AGRO-INVESTMENT CORPORATION ACT

<BK:"2010-14-2">[14/2010 s 2.]

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Establishment of Corporation

   4   Incorporation

   5   Procedure and meetings of Corporation

   6   Remuneration of members

   7   Appointment of officers and servants

   8   Functions of Corporation

   9   Borrowing powers

   10   Advances and grants to Corporation, and guarantee of repayment of sums borrowed

   11   Repayment of, and interest on, advances and sums issued to meet guarantees

   12   Powers of Master

   13   Reserve fund

   14   Balancing of revenue account

   15   Liability of members of Corporation

   16   Accounts and audit

   17   Annual Report

 

THE AGRO-INVESTMENT CORPORATION ACT

[Date of Commencement: 1st May, 1952]

Cap 3.

Law 57 of 1960.

Act 14 of 2010.

1   Short title

   This Act may be cited as the Agro-Investment Corporation Act.

<BK:"2010-14-2">[14/2010 s 2.]

2   Interpretation

   In this Act-

   "agriculture" includes fisheries, forestry, horticulture and the use of land for any purpose of husbandry, inclusive of the keeping or breeding of livestock, poultry or bees and the growing of fruit, vegetables and the like;

   "chairman" means chairman of the Corporation;

   "deputy chairman" means deputy chairman of the Corporation;

   "member" includes chairman and deputy chairman;

   "the Corporation" means the Agro-Investment Corporation established in accordance with this Act.

[14/2010 s 2.]

3   Establishment of Corporation

   (1) There shall be established in accordance with this Act a body, to be called the Agro-Investment Corporation, which shall consist of a chairman, a deputy chairman and such number of other members, not being less than four nor more than eight, as the Minister may from time to time determine.

[14/2010 s 2.]

   (2) The chairman, deputy chairman and the other members of the Corporation shall be appointed by the Minister from amongst persons appearing to him to be qualified as having had experience in, and having shown capacity in, matters relating to agriculture, finance, or administration.

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   (3) A person shall be disqualified for being appointed or being a member of the Corporation so long as he is a member of the House of Representatives or a member of the Senate.

[57/1960 s 2.]

   (4) Subject to the provisions of this section every member of the Corporation shall unless his appointment is sooner revoked hold office for such term not exceeding three years as shall be specified in the instrument appointing him.

   (5) Subject to the provisions of this section, every person who has vacated the office of a member of the Corporation shall be eligible for reappointment thereto

   (6) The Minister may appoint any person appearing to him to have the qualifications necessary for appointment as a member of the Corporation to act temporarily in the place of any member of the Corporation in the case of the absence or inability to act of such member.

   (7) Any member of the Corporation, other than the chairman, may at any time resign his office by instrument in writing addressed to the Minister and transmitted through the chairman, and from the date of the receipt by the Minister of such instrument such member shall cease to be a member of the Corporation.

   (8) The chairman may at any time resign his office by instrument in writing addressed to the Minister and such resignation shall take effect as from the date of the receipt of such instrument by the Minister.

   (9) The appointment, removal, death, departure from the Island or resignation of any member of the Corporation shall be notified in the Gazette.

4   Incorporation

   (1) The Corporation stall be a body corporate having perpetual succession and a common seal and shall have power to purchase, lease or otherwise acquire and hold and dispose of land, shares and other property of whatsoever kind whether similar to the foregoing or not.

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