Agricultural Credit Act, 1988
Acts of the Oireachtas
Source: Acts of the Oireachtas

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paragraphs: —In this Act—
“the Principal Act” means the Agricultural Credit Act, 1978 ;
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paragraphs: —(1) Notwithstanding the provisions of section 8 (1) (a) of the Principal Act and subject to subsection (2) of this section, the Corporation may—
(a) lend and advance money subject to the provisions of the Principal Act,
(b) acquire, underwrite, hold, sell and otherwise deal with, shares, stocks, debentures, debenture stocks and other securities of any body corporate,
(c) draw, accept, endorse, discount, purchase and otherwise deal with, bills of exchange, promissory notes and other negotiable instruments,
(d) provide such other credit facilities as it thinks proper (including giving guarantees to any person in relation to the payment of money, and of interest on the money, or the repayment of money paid by that person on foot of loans, advances or other credit facilities granted by that person and the payment of interest on such money),
(e) engage in the provision of hire-purchase and leasing facilities and for that purpose acquire, dispose of and otherwise deal with stock, and
(f) arrange for the provision of credit facilities for any other person by any other person (and act as agent for any person in relation to the payment and collection and receipt of money in respect of such facilities),
for such purposes as the Minister, after consultation with the Central Bank of Ireland, may from time to time determine and subject to such conditions as the Minister considers appropriate.
(2) The amount outstanding, at any particular time, in respect of activities engaged in by the Corporation pursuant to subsection (1) of this section shall not exceed 25 per cent. of the sum of—
(a) the total amount outstanding or expended for purposes specified in section 8 (1) (a) of the Principal Act in respect of—
(i) loans and advances made by the Corporation,
(ii) acquiring, holding, selling and otherwise dealing with, shares, stocks, debentures, debenture stocks and other securities of any body corporate,
(iii) drawing, accepting, endorsing, discounting, purchasing and otherwise dealing with, bills of exchange, promissory notes and other negotiable instruments,
(iv) providing other credit facilities,
(v) sums unpaid or due to the Corporation, in respect of hire-purchase or leasing agreements,
and
(b) the amount or the aggregate amount other than amounts in respect of interest which the Corporation may be liable to pay on foot of any guarantee or guarantees given pursuant to the said section 8 (1) (a),
or such lesser amount as the Minister may from time to time determine.
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paragraphs: —The Corporation shall take such steps as may be necessary under the Companies Acts, 1963 to 1986, to alter its memorandum and articles of association to make them consistent with this Act.
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paragraphs: —Section 11 of the Principal Act is hereby amended by the substitution of “£35,000,000” for “£20,000,000” in subsection (1) and the said subsection as so amended is set out in the Table to this section:
TABLE
(1) The share capital of the Corporation shall be £35,000,000 divided into shares of £1 each.
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paragraphs: —Section 15 of the Principal Act is hereby amended by the substitution of “£25,000,000” for “£10,000,000” in subsection (2) and the said subsection as so amended is set out in the Table to this section:
TABLE
(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 exceeds £25,000,000.
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paragraphs: —(1) This Act may be cited as the Agricultural Credit Act, 1988.
(2) The Agricultural Credit Acts, 1978 to 1982, and this Act shall be construed together as one Act and may be cited together as the Agricultural Credit Acts, 1978 to 1988.
(3) This Act shall come into operation on such day as the Minister appoints by order.