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Development Loans (Agriculture and Fisheries) Act (Northern Ireland) 1968

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2Loans schemes.N.I.

(1)A loans scheme under section 1(2) enabling loans to be made for the purchase and installation of any agricultural machinery, implements or equipment may provide that the Ministry may, by way of loan to the borrower, pay the whole or part of the purchase price and cost of installation of the machinery, implements or equipment, as the case may be, direct to the supplier thereof, and that the ownership thereof should thereupon become and be vested in the Ministry subject to the provisions of a hire purchase agreement entered into by the borrower with the Ministry, whereby on the repayment by the borrower in the manner therein provided of the purchase price and cost of installation or part thereof so paid and interest, the machinery, implements or equipment, as the case may be, shall become the absolute property of the borrower.

(2)A loans scheme under section 1(2) in respect of loans authorised by paragraph 7 of Part I of Schedule 1 may, in addition to any other matters which may be prescribed by such a scheme,—

(a)specify the nature of the expenditure (which may include purchase money, auctioneers' fees, surveyors' fees, legal costs, stamp duty, compensation for disturbance under section 3 of the Landlord and Tenant (Ireland) Act 1870 [1870 c.46] paid by the borrower, the cost of redeeming any mortgage or charge or of obtaining any consent or redeeming any land purchase annuity under the Land Purchase Acts or otherwise incurred on or in connection with the acquisition of any land and the cost of works of the kinds specified in the scheme) towards which loans may be made under the scheme;

(b)empower the making of loans in respect of expenditure incurred before or after the application for the loan is received by the Ministry under the scheme so long as the obligation to incur the expenditure has not been entered into earlier than two years before the application is so received;

(c)require that any mortgage or charge securing a loan made under the scheme shall, notwithstanding any rule of law or equity to the contrary, contain a provision making the mortgage or charge irredeemable except upon such terms and conditions as may be specified either in the mortgage or charge or by the scheme;

(d)require that any agricultural land in respect of the amalgamation or boundary adjustment of which the loan is made shall, during the currency of the loan, be held subject to such conditions as may be specified in the scheme.

(3)Any conditions made applicable to any land pursuant to subsection (2)( d) shall be referred to in any deed of mortgage or charge executed by the borrower as security for the loan and shall be binding upon and enforceable against the estate and interest of the borrower and of every other person in that land.

(4)Where any conditions are made applicable to any registered land in pursuance of subsection (2)( d) the registering authority shall, upon lodgment of an instrument of charge referring to the said conditions as required by subsection (3), enter upon the register a note that the land is subject to the said conditions which shall thereupon be deemed to have been registered as a burden affecting the said land.

(5)Upon proof to the satisfaction of the registering authority that all moneys due in respect of a loan authorised by paragraph 7 of Part I of Schedule 1 have been paid, the registering authority shall cancel any note entered on the register in pursuance of subsection (4).

(6)Subsections (4) and (5) shall have effect notwithstanding anything to the contrary contained in section 45F1 of the Local Registration of Title (Ireland) Act 1891 [1891 c.66] .

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