Agricultural Bank of Namibia Act, 2003.
Country
Type of law
Legislation
Date of original text
Date of latest amendment
Abstract
The Act provides for continuance in existence of the Agricultural Bank of Namibia under the name Agribank.
The Act consists of 31 sections divided into 5 Parts: Preliminary provisions (I); Agribank and its Object, Functions and Powers (II); Management and Control of the Agribank; Financial provisions (IV); General provisions (V).
The object of the Agribank is to promote agriculture or activities related to agriculture. The functions of the Agribank are: (a) to advance money for the purposes referred to in section 4; b) to provide such services as it may consider necessary relating to: (i) the use of; (ii) the accounting for; and (iii) the lending to third persons of, and the security required for, money lent to a person under this Act; and (c) to lend money as an agent of the Government to persons under schemes created by contracts concluded under section 6(3). The Agribank may conclude a contract with the Minister responsible for agriculture, or any other organ of the State represented by a minister, which creates an assistance scheme for the benefit of any specified class of persons.
The Act consists of 31 sections divided into 5 Parts: Preliminary provisions (I); Agribank and its Object, Functions and Powers (II); Management and Control of the Agribank; Financial provisions (IV); General provisions (V).
The object of the Agribank is to promote agriculture or activities related to agriculture. The functions of the Agribank are: (a) to advance money for the purposes referred to in section 4; b) to provide such services as it may consider necessary relating to: (i) the use of; (ii) the accounting for; and (iii) the lending to third persons of, and the security required for, money lent to a person under this Act; and (c) to lend money as an agent of the Government to persons under schemes created by contracts concluded under section 6(3). The Agribank may conclude a contract with the Minister responsible for agriculture, or any other organ of the State represented by a minister, which creates an assistance scheme for the benefit of any specified class of persons.
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Long title of text
An Act to provide for the Agricultural Bank of Namibia, its object, functions and powers; and to provide for incidental matters.
Entry into force notes
This Act comes into operation on a date determined by the Minister by Notice in the Gazette.
Notes
Consolidated version of Act 5 of 2003 as at 15 November 2017 and amended last by the State-owned Enterprises Governance Act 2 of 2006, which was amended and re-named the Public Enterprises Governance Act by Act 8 of 2015.Other legislation specified in the Schedule is repealed in part or as a whole.
Repealed
No
Serial Imprint
Government Gazette of the Republic of Namibia No. 3003, 25 June 2003, pp. 1-15.
Source language
English
Legislation Amendment
No
Amended by