No. 31/1973:

AGRICULTURAL CREDIT ACT, 1973

ARRANGEMENT OF SECTIONS

1 Interpretation.

2 Amendment of section 3 of Act of 1965.

3 Amendment of section 4 of Act of 1965.

4 Amendment of sections 39 and 42 of Act of 1947.

5 Amendment of section 48 of Act of 1947.

6 Alteration of memorandum and articles of association of the Corporation.

7 Short title, construction and collective citation.

AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1927 TO 1972.

[24th December, 1973]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Act of 1947" means the Agricultural Credit Act, 1947 ;

"the Act of 1965" means the Agricultural Credit Act, 1965 ;

"the Act of 1972" means the Agricultural Credit Act, 1972 .

2.—Section 3 (1) of the Act of 1965 (as amended by section 5 of the Act of 1972) is hereby amended by the substitution of "one hundred and twenty million pounds" for "seventy million pounds" and the said section 3 (1), as so amended, is set out in the Table to this section.

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3.—(1) The amount of money raised or borrowed by the Corporation under the Acts or this Act and outstanding at any one time shall not exceed one hundred and twenty million pounds.

3.—Section 4 of the Act of 1965 (as amended by section 6 of the Act of 1972) is hereby amended by the substitution of "one hundred and twenty million pounds" for "seventy million pounds" and the said section 4, as so amended, is set out in the Table to this section.

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4.—The amount, or the aggregate amount, of principal which the Minister may at any one time be liable to pay on foot of any guarantee or guarantees under subsection (1) of section 5 of the Act of 1961 for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and which has not been repaid by the Corporation shall not exceed one hundred and twenty million pounds and, accordingly, subsection (2) of that section shall be construed as if that sum were substituted for the sum mentioned therein.

4.—(1) Sections 39 (1) and 42 (1) of the Act of 1947 (as amended by section 6 of the Act of 1965) are hereby amended by the substitution of "ten thousand pounds" for "two thousand pounds" in each place where it occurs in those sections and the said sections 39 (1) and 42 (1), as so amended, are set out in the Table to this section.

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39.—(1) Where—

( a ) (i) a person is registered in a register of freeholders as full owner of land, and

(ii) such land is registered subject to equities, and

(iii) such person charges such land in favour of the Corporation with the repayment of a principal sum not exceeding ten thousand pounds and any interest, and

(iv) such charge is duly registered in such register as a burden affecting such land,

or

( b ) (i) a person, registered in a register of freeholders as full owner of land, is dead, and

(ii) such land is registered subject to equities, and

(iii) the person who is the personal representative (whether his name is or is not entered in such register as full owner subject to an inhibition) of such deceased person, in his capacity as personal representative charges such land in favour of the Corporation with the repayment of a principal sum not exceeding ten thousand pounds and any interest, and

(iv) such charge is duly registered in such register as a burden affecting such land,

or

( c ) (i) a person is registered in a register of freeholders as limited owner of land, and

(ii) such land is registered subject to equities, and

(iii) such person or the assignee of the limited estate of such person and the person or all the persons entitled to such land for an estate or estates in remainder or in expectancy after or in defeasance of the estate of such first-mentioned person join in charging such land in favour of the Corporation with payment of a principal sum not exceeding ten thousand pounds and any interest, and

(iv) such charge is duly registered in such register as a burden affecting such land,

then, subject to the provisions of this section, such charge (which shall be construed as extending, in addition to the said principal sum and interest secured thereby, to the costs and expenses of all legal proceedings instituted by the Corporation for the purpose of realising the amount at any time owing on foot of the said principal sum and interest) shall as against such land be in priority to and shall override all equitable claims against such land.

42.—(1) Where—

( a ) (i) a person is in occupation of land which is for the time being subject to a periodic (Land Commission) sum, and

(ii) such person is certified by the Land Commission to be the person by whom such periodic (Land Commission) sum is payable at the date of such certificate, and

(iii) such person (either alone or in conjunction with other persons) within one month after the date of such certificate charges such land in favour of the Corporation with payment of a principal sum not exceeding ten thousand pounds and any interest, and

(iv) the instrument effecting such charge is duly registered in the Registry of Deeds,

or

( b ) (i) a person (in this paragraph referred to as the personal representative) is, in his capacity as a personal representative of a deceased person, in occupation of land which is for the time being subject to a periodic (Land Commission) sum, and

(ii) the Land Commission certify in respect of such land that a periodic (Land Commission) sum is at the date of such certificate payable by the personal representative, and

(iii) the personal representative (either alone or in conjunction with other persons) within one month after the date of such certificate charges such land in favour of the Corporation with payment of a principal sum not exceeding ten thousand pounds and any interest, and

(iv) the instrument effecting such charge is duly registered in the Registry of Deeds,

then, subject to the provisions of this section, such charge (which shall be construed as extending, in addition to the said principal sum and interest, to the costs and expenses of all legal proceedings instituted by the Corporation for the purpose of realising the amount at any time owing to the Corporation on foot of the said principal sum and interest) shall as against the land so charged be in priority to and shall override all estates and interests in and all incumbrances and burdens on the said land which may be subsisting at the date of such instrument except the said periodic (Land Commission) sum, compounded arrears of rent within the meaning of the Land Purchase Acts, mortgages in favour of the Land Commission, any land purchase annuity which may subsequently be charged on the said land under the Land Purchase Acts, any annuity, rent charge or other periodic payment payable to the Commissioners of Public Works in Ireland, any charge or mortgage in favour of the said Commissioners on foot of any moneys due or payable to them in respect of a local loan within the meaning of the Local Loans Fund Act, 1935 (No. 16 of 1935), and any of the charges mentioned in paragraphs (a), (b), (d), (e) and (g) of section 47 of the Act of 1891.

(2) The amendments effected by subsection (1) of this section shall not have effect in respect of charges on land given before the date of the passing of this Act.

5.—(1) Section 48 of the Act of 1947 (as amended by section 7 of the Act of 1965) is hereby amended by the substitution of "ten thousand pounds" for "two thousand pounds" in each place where it occurs and the said section 48, as so amended, is set out in the Table to this section.

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48.—A personal representative of a deceased person shall be entitled to mortgage or charge the land of the said deceased person, by way of priority charge or otherwise, to secure the repayment to the Corporation of an advance, not exceeding ten thousand pounds and interest thereon, made to him as such personal representative for any purpose for which the Corporation is entitled to make an advance to any person or to secure the payment to the Corporation of any money liable to be paid by it on foot of a guarantee of the payment of moneys not exceeding in amount ten thousand pounds and interest thereon by the personal representative given by the Corporation in respect of the personal representative as such personal representative for any purpose for which the Corporation is entitled to give a guarantee in respect of any person, and any such mortgage or charge so given or made by such personal representative shall be deemed to have been given or made in due course and for the purpose of administering the estate of the said deceased person.

(2) The amendment effected by subsection (1) of this section shall not have effect in respect of charges on land given before the date of the passing of this Act.

6.—It shall be lawful for the Corporation to make such alterations in the memorandum or articles of association of the Corporation as are necessary to make them consistent with this Act.

7.—(1) This Act may be cited as the Agricultural Credit Act, 1973 .

(2) The Agricultural Credit Acts, 1927 to 1972, and this Act shall be construed together as one Act.

(3) The Agricultural Credit Acts, 1927 to 1972, and this Act may be cited together as the Agricultural Credit Acts, 1927 to 1973.