Agricultural Credit Act , 1978

58.—Where all money payable on foot of a charge created under this Chapter has been repaid to the Corporation and the registered owner or the person in occupation of the land to which the charge relates requests the Corporation to release the charge, the Corporation shall thereupon transmit to the registering authority a certificate under its seal stating that all money payable on foot of the charge has been repaid to the Corporation, and upon transmission to the registering authority of a certificate purporting to be under the seal of the Corporation and stating that all money payable on foot of the charge to which it relates has been repaid to the Corporation, the entry of the charge in the register in which it is entered shall be cancelled.

PART V Agriculture Co-operative Societies

59 Co-operative society.

59.—In this Part “co-operative society” means a society registered under the Industrial and Provident Societies Act, 1893.

60 Rules of co-operative societies. [1929, s. 29.]

60.—The rules of a co-operative society may provide for all or any one or more of the following—

(a) advances of money by the society to its members on security other than the security of real or personal property, where such advances are made out of money advanced to the society by the Corporation;

(b) guarantees by the society of the repayment of advances and the payment of interest on advances made by the Corporation to members of the society;

(c) the society acting as agent for the Corporation in the making of advances by the Corporation to members of the society.

61 Restrictions on activities of co-operative societies owing money to the Corporation. [1947, s. 15.]

61.—(1) So long as any portion of a loan or advance made by the Corporation to a co-operative society (in this subsection referred to as the debtor society) remains owing to the Corporation—

(a) the debtor society shall not lend money at interest to any person other than a person to whom the Corporation may lend or advance money;

(b) the debtor society shall not lend money at interest to any body corporate engaged in or carrying on, as a substantial part of its business, the selling by retail of any goods which are neither produced by that body corporate or (if it is a co-operative society) its members nor are requisites of agricultural production or marketing;

(c) the debtor society shall not itself engage in or carry on, as a substantial part of its business, the selling by retail of any goods which are neither produced by the debtor society or its members nor are requisites of agricultural production or marketing;

(d) if the debtor society contravenes paragraph (a), (b) or (c) the whole of the loan or advance or so much of it as remains owing to the Corporation shall (notwithstanding any agreement to the contrary) forthwith become due and payable by the debtor society to the Corporation.

(2) Where the goods sold by a body corporate are mainly goods produced by that body corporate or (if it is a co-operative society) its members, any similar goods occasionally sold by that body corporate may for the purposes of subsection (1) be deemed to have been so produced although in fact produced by other persons and purchased by that body corporate from them.

SCHEDULE ENACTMENTS REPEALED