No. 17/1975:

AGRICULTURAL CREDIT ACT, 1975

ARRANGEMENT OF SECTIONS

1 Definitions.

2 Amendment of section 3 of Act of 1965.

3 Amendment of section 4 of Act of 1965.

4 Remuneration of chief officer of Corporation.

5 Provision in relation to moneys paid by or to Minister pursuant to section 7 of Agricultural Credit Act, 1972.

6 Alteration of memorandum and articles of association of Corporation.

7 Short title, construction and collective citation.

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AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1927 to 1973

[29th July, 1975]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—In this Act—

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

"the Act of 1973" means the Agricultural Credit Act, 1973 .

2.—Section 3 (1) of the Act of 1965 (as amended by section 2 of the Act of 1973) is hereby amended by the substitution of "two hundred and twenty million pounds" for "one hundred and twenty million pounds" and the said section 3 (1), as so amended, is set out in the Table to this section.

TABLE

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 two hundred and twenty million pounds.

3.—Section 4 of the Act of 1965 (as amended by section 3 of the Act of 1973) is hereby amended by the substitution of "two hundred and twenty million pounds" for "one hundred and twenty million pounds" and the said section 4, as so amended, is set out in the Table to this section.

TABLE

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 two 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.—There shall be paid by the Corporation to its chief officer such remuneration and allowances as the Corporation, with the consent of the Minister for the Public Service, shall determine.

5.—Any moneys paid by the Minister pursuant to section 7 of the Agricultural Credit Act, 1972 , shall be charged on and payable out of the Central Fund or the growing produce thereof and any moneys received by the Minister pursuant to that section shall be paid into or disposed of for the benefit of the Exchequer.

6.—It shall be lawful for the Corporation to make such alterations in the memorandum and 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, 1975 .

(2) The Agricultural Credit Acts, 1927 to 1973, and this Act shall be construed together as one Act.

(3) The Agricultural Credit Acts, 1927 to 1973, and this Act may be cited together as the Agricultural Credit Acts, 1927 to 1975.