Agricultural Marketing Act 1958

15 Borrowing power of boards and provisions as to loans and grants made to boards. U.K.

(1) Every scheme shall provide for empowering the board to borrow money for the purpose of exercising their functions under the scheme.

(2) A board shall have power to accept from any other person any grant to be applied for any of the purposes for which the board are empowered to expend money.

(3) A scheme may provide for empowering the board, in any case where a loan or grant is proposed to be made to them, to agree with the person proposing to make the loan or grant, as the case may be, and, in the case of a loan, with any person proposing to guarantee the repayment thereof, that if the loan or grant is duly made or the guarantee duly given, the board will apply the money obtained by them by means of the loan or grant subject to such conditions (including conditions as to the persons on whose advice the board are to act in applying the said money) as may be specified in the agreement.

(4) Where a scheme provides for empowering the board to make any such agreement as aforesaid, the scheme—

(a) shall impose upon the board the duty of carrying into effect any such agreement entered into by them; and

(b) may provide that where such an agreement contains conditions requiring the board to act on the advice of any specified persons, the provisions of the scheme entitling a registered producer who is aggrieved by any act or omission of the board to refer the matter to arbitration shall not apply in relation to anything done, or omitted to be done, by the board in pursuance of the agreement.

(5) A debenture issued by the board may create in favour of a bank a floating charge on any farming stock in England or Wales the property in which is vested in the board, and any such charge shall be registered in like manner as an agricultural charge under Part II of the M1 Agricultural Credits Act, 1928, and section nine of that Act shall apply to such a charge in like manner as it applies to an agricultural charge, and the charge, if so registered, shall, as respects such property, be valid notwithstanding anything in the Bills of Sale Acts, 1878 and 1882, and shall not be deemed to be a bill of sale within the meaning of those Acts.

In this subsection “bank” and “farming stock” have the same meanings respectively as in Part II of the Agricultural Credits Act, 1928.

(6) In the application of this section to Scotland, the following subsection shall be substituted for subsection (5):—

“(5) It shall be lawful for the board to create by instrument in writing in favour of a bank a charge on all or any of the agricultural produce in Scotland from time to time belonging to, and in possession of, the board as security for sums advanced or to be advanced to the board or paid or to be paid on their behalf under any guarantee by the bank, and interest, commission and charges thereon, and the provisions of Part II of the Agricultural Credits (Scotland) Act, 1929, shall apply to any charge created in pursuance of this subsection in like manner as they apply to an agricultural charge.

In this subsection “bank” and “agricultural produce”have the same meanings respectively as in the Agricultural Credits (Scotland) Act, 1929”

Marginal Citations

M1 1928 c. 43.