Agricultural Credit Act, 1929
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Limitations on the lending of money by the Corporation. |
23.—(1) It shall be lawful for the Corporation so to alter its memorandum and articles of association that the Corporation shall be entitled and authorised to lend or advance money (in addition to the persons and for the purposes mentioned in section 12 of the Principal Act) to the persons and for the purpose here-inafter stated, that is to say:— | |
(a) to any person (other than a co-operative society) for the purpose of paying off a loan which was originally made to another person before the passing of the Principal Act wholly or mainly for the purpose of purchasing land for agricultural purposes; | ||
(b) to any person (other than a co-operative society) for the purpose of paying off a loan or other liability which was originally obtained or incurred, whether before or after the passing of this Act, by him or any other person wholly or mainly for a purpose for which a loan could, under section 12 of the Principal Act or this section, be made to him by the Corporation; | ||
(c) to any person (other than a co-operative society) for the purpose of paying off a charge on land or a loan borrowed for the purpose of paying off a charge on land where, in the opinion of the directors, the making of an advance to such person for such purpose will facilitate the making and securing the repayment of an advance made or intended to be made by the Corporation to such person for any other purpose authorised by section 12 of the Principal Act or this section; | ||
(d) to any person (other than a co-operative society) for the purpose of paying off a loan or other liability which was originally obtained or incurred, whether before or after the passing of this Act, by him or any other person for any purpose (including personal and family maintenance) where, in the opinion of the directors, the obtaining such loan or incurring such liability was calculated to facilitate the person by whom the same was obtained or incurred in effecting economies or avoiding losses. | ||
(2) Notwithstanding anything contained in the Principal Act or in the memorandum of association or the articles of association of the Corporation, the Corporation shall be deemed always to have been before the passing of this Act empowered to lend or advance money to any person (other than a co-operative society) for the purpose of paying off a loan or other liability which was originally made or incurred whether before or after the passing of the Principal Act to or by such person or any other person wholly or mainly for a purpose for which a loan could be made by the Corporation under section 12 of the Principal Act and no loan or advance of moneys so made by the Corporation before the passing of this Act shall be held or deemed to be or ever to have been invalid or irrecoverable on the ground that the making thereof was in excess of the powers of the Corporation. |