Livestock (Loans for Development) Act (Cap. 74:07).

This Act concerns loans to finance the rearing of livestock in Guyana. Section 3 defines bodies corporate licensed to carry out banking business in Guyana or any other person approved by the Minister to be lenders for the purpose of this Act. It shall be lawful for a farmer to create charges in favour of a lender on the interest of the farmer in the land that he or she owns or leases together with crops growing on it, livestock, machinery or any other movable property belonging to the framer as security for the repayment of the loan. The charge may be fixed, floating or both fixed and floating. The provisions contained in Part I of the First Schedule shall apply to every charge. Other provisions of this Act seek to create other guarantees to the lender such as restrictions on the use of loans, restrictions on the disposal of livestock, prohibition of offering fraudulent security and the right of the lender to inspect the property of the farmer. Loans shall be used only for purposes as shall be mentioned in the charge. Farmers may, in the ordinary course of business, sell livestock mentioned in the charge (sect. 7). The lender may inspection the property charged in accordance with section 8. Section 10 prescribes offences. The Minister may make Regulations for the better carrying out of purposes of this Act. (11 sections completed by 2 Schedules). The Schedule prescribes rights and duties of lenders and farmers in respect of secured property.