Agricultural Credit Act, 1947
|
Chapter IV. Miscellaneous Provisions in relation to charges on land. | ||
|
Charges by tenants for life. |
47.—(1) Any person who is a tenant for life within the meaning of the Settled Land Acts, 1882 to 1890, of any land or has under those Acts the powers of a tenant for life in respect of any land may borrow from the Corporation and the Corporation may lend to any such person money for permanent improvement purposes on the security hereinafter authorised. | |
(2) Money borrowed under this section shall be paid by the Corporation to the trustees for the purposes of the Settled Land Acts, 1882 to 1890, of the settlement under which the borrower is tenant for life or has the powers of a tenant for life or to persons appointed under this section to receive such money, and such money shall be capital money arising under the said settlement within the meaning of the said Acts, and the purpose for which such money is borrowed under this section shall as respects such money be a purpose for which capital money may be applied under the said Acts, and the said Acts shall apply to the said money accordingly. | ||
(3) Where money is proposed to be borrowed under this section and there are not trustees for the purposes of the Settled Land Acts, 1882 to 1890, of the settlement under which the borrower is tenant for life or has the powers of a tenant for life under those Acts and the rateable valuation of the land comprised in the said settlement does not exceed sixty pounds, the Minister for Agriculture may nominate two suitable persons (other than the borrower) to receive such money and thereupon the persons so nominated shall become and be trustees for the purposes of the said Acts of the said settlement in respect of such money but no further or otherwise | ||
(4) Where money is borrowed under this section the borrower may charge all the land comprised in the settlement under which he is tenant for life or has the powers of a tenant for life with the repayment to the Corporation of the moneys so borrowed and the interest thereon and such charge shall have effect as a disposition under the Settled Land Acts, 1882 to 1890, and, where the circumstances are such that such charge, if made by any of the persons specified in subsection (1) of section 39 of this Act or in subsection (1) of section 42 of this Act, would be a priority charge, such charge shall be a priority charge and a permanent improvement charge and Chapter II or Chapter III (as the case may require) of this Part shall apply to such charge accordingly. |