No. 24/1982:

AGRICULTURAL CREDIT ACT, 1982

ARRANGEMENT OF SECTIONS

Section

1. Definitions.

2. Amendment of section 12 of Principal Act.

3. Amendment of section 14 of Principal Act.

4. Short title, construction and collective citation.

ACTS REFERRED TO

Number 24 of 1982

AGRICULTURAL CREDIT ACT, 1982

AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1978 AND 1979.

[27th December, 1982]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

"the Principal Act" means the Agricultural Credit Act, 1978 ,

"the Act of 1979" means the Agricultural Credit Act, 1979 .

2.—Section 12 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (1) (inserted by the Act of 1979):

"(1) Subject to the approval of the Minister, the Corporation may raise or borrow money (including money in a currency other than the currency of the State) in any manner it thinks fit, but the amount of money raised or borrowed and outstanding at any one time shall not exceed £800,000,000.".

3.—Section 14 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (2) (inserted by the Act of 1979):

"(2) The Minister shall not so exercise the powers conferred by, subsection (1) that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection 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 paid by the Corporation to the Minister, exceeds £800,100,100".

4.—(1) This Act may be cited as the Agricultural Credit Act, 1982 .

(2) The Agricultural Credit Acts, 1978 and 1979, and this Act shall be construed together as one Act and may be cited together as the Agricultural Credit Acts, 1978 to 1982.