 for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and which has not been repaid by the Corporation shall not exceed two hundred and twenty million pounds and, accordingly, subsection (2) of that section shall be construed as if that sum were substituted for the sum mentioned therein.
Remuneration of chief officer of Corporation.
4.âThere 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.
Provision in relation to moneys paid by or to Minister pursuant to section 7 of Agricultural Credit Act, 1972.
5.âAny moneys paid by the Minister pursuant to
section 7
of the
Agricultural Credit Act, 1972
, shall be charged on and payable out of the Central Fund or the growing produce thereof and any moneys received by the Minister pursuant to that section shall be paid into or disposed of for the benefit of the Exchequer.
Alteration of memorandum and articles of association of Corporation.
6.âIt shall be lawful for the Corporation to make such alterations in the memorandum and articles of association of the Corporation as are necessary to make them consistent with this Act.
Short title, construction and collective citation.
7.â(1) This Act may be cited as the Agricultural Credit Act, 1975.
(2) The Agricultural Credit Acts, 1927 to 1973, and this Act shall be construed together as one Act.
(3) The Agricultural Credit Acts, 1927 to 1973, and this Act may be cited together as the Agricultural Credit Acts, 1927 to 1975.
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