1   Short title

   2   Interpretation


Establishment and powers of the Corporation

   3   Establishment of Agricultural Marketing Corporation

   4   Functions of the Corporation

   5   Policy directions

   6   Appointment as agent


Financial Provisions

   7   Application of revenues

   8   Borrowing powers

   9   Advances, grants and guarantee of borrowings

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

   11   Reserves

   12   Accounts and audit

   13   Annual Report and Estimates

   14   Exemption from income tax and stamp duty


Transfer of assets and liabilities

   15   Transfer of assets and liabilities

   16   Restriction on alienation of certain property



   17   Appointment of chief executive officer, secretary and other servants and agents

   18   Pension scheme and other regulations

   19   Transfer of officers to the Corporation

   20   Transfer of other employees to the Corporation

   21   Retirement, etc of transferred employees




[Date of Commencement: 1st December, 1963]

27 of 1963,
12 of 1976,
3 of 1978.

LN 149B/79.

Preliminary(sections 1-2)

1   Short title

   This Act may be cited as the Agricultural marketing Corporation Act.

2   Interpretation

   In this Act-

   "agricultural produce" includes livestock, poultry, fish and the produce of any plant or animal;

   "chairman" means the chairman of the Corporation and includes any person appointed to act temporarily as chairman;

   "the Corporation" means the Agricultural Marketing Corporation established under this Act;

   "functions" includes powers and duties;

   "the vesting day"has the meaning assigned to that expression by section 15.

Establishment and powers of the Corporation(sections 3-6)

3   Establishment of Agricultural Marketing Corporation

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

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

4   Functions of the Corporation

   (1) The Corporation shall have power to establish and maintain efficient system of marketing for agricultural produce by securing the most favorable arrangements for the purchase, handling, sale and exportation of agricultural produce.

   (2) Subject to the provisions of this Act, the Corporation may, for the purpose of exercising or discharging any of its functions under this Act, do anything and enter into any transaction which, in the opinion of the Corporation is necessary to ensure the proper exercise or discharge of its functions.

   (3) In particular and without prejudice to the generality of the provisions of subsections (1) and (2) the Corporation shall have power-

   (a)   to provide and maintain adequate marketing outlets for agricultural produce;

   (b)   to buy and sell agricultural produce;

   (c)   to provide for the collection, transportation, storage, grading, packing and processing of agricultural produce;

   (d)   to import and export agricultural produce.

5   Policy directions

   The Minister may, after consultation with the chairman give to the Corporation directions of a general character as to the policy to be followed in the exercise or discharge of its functions in relation to matters appearing to him to concern the public interest, and the Corporation shall give effect to any such directions.

6   Appointment as agent

   The Corporation may be appointed to be an agent of the Government or any person.

Financial Provisions(sections 7-14)

7   Application of revenues

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   The revenues of the Corporation shall be applied forthe purposes authorised by this Act or by any other enactment relating to the functions of the Corporation.

8   Borrowing Powers

   (1) Subject to the provisions of subsection (2) the Corporation may borrow sums required by it for meeting any of its obligations or discharging any of its functions.

   (2) The power of the Corporation to borrow shall be exercisable only with the approval of the Minister after consultation with the Minister responsible for finance as to the amount, as to the sources of the borrowing and as to the terms on which the borrowing may be effected. An approval given in any respect for the purposes of this subsection may be either general or limited to a particular borrowing or otherwise, and may be either unconditional or subject to conditions.

9   Advances, grants and guarantee of borrowings

   (1) The Minister may from time to time make advances and grants to the Corporation out of moneys provided by Parliament for the purpose.

   (2) With the approval of the House of Representatives, the Minister responsible for finance may guarantee, in such manner and on such conditions as he may think fit, the repayment of the principal and the payment of interest on any authorised borrowings of the Corporation made otherwise than by way of advance under subsection (1).

   (3) Where the Minister responsible for finance is satisfied that there has been default in the repayment of any principal moneys or in the payment of interest guaranteed under this section, he shall direct the repayment, or, as the case may be, the payment, out of the Consolidated Fund and assets of the Island of the amount in respect of which there has been such default.

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

   The Corporation shall make to the Accountant-General, at such times and in such manner as the Minister may direct, payments of such amounts as may be so directed in or towards repayment of advances made to the Corporation under section 9, and of any sums issued in fulfillment of any guarantee given thereunder, and payments of interest on any sum outstanding for the time being in respect of such advances and of any sums so issued at such rates as the Minister may direct, and different rates of interest may be directed as respects different advances or sums and as respects interest for different periods.

11   Reserves

   (1) The Corporation shall establish and maintain such reserves as it considers necessary.

   (2) The management and application of the said reserves and the sums to be carried from time to time to the credit thereof shall be as the Corporation may determine:

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