ARRANGEMENT OF SECTIONS
1 Short title
3 Power to give preferential charges on crops
4 Loans for the purpose of planting sugarcane
5 Power to lender on breach of contract to enter on land and reap crops
6 Application of proceeds of crops
7 This Act to be referred to in all writings thereunder
8 Frauds by the borrower how punishable
9 Rights of Crown and Government of the Island reserved
THE AGRICULTURAL LOANS ACT
[Date of Commencement: 21st May, 1887]
Act 9 of 1970.
This Act may be cited as the Agricultural Loans Act.
In this Act-
"owner" means any person, other than a leaseholder or tenant for life, for the time being receiving the rack-rent of the lands or premises in connection with which the word is used, whether on his own account or as agent or trustee for any other person, or who would so receive it if such lands or premises were let at a rack-rent;
"tenant" means a lessee, tenant for life or any person lawfully in possession of land other than an owner.
[9/1970 s 2.]
Should any person, being in the possession of any land as owner, encumbrancer, or tenant, desire, for the purpose of cultivating the said land, or for reaping the crops thereof, or for the working of any agricultural industry thereon, or, in the case of sugar estates, for the purchase of canes to be manufactured into sugar or rum, or for all or any such purposes, to procure advances from any other person, company, or body corporate, whether in a single sum, or by advances from time to time during the currency of the security to be given for the same, it shall be lawful for such person to pledge, by writing under his hand, or by deed in the form, or to the effect in the First Schedule to the lender, for the due payment of the advances and interest to be agreed in such contract, and for the due performance of any agreement or covenants in such contract contained, the whole or any part of the crops growing or to grow on and be produced from such land, or the produce to be manufactured on such land from the working of the agricultural industry thereon, within a limited period, not exceeding eighteen months, to be expressed in such contract; and such contract, if duly stamped with an agreement stamp of twenty cents, and recorded in the Record Office within thirty days of the making thereof, shall form a preferential charge, in respect of such advances and interest, on the crops and produce, and on the products of the agricultural industry so charged, so long as the same are growing on the said land, or are being produced by the agricultural industry, and for three months after the same are gathered in or produced, if the same be under the control of the borrower.
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