Farm Loans Act.
Country
Type of law
Legislation
Date of original text
Date of latest amendment
Abstract
This Act makes provision for the guaranteeing by the State of farm loans, i.e. a loan made by a bank to a farmer for the purpose of financing any project specified in the First Schedule to this Act and related to the farm of which the borrower is in possession.
The Government shall be liable to pay to a bank losses sustained by a bank as a result of the granting of a guaranteed farm loan, i.e. a loan certified by the bank manager as such to comply with requirements as set out in the Second Schedule to this Act. Upon payment of the guaranteed amount to the bank, the Crown shall be subrogated in and to all rights of the bank in respect of the loan. A loan shall not be a guaranteed farm loan if not established upon some specified security including land or crops. The Act further grants regulation-making powers to the Minister and prescribes offences.
The Government shall be liable to pay to a bank losses sustained by a bank as a result of the granting of a guaranteed farm loan, i.e. a loan certified by the bank manager as such to comply with requirements as set out in the Second Schedule to this Act. Upon payment of the guaranteed amount to the bank, the Crown shall be subrogated in and to all rights of the bank in respect of the loan. A loan shall not be a guaranteed farm loan if not established upon some specified security including land or crops. The Act further grants regulation-making powers to the Minister and prescribes offences.
Attached files
Web site
Notes
Consolidated version of Act No. 21 of 1965 as amended last by Act No. 51 of 1974 and authorized by L.N. 60/1976.
Repealed
No
Source language
English
Legislation Amendment
No
Implemented by