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This Act provides for the establishment of the Agricultural Finance Corporation and regulates the granting of loans to farmersThe Act consists of 48 sections divided into 7 Parts: Preliminary (I); The Agricultural Finance Corporation (II); Loans (III); General provisions as to loans (IV); Powers of Corporation (V); Accounts of Corporation (VI); Miscellaneous (VII).The functions of the Agricultural Finance Corporation, here established under section 3, shall be to assist in the development of agriculture and agricultural industries by making loans to farmers, cooperatives and other public or private persons engaging in agriculture or agricultural industries. “Agriculture” shall mean agriculture as defined in the Agriculture Act and shall include forestry and private fisheries. “Agricultural industry” means any industry connected with agriculture or with the processing of agricultural produce. The Corporation shall be directed by a Board of Directors. Procedures of the Board are set out in section 7. Powers of the Corporation are defined in section 14. The Board shall create a Reserve Fund under section 16. The Board may make loans to farmers in accordance with provisions of sections 18 to 22. A mortgage on land may be established in favour of the Corporation for purposes of securing the loan. The Corporation may make loans to cooperatives in accordance with provisions of sections 23 to 25. Part IV concerns various matters regarding the granting or securing of loans.
Implemented by: Agricultural Finance Corporation (Fees, Costs and Expenses) Regulations (L.N. No. 29 of 1970). (1970)
