Resource information
This Act establishes the Agricultural Finance Corporation. The Corporation shall carry out the following functions: (a) subject to such terms and conditions as the Board of the Corporation may impose, make advances: (i) to any person for any purpose connected with the production, processing, storage, packing or marketing of any produce obtained from agriculture or any operations relating to agriculture, including: A. the acquisition of land; B. the conservation or control of soil or water; (ii) to any cooperative agricultural company or cooperative society for a purpose referred to in subparagraph (i); (iii) to any association, union, society or other such body of persons for a purpose which, in the opinion of the Board, is likely to be of assistance or benefit to members of the farming community or any industry connected with agriculture; (b) in accordance with any Scheme, to render assistance to persons engaged in or about to engage in agriculture; (c) subject to the Banking Act [Chapter 24:20], to carry on the business of a commercial bank; (c) generally, to perform any other function which the Corporation is authorized to perform by its memorandum of association or by any other enactment. Designated property purchased by borrower, e.g. livestock, may become Corporation property (sect. 41). The Act also provides for land as security. The Minister may, with the approval of the Minister responsible for finance and after consultation with the Board, establish any scheme for the provision of assistance to persons engaged or about to engage in agriculture (sect. 50). An Agricultural Finance Scheme is set out in the Third Schedule. Regulation-making powers of the Minister are defined in section 64. Section 65 prescribes offences and penalties. (65 sections completed by 3 Schedules)
