AGRICULTURAL CREDIT BOARD ACT

ARRANGEMENT OF SECTIONS

Preliminary

   1   Short title

   2   Interpretation

 

Establishment and Functions of the Board

   3   Establishment of Agricultural Credit Board

   4   Functions of Board

   5   [Repealed by Act 3 of 2004 s 3.]

   6   Regulations

 

Financial

   7   Funds and resources of the Board

   8   Reserve fund

   9   Borrowing powers

   10   Accounts and audit

   11   Annual report

 

Agricultural Loan Societies

   12   Agricultural loan societies

   13   Cancellation of registration

   14   Scheme for withdrawable deposits

   15   Audit of accounts of agricultural loan societies

   16   Board may appoint member of committee of management

   17   When Board may take over management and control of agricultural loan society

   18   Consequences of taking over of management and control

   19   Revesting of management and control in committee

   20   Gazetted notice to be evidence of the taking over or revesting of management and control

   21   Security given to the Bank by an agricultural loan society

   22   Specific assignment to the Bank of debt unnecessary

   23   Restrictions on agricultural loan societies indebted to the Bank

   24   Power of agricultural loan societies to make loans

   25   Restrictions on loans by agricultural loan societies

 

Security for Loans

   26   Security for loans

   27   Charge on crops and movable property

   28   Memoranda of charges and of certain mortgages

   29   Effect of a charge

   30   Lender's rights and obligations under a charge

   31   Borrower's obligations under a charge

   32   Lender's power to insure

   33   Release of charges and certain mortgages

      Power of Bank and agricultural loan societies to make other arrangements regarding loans

 

Miscellaneous

   34   Policy directions

   35   Minister may specify rehabilitation periods and certify organisations

   36   Loans may be made notwithstanding contracts to the contrary

   37   [Repealed by Act 11 of 1983 s 19.]

   38   [Repealed by Act 11 of 1983 s 20.]

   39   Recovery of debts

   40   Appointment as agents

   41   Exemption from income tax, stamp duty and other fees

   42   Bank's or Board's officers and servants not to borrow or receive gifts from societies

   43   Offences

   44   Punishment of offences

   45   Transfer of assets and liabilities

   46   Construction of references to certain organisations

   47   Savings

      SCHEDULE

 

THE AGRICULTURAL CREDIT BOARD ACT

[Date of Commencement: 19th January, 1961]

Law 70 of 1960.

Acts
2 of 1970,
11 of 1983,
3 of 2004.

Preliminary (sections 1-2)

1   Short title

   This Act may be cited as the Agricultural Credit Board Act.

2   Interpretation

   In this Act, unless the context otherwise requires-

   "agricultural loan society" means a body registered under section 12;

   "agriculture" includes any activities relating to horticulture, afforestation, apiculture, fish-culture, fishing, the development and maintenance of pastures, the cultivation of crops and the keeping or breeding of livestock or poultry, and "agricultural" shall be construed accordingly;

   "approved organisation" means any organisation, other than an agricultural loan society, carrying on, encouraging or promoting agricultural activities and certified by the Minister to be an approved organisation for the purposes of this Act;

[11/1983 s 2(a).]

   "the Bank" means the Agricultural Credit Bank of Jamaica Limited, a company registered under the Companies Act;

   "the Board'' means the Agricultural Credit Board established by this Act;

   "borrower" means any person to whom any loan is made by an agricultural loan society;

[11/1983 s 2(b).]

   "lender" means, in relation to any loan made under this Act by any agricultural loan society, the society by which such loan is made;

[11/1983 s 2(c).]

   "rehabilitation loan" means a loan made under this Act during a rehabilitation period for the rehabilitation of agriculture;

   "rehabilitation period" means a period beginning on such day as may be specified by order under section 35, being any day on or after which the agricultural activities of this Island have suffered damage from flood, hurricane or any other natural disaster, and ending on such other day as may be specified in like manner.

Establishment and Functions of the Board (sections 3-6)

3   Establishment of Agricultural Credit Board

   (1) There shall be established for the purposes of this Act a body to be called the Agricultural Credit Board.

   (2) The provisions of the Schedule shall have effect as to the constitution of the Board and otherwise in relation thereto.

4   Functions of board

   (1) It shall be the duty of the Board to assist in the development and maintenance of the agricultural activities of this Island and in promoting the welfare of persons by fostering, supervising and, subject to the provisions of this Act, regulating agricultural loan societies by making grants to agricultural loan societies and approved organisations and fostering, supervising and, subject to the provisions of this Act, by controlling agricultural loan societies.

[3/2004 s 2(a).]

   (2) For the purpose of the discharge of its duty under subsection (1), the Board may-

   (a)   enquire into the administration, accounts and proceedings of any agricultural loan society; and

   (b)   subject to the provisions of this Act, take over the management and control of such society.

[3/2004 s 2(b).]

   (3) In addition to any powers possessed by the Board by virtue of this or any other enactment, the Board shall have power, subject to the provisions of this Act, to do anything and to enter into any transaction which in the opinion of the Board, is necessary to ensure the proper discharge of its functions.

[11/1983 s 3.]

5   [Repealed by Act 3 of 2004 s 3.]

6   Regulations

   The Board may, with the approval of the Minister, make regulations-

   (a)   providing for the control, governance and administration of agricultural loan societies;

   (b)   prescribing forms for the purposes of this Act;

[3/2004 s 4(a).]

   (c)   relating to the development of adequate information, control, evaluation and reporting systems within agricultural loan societies to facilitate the process of accountability and effective management;

[3/2004 s 4(b).]

   (d)   relating to the development of specific and measurable objectives and performance targets in respect of agricultural loan societies, including establishing criteria as regards the minimum standards of solvency to be maintained by those societies;

[3/2004 s 4(b).]

   (e)   providing for the qualification requirements of auditors of agricultural loan societies, the frequency and scope of audits and the furnishing of information to the Board by auditors;

[3/2004 s 4(b).]

   (f)   prescribing interest rates and general terms and conditions in respect of the grant of loans by agricultural loan societies under this Act, and policy procedures as to unpaid loans;

[3/2004 s 4(b).]

   (g)   prescribing the qualifications and requirements for registration by agricultural loan societies and their members under this Act;

[3/2004 s 4(b).]

   (h)   prescribing provisions for encouraging the growth and profitability of agricultural loan societies, including provisions as to asset classification, asset diversification, capital adequacy and asset liquidity; and

[3/2004 s 4(b).]

   (i)   providing for such other matters as may be required for the efficient discharge by the Board of its duty under this Act.

[3/2004 s 4(b).]

Financial (sections 7-11)

7   Funds and resources of the Board

   The funds and resources of the Board shall consist of-

   (a)   such sums as may be provided annually for the purpose in the Estimates of Revenue and Expenditure of the Island;

   (b)   [Deleted by Act 11 of 1983 s 5.]

   (c)   sums borrowed by the Board for the purpose of meeting any of its obligations or discharging any of its functions;

   (d)   all other sums or property which may in any manner become payable to or vested in the Board by virtue of the provisions of subsection (1) of section 45 or in respect of any matter incidental to its powers and duties.

[11/1983 s 5(a) and (b).]

8   Reserve fund

   (1) The Board shall establish and maintain a reserve fund.

   (2) The Board shall pay into the reserve fund-

   (a)   the amount standing to the credit of the reserve fund of the Agricultural Loan Societies Board immediately before the 19th January, 1961;

   (b)   all sums received by the Board, by virtue of the provisions of subsection (1) of section 45, in respect of the repayment of any loan made under the Banana Industry Aid Law , the Banana Industry Aid Law, 1932 , and the Banana Industry Aid Law, 1933 , and the payment of interest on any such loan; and

[11/1983 s 6(a).]

   (c)   one-third, or such other proportion as the Board with the approval of the Minister may from time to time determine, of all sums received by the Board prior to the 10th of June, 1983, in respect of payment of interest on loans made by the Board prior to the aforesaid date.

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