5

10.-(1) It shall not be lawful to print for publica- A.D. 1928. tion or publish any list of agricultural charges or of the names of farmers who have created agricultural Restriction charges.

tion of

on publica(2) If any person acts in contravention of this agricultural section, he shall in respect of each offence be liable on charges. summary conviction to a fine not exceeding twenty pounds :

Provided that no person other than a proprietor, 10 editor, master printer, or publisher, shall be liable to be convicted under this section.

15

20

25

30

(3) No prosecution for an offence under this section shall be commenced without the consent of the Attorney-General.

(4) For the purpose of this section," publication means the issue of copies to the public, and "publish has a corresponding meaning.

11.-(1) If, with intent to defraud, a farmer Frauds by who has created an agricultural charge

(a) fails to comply with the obligations imposed
by this Act as to the payment over to the
bank of any sums received by him by way
of proceeds of sale or under a policy of insurance
or by way of compensation; or

(b) removes or suffers to be removed from his
holding any property subject to the charge;

he shall be guilty of a misdemeanour and liable on
conviction on indictment to penal servitude for a term
not exceeding three years.

(2) Section twenty-four of the Criminal Justice Act, 1925, shall have effect as if offences under this section were included amongst the offences specified in the Second Schedule to that Act.

farmers.

12. Until the expiration of three years from the Provisions 35 passing of this Act the foregoing provisions of this Part for the proof this Act shall have effect subject to the following tection of modifications:existing trade (i) Where the bank has knowledge of any existing creditors. trade debt due from the farmer, the bank shall not be entitled to enforce its security by the

40

A.D. 1928.

sale of any property comprised in the charge unless it discharges that debt;

(ii) If within three months after the bank has enforced its security by the sale of any property

い

comprised in the charge, notice in writing is 5
given to the bank of any existing trade debt
due from the farmer of which the bank had not
knowledge at the time of the sale, the bank
shall be liable at the expiration of the said
three months to discharge that debt unless'ten 10
days at least before the sale the bank published
notice of its intention to sell in the "London
Gazette" and in one newspaper in general
circulation in the district in which the holding
is situate:

15

Provided that if the net amount realised by the sale is less than the amount of the existing trade debt or debts of which notice has been so given the liability of the bank shall be limited to the amount so realised; 20 (iii) If the aggregate amount of the debts which the bank is so liable to discharge exceeds the amount so realised as aforesaid, it shall be lawful for the bank to pay into court the amount so realised, and the same shall, subject 25 to rules of court, be dealt with according to the orders of the court, and the receipt or certificate of the proper officer shall be a sufficient discharge to the bank of its liability under this section; and such payment into court shall be 30 deemed to be part payment by the bank of the said existing trade debts.

For the purposes of this paragraph the court shall be the High Court, or, in cases within the jurisdiction of county courts, the county court; 35 (iv) Where a bank has discharged in whole or in part an existing trade debt the bank shall have the like rights as if the debt or the part thereof which has been so discharged had been discharged by the bank in pursuance of a guarantee; (v) For the purposes of this section existing trade debt" means an unsecured debt incurred by a farmer before, or in pursuance of a contract

40

5

made before, the passing of this Act for the A.D. 1928.
purposes of his business as farmer not being

a debt to the bank in whose favour the agricul-
tural charge was created.

societies.

13. (1) A debenture issued by a society registered Provisions under the Industrial and Provident Societies Acts, 1893 as to to 1913, creating in favour of a bank a floating charge agricultural on property which is farming stock within the meaning of this Part of this Act, may be registered in like 10 manner as an agricultural charge, and 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:

15

Provided that where any such charge is so registered notice thereof signed by the secretary of the society shall be sent to the central office established under the Friendly Societies Act, 1896, and registered there.

(2) Any such debenture may create a floating 20 charge on any farming stock the property in which is vested in the society.

PART III.
GENERAL.

14. (1) This Act may be cited as the Agricultural Short title, 25 Credits Act, 1928.

commencement and

(2) This Act shall come into operation on the first extent. day of October nineteen hundred and twenty-eight.

(3) This Act shall not (except as otherwise expressly provided) extend to Scotland or Northern Ireland.

Ordered, by The House of Commons, to be Printed, 3 May 1928.

To be purchased directly from

H.M. STATIONERY OFFICE at the following addresses:
Adastral House, Kingsway, London, W.C. 2;

120, George Street, Edinburgh; York Street, Manchester;
1, St. Andrew's Crescent, Cardiff; 15, Donegall Square West, Belfast:
or through any Bookseller.

[AS AMENDED BY STANDING COMMITTEE C.]

FINANCIAL MEMORANDUM.

The only clause of the Bill involving direct expenditure out of public funds is clause 1.

The contemplated expenditure falls under three heads:

(a) a guarantee fund not exceeding 750,000l. or the paid up capital of the company, whichever is the less, to be formed by three annual payments by way of advances not exceeding 250,000l. each, which are ultimately repayable. These advances will be free of interest for 60 years. (Clause 1 (1) (i));

(b) the procuring of the underwriting of debentures issued by the Company sufficient to raise 5,000,000l. (Clause 1 (2));

(c) ten annual payments of 10,000l. towards administrative expenses. (Clause 1 (1) (ii).)

Expenditure under (a) and (b), which is not to exceed a total of 812,500l., will be made out of the Consolidated Fund; expenditure under (c) will fall on the vote of the Ministry of Agriculture and Fisheries.

In addition to the above, the Treasury is authorised by section 1 (3) to subscribe to debentures issued by the company to an amount not exceeding in aggregate the sum of 1,250,000l. This subscription is to be deemed a local loan within the meaning of the National Debt and Local Loans Act, 1887, and will, therefore, be advanced out of the Local Loans fund.

The purposes of this expenditure are to enable the company at the outset to make loans to farmers at more favourable rates of interest than would otherwise be possible, and to improve the security behind the debentures of the company. These debentures will be secured upon the whole assets of the company, including the mortgages and improvement charges, the share capital, the guarantee fund and any other reserves, and will rank as Trustees Securities.