In short
This law, the Agricultural Credit Act, 1969, updates and expands previous laws concerning agricultural credit, primarily by increasing the financial capacity of the Agricultural Credit Corporation.
What it regulates
- The capital limit of the Agricultural Credit Corporation.
- The total amount of money that can be guaranteed under the Agricultural Credit Acts.
- Procedures for certain amendments to the Corporation's documents.
Who it concerns
- The Agricultural Credit Corporation.
- Recognised lenders involved in agricultural credit.
Key points
- The Corporation's capital limit is increased to ten million pounds.
- The guaranteed amount under the Act of 1965 is increased to twenty-five million pounds.
- The Corporation can alter its memorandum and articles of association to align with these changes.
- Certain amendments to the Agricultural Credit Act, 1947, regarding legal procedures are made.
đ Legal text
Agricultural Credit Act, 1969
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Agricultural Credit Act, 1969
Agricultural Credit Act, 1969
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Number 6 of 1969
AGRICULTURAL CREDIT ACT, 1969
ARRANGEMENT OF SECTIONS
Section
1.
Interpretation.
2.
Increase of capital of the Corporation.
3.
Amendment of section 3 of the Act of 1965.
4.
Amendment of section 4 of the Act of 1965.
5.
Amendment of section 19 of the Act of 1947.
6.
Amendment of section 24 of the Act of 1947.
7.
Alteration in memorandum and articles of association of the Corporation.
8.
Short title, construction and collective citation.
Acts Referred to
Agricultural Credit Act, 1947
1947, No. 14.
Agricultural Credit Act, 1961
1961, No. 13.
Agricultural Credit Act, 1965
1965, No. 12.
Number 6 of 1969
AGRICULTURAL CREDIT ACT, 1969
AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1927 TO 1965. [29th April, 1969.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Interpretation.
1.âIn this Actâ
âthe Act of 1947â means the
Agricultural Credit Act, 1947
;
âthe Act of 1961â means the
Agricultural Credit Act, 1961
;
âthe Act of 1965â means the
Agricultural Credit Act, 1965
.
Increase of capital of the Corporation.
2.â(1) The Corporation may, under and in accordance with section 2 of the Act of 1961, increase its capital to a total not exceeding ten million pounds and, accordingly, there shall be substituted in that section for the reference to six million pounds (inserted by section 2 of the Act of 1965) a reference to ten million pounds.
(2) Section 2 of the Act of 1965 is hereby repealed.
Amendment of section 3 of the Act of 1965.
3.âSection 3 (1) of the Act of 1965 is hereby amended by the substitution of âtwenty-five million poundsâ for âtwenty million poundsâ.
Amendment of section 4 of the Act of 1965.
4.âSection 4 of the Act of 1965 is hereby amended by the substitution of âtwenty-five million poundsâ for âtwenty million poundsâ.
Amendment of section 19 of the Act of 1947.
5.âSection 19 (1) of the Act of 1947 is hereby amended by the substitution of âas soon as may beâ for âwithin ninety daysâ.
Amendment of section 24 of the Act of 1947.
6.âSection 24 (6) (a) of the Act of 1947 is hereby amended by the substitution of âunder the hand of the solicitor or law agent of such recognised lenderâ for âunder sealâ.
Alteration in memorandum and articles of association of the Corporation.
7.â(1) It shall be lawful for the Corporation to make all such alterations in its memorandum and articles of association as are necessary and proper to give effect to the provisions of this Act and of the Agricultural Credit Acts, 1927 to 1965, as amended by this Act and as are necessary and proper by way of supplement to, or in consequence of, any such alteration.
(2) Subsections (2) and (3) of section 14 of the Act of 1961 shall apply and have effect in relation to alterations in the memorandum and articles of association of the Corporation authorised by this section in the same way as they apply and have effect in relation to alterations in that memorandum and those articles authorised by the said section 14.
Short title, construction and collective citation.
8.â(1) This Act may be cited as the Agricultural Credit Act, 1969.
(2) The Agricultural Credit Acts, 1927 to 1965, and this Act shall be construed together as one Act.
(3) The Agricultural Credit Acts, 1927 to 1965, and this Act may be cited together as the Agricultural Credit Acts, 1927 to 1969.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.