Section No :  
Legislative Enactments
Marginal Notes
1. This Ordinance may be cited as the Agricultural and Industrial Credit Corporation Ordinance.
2. Establishment of the corporation.
3. Head office and branch offices.
4. Law governing the corporation.
5. General control of the corporation.
6. Business of the corporation.
7. Constitution of the board.
8. Chairman and deputy chairman of the board.
9. Meetings of the board.
10. Quorum.
11. Determination of questions at meetings.
12. Minutes of meetings.
13. Resolution without board meeting.
14. Term of office of nominated director.
15. Remuneration of directors.
16. Qualifications of nominate& director.
17. Vacation of office of nominated director.
18. Certain officers deputising for Ministers at meetings.
19. Casual vacancies among nominated directors.
20. Acting appointment in case nominated director unable to discharge his duties owing to illness, &c.
21. Register of directors.
22. Advances to corporation from Consolidated Fund. [ 2, 22 of 1950.] [ 2, 4 of 1950.]
23. Grant from Consolidated Fund towards preliminary expenses.
24. Power of board to raise money by debentures.
25. Power of board to borrow from the public. [ 2, 39 Of 1946.]
26. Provisions applicable to issue of debentures.
27. Mode of payment of interest on and principal of debentures.
28. Certificates on debentures. [ 2, 20 of 1943.]
29. Register of debentures.
30. Transfer of debentures.
31. Debentures of deceased holder.
32. Evidence of title to debenture.
33. Cesser of interest after repayment of debenture is available.
34. Corporation not affected with notice of trusts.
35. Appointment of officers.
36. Certain officers to furnish security.
37. Dismissal of officers.
38. Delegation by board of powers, &c, to officers of corporation. [ 2, 20 of 1943.] [ 3, 39 of 1946.]
39. Provisions relating to losses caused to corporation or incurred by officers of corporation.
40. Declaration of secrecy.
41. Right to refuse to answer questions.
42. Accounts of the corporation.
43. Profit and loss account and balance sheet for each year.
44. Contents of profit and loss account.
45. Report of directors.
46. Audit of accounts. [ 2, 20 of 1943.]
47. Auditor's report.
48. Powers of auditor. [ 2, 20 of 1943.]
49. Annual accounts with reports of directors and auditor to be transmitted to Minister.
50. Publication of accounts.
51. Section - 51
52. Refusal to consider applications in certain cases.
53. No loans to be given except on certain securities.
54. Further restrictions regarding security for loans, &c.
55. Rate of interest on loans.
56. Loan not to be granted except upon resolution.
57. Loan not to be granted to certain classes of persons.
58. Withdrawal of grant of a loan.
59. Power of board to investigate purpose to which loan is applied.
60. Power of board to require additional security or recall loan.
61. Change of security.
62. Section - 62
63. Registered address of borrower, &c.
64. Service of notice on borrower, &c.
65. Priority of charge created by loan made by corporation.
66. Form of mortgage of immovable property.
67. Default of payment.
68. Action by board where default is made.
69. Authorization of manager to take possession of mortgaged property.
70. Procedure where manager is appointed.
71. Authorization of sale of mortgaged property.
72. Where borrower is dead.
73. Notice of resolution of board to sell mortgaged property.
74. Notice of sale.
75. Payment before sale.
76. Upset price.
77. Default in respect of one of several loans on same property.
78. Recovery of expenses and costs incurred by the corporation.
79. Payment of excess balance.
80. Certificate of sale.
81. Order for delivery of possession.
82. Cancellation of sale.
83. Resale by corporation.
84. Board not precluded from other methods of recovery.
85. Power of board to inspect valuation rolls of local rating or taxing authority.
86. Rules made by the board.
87. Contracts, &c, on behalf of the corporation.
88. Execution of deeds abroad.
89. Receipts on behalf of corporation.
90. Common seal of corporation.
91. Minister's powers to order investigation, winding up, &c.
92. Interpretation.