![]() (3) 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. ![]() (2) An agricultural charge may be in form and made upon such conditions as the parties to the charge may agree and any surety may be made a party to the charge. Agricultural charges on farming stock and assets (1) An agricultural charge may be fixed or floating, or both. Interpretation In this Act, unless the context otherwise requires- " additional assets" means any tangible assets, excluding land, that belong to a farmer, trader or related business, pertaining directly or indirectly to agricultural production, processing or trade, all accounts receivable, chattel paper, warehouse receipts, both negotiable and non-negotiable, promissory notes and includes savings accounts on deposit with any bank, credit union, savings institution or other similar organisation " agricultural charge" means a charge, lien or assignment created under section three " agricultural commodity" means anything derived directly or indirectly from cultivation " cultivation" means crop production, animal husbandry, game ranching, aquaculture, horticulture or forestry " farmer" means any person who, as owner or tenant of land uses such land for cultivation, whether for profit or subsistence " farming stock" means all agricultural commodities, whether future growing or severed from the land, and after severance whether subjected to any treatment or manufacture and includes- (a) livestock, poultry and bees, and the produce and progeny thereof (b) wild animals in captivity (c) fish stocks (d) timber both standing or cut (e) seeds and manures (f) fertilisers, insecticides, oils, and fuels (g) agricultural vehicles, trucks and truck spares, machinery, and other plant or (h) any agricultural fixture that a tenant, or any person legally occupying land, may by law be authorised to remove " holder" means a person in whose favour an agricultural charge is created, and includes the executors, administrators and assignees of that person " other agricultural assets" means any right of a tenant, including any right to compensation for improvements " Registrar" means the Registrar of Agricultural Charges or any person appointed to perform the functions of Registrar " related business" means an individual, a company, a cooperative, a partnership, an association and any group of persons acting in concert, whether or not incorporated, who or which, as the case may be, gives loans to farmers for the purchase of inputs or other items required for cultivation " trader" means any person who, as a broker, dealer, or otherwise, acquires from a farmer or any other person, through purchase or otherwise, for the purpose of resale, or processing, any agricultural commodity. Short title This Act may be cited as the Agricultural Credits Act. An act to facilitate the borrowing of money on the security of charges created upon farming stock, additional assets or other agricultural assets to provide for the registration of such charges and to provide for matters incidental to or connected with the foregoing. Agricultural Credits Act, 1995 Chapter 224
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