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