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Agricultural Credit Act, 1979

Amendment of section 14 of Principal Act.

3.—Section 14 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (2):

“(2) The Minister shall not so exercise the powers conferred by subsection (1) that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and which has not been paid by the Corporation to the Minister, exceeds £600,000,000.”.