Resource information
This Act makes provision with rights relating to credit for agriculture. A charge, lien or assignment may be created on farming stocks and additional assets in accordance with section 3. “Farming stock” and “additional asset” is defined in section 2. An agricultural charge may be fixed or floating, or both and may be in form and made upon such conditions as the parties to the charge may agree. A farmer, may, individually or in association, create in favour of any person a charge on any farming stock, additional asset or other agricultural asset security for: (a) inputs or other items required for cultivation; (b) sums advanced or to be advanced to the farmer; or (c) sums paid or to be paid on the farmer's behalf under any guarantee; and such security may also cover interest, commission and charges thereon. Section 4 defines effects of a fixed charge. A fixed charge shall confer on the holder the rights specified in that section. Section 5 defines a floating charge and its effects. Agricultural charges may be registered with the Registrar of Agricultural Charges under section 8. Sections 11 and 12 deal with validity of contracts for the advancement to a farmer of inputs or other items required for cultivation. Sections 13 and 14 provide for arbitration under the Arbitration Act.
Implemented by: Agricultural Credits (Registration) Regulations (Cap. 224). (2006)
Implemented by: Agricultural Credits (Appointment of Authorised Agency) Order, 2014 (S.I. No. 59 of 2014). (2014-11-04)
Repealed by: Agricultural Credits Act, 2010 (No. 35 of 2010). (2010-11-14)
