Agriculture Act 1967

64 Grants towards fulfilling guarantees of bank loans to agriculture or horticulture businesses.

(1) Section 9 of the [1964 c. 28.] Agriculture and Horticulture Act 1964 (grants towards fulfilling guarantees of bank loans to horticulture businesses) shall not apply in relation to any guarantee given after 31st March 1966 (but the provisions of this section shall apply in relation to such guarantees).

(2) The Minister may, in such manner and subject to such conditions as he may with the approval of the Treasury determine, make a grant to any person in respect of expenditure incurred by that person in fulfilling a guarantee given by him as security for a loan made in the course of a banking business to a person requiring the loan for the purposes of an agriculture or horticulture business carried on by him, where—

(a) the guarantee was given during the period of three years beginning on 1st April 1966, or

(b) the guarantee was given in the year ending on 31st March 1966 and the grant could not be given under the said section 9 of that Act of 1964 and is given after the end of the said year.

(3) The aggregate of sums paid by way of grant under this section or the said section 9 of the Act of 1964 in the year ending on 31st March 1967 shall be subject to a limit of three hundred thousand pounds increased, where the aggregate—

(a) of sums paid by way of grant under the said section 9 of the Act of 1964 at any time before the end of the last preceding year, together with

(b) sums paid out of money provided by Parliament by the Minister by way of grant before the coming into force of this section in respect of expenditure incurred in fulfilling guarantees given as security for loans made in the course of a banking business to persons requiring the loans for the purposes of a business which is an agriculture or horticulture business, as defined by this section but not a horticulture business as defined in the said section 9 of the Act of 1964,

fell short of four hundred thousand pounds, by the amount of the difference.

(4) The aggregate of sums paid by way of grant under this section or the said section 9 of the Act of 1964 in the year ending on 31st March 1968 or in any subsequent year shall be subject to a limit of three hundred thousand pounds increased, where the aggregate of sums so paid in the last preceding year falls short of the limit for that year (whether it be the limit under this or the last foregoing subsection), by the amount of the difference or six hundred thousand pounds, whichever is the less.

(5) Subsection (2) of the said section 9 of the Act of 1964 (which imposes limits on grants under that section) shall not apply to grants made after 31st March 1966.

(6) Sums paid by way of grant under this section shall to such extent as the Ministers may from time to time determine be treated for the purposes of section 3 of the [1957 c. 57.] Agriculture Act 1957 (guaranteed prices) as production grants.

(7) The Minister may from time to time, by order made by statutory instrument with the approval of the Treasury, extend or further extend the period mentioned in subsection (2) (a) above by such additional period, not exceeding five years, as may be specified in the order; but an order under this subsection shall be of no effect unless laid before and approved by resolution of the Commons House of Parliament.

(8) In this section—

• " agriculture or horticulture business " means either—

  (a)

  a business which consists, or so much of a larger business as consists, of the producing in the United Kingdom of agricultural or horticultural produce for sale or of the producing in the United Kingdom of agricultural or horticultural produce for sale and its storage, preparation for market or transport, or

  (b)

  the activities of any co-operative association so far as they consist of assisting members in the production in the United Kingdom of agricultural or horticultural produce for sale by the provision of buildings, equipment, facilities or services required in connection therewith, or

  (c)

  a co-operative marketing business ;

• " agricultural or horticultural produce " means anything (whether live or dead) produced in the course of agriculture and without prejudice to the generality of that definition the expression " agricultural or horticultural produce" shall include all horticultural produce as defined in section 8(1) of the [1960 c. 22.] Horticulture Act 1960;

• " co-operative marketing business " means a business carried on by a co-operative association and consisting of, or so much of a larger business so carried on as consists of, the storage, preparation for market or marketing, for the sole or primary purpose of assisting members engaged in the production in the United Kingdom of agricultural or horticultural produce for sale, of agricultural or horticultural produce produced by members of the association;

• " co-operative association " means—

  (a)

  a registered society as defined in section 74 of the [1965 c. 12.] Industrial and Provident Societies Act 1965 or a society registered under the Industrial and Provident Societies Acts (Northern Ireland) 1893 to 1963, or

  (b)

  any body which (whether incorporated or not) has a written constitution from which the Minister is satisfied, having regard to any provision as to the manner in which profits of the body are to be applied for the benefit of its members and all other relevant provisions, that the body is in substance a cooperative association;

• " the Minister " means the Minister of Agriculture, Fisheries and Food;

• " year " means a period of twelve calendar months. (9) This section extends to Northern Ireland.