The Agricultural Credits Act 1924

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AT 1 of 1924

THE AGRICULTURAL CREDITS ACT 1924

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c i e
THE AGRICULTURAL CREDITS ACT 1924

Index Section Page

1 Short title .......................................................................................................................... 5
2 Definitions........................................................................................................................ 5
PART I 6

3 Applications to Department .......................................................................................... 6
4 Investigation of applications ......................................................................................... 6
5 Notice to interested parties............................................................................................ 6
6 Approval of applications ............................................................................................... 7
7 Loans towards cost ......................................................................................................... 7
8 Charge .............................................................................................................................. 7
9 Interest and repayment of loan ..................................................................................... 7
10 Deed of bond and security ............................................................................................ 7
PART II 8

11 Formation of agricultural credit societies .................................................................... 8
12 Regulations ...................................................................................................................... 8
13 Commencement of Act .................................................................................................. 8
SCHEDULE 9

ENDNOTES 11

TABLE OF LEGISLATION HISTORY 11
TABLE OF RENUMBERED PROVISIONS 11
TABLE OF ENDNOTE REFERENCES 11

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c i e
THE AGRICULTURAL CREDITS ACT 1924

Received Royal Assent: 25 July 1924
Passed: 7 October 1924
Commenced: 7 October 1924
AN ACT
[concerning agricultural credits.]
1 Short title

This Act may be cited as ‘The Agricultural Credits Act, 1924’.
2 Definitions

In this Act, unless the context otherwise requires, the following terms and
expressions shall have the meanings hereby assigned to them
respectively, that is to say: —
The “Board
” [Repealed]1

The “Department
” means the Department of Environment, Food and
Agriculture.2

A “society
” means a society approved by the Department and registered under
the Industrial and Building Societies Act, 1892, having for its objects, or
one of its objects, the making of advances to members of the Society,
repayable within a period not exceeding five years, for such agricultural
purposes as may be approved by the Department.3

The “improvement of land
” means and includes all or any of the following
matters: —
(1) The drainage of land and the straightening, widening, deepening or
otherwise improving the drains, streams, and watercourses of any land;
(2) the enclosing of lands, and the making and straightening of fences and
re-division of fields;
(3) the reclamation of land, including all operations necessary thereto;
(4) the clearing of land;
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(5) the erection of farm houses, labourers’ cottages and farm buildings, and
the improvement of or addition to farm houses, labourers’ cottages and
farm buildings, so as such improvements or additions be of a permanent
nature;
(6) the erection of glass houses and other buildings used in connection with
the trade of market gardening and the improvement of or additions to
such glass houses and other buildings so long as such improvements or
additions be of a permanent nature.4

“The owner
” shall mean and include the freeholder, life tenant, tenant in dower
or by curtesy.
PART I

3 Applications to Department

Where the owner of agricultural land shall be desirous of borrowing money
under this Act for the improvement of his land, he shall make an application to
the Department to sanction the proposed improvements, in such manner and
form and stating such particulars as the Department shall from time to time
direct. The Department may from time to time frame and circulate forms
indicating the particulars of the information to be furnished to the Department
for the purposes of this Act.5

4 Investigation of applications

If the Department think fit to entertain an application so made to the
Department, they may cause the land to be examined by a surveyor or person
appointed by them, who shall report on such application, and also whether, in
his judgment, the improvements will effect the permanent increase of the yearly
value of the land, and the Department may, if they so determine, themselves
make such inspection.6

5 Notice to interested parties

If the application is made by an owner who is a life tenant or tenant by dower or
curtesy, the Department shall give notice to the persons of full age who appear
to the Department to be interested in such land in remainder, reversion or
expectancy of such application, and fix a time within which any objections by
such persons may be sent to the Department. If any persons not in being or
under age are interested in such land, the Department may appoint a person to
represent such interested parties, and notice may be given to such person on
behalf of such parties.7

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6 Approval of applications

On consideration of the report and of any objections made on behalf of
interested parties, the Department may sanction the improvements submitted to
them, or any of them, and authorise the same to be carried into effect.8

7 Loans towards cost

The Department may, out of moneys provided by Tynwald, authorise the
Treasury to advance to the owner, by way of loan, such sum of money, not
exceeding 80 per cent. of the cost of any improvements approved by the
Department, on the completion of such improvements; and, during the erection
or making of such improvements, may authorise the Treasury, out of such
moneys, to make advances on account of such loan of sums not exceeding 70
per cent. of the actual expenditure in respect thereof, such advances to be made
on account of the approved loan on completion of the improvements.9

8 Charge

Any sum of money advanced under the provisions of the last preceding section
of this Act shall be secured by deed of bond and security, charged upon the
property on which such improvements are made, and such deed, when
recorded, shall rank after all prior recorded charges thereon, and charges
thereon created by a will which has been duly proved in the Isle of Man. No
loans shall be authorised by the Department unless in their opinion the property
when improved is of a value not less than 25 per cent. more than the total
amount of all charges thereon, including the amount of any loan under this part
of this Act.10

9 Interest and repayment of loan

Any sum of money advanced under this part of this Act shall bear interest at
such rate as the Treasury, after consultation with the Department, may from
time to time by order determine, and shall be repayable by annual instalments
over a period of not more than twenty years from the date of the loan. The
Department shall fix the period of repayment, having regard to the nature and
permanence of the improvements. Should any instalment of principal or any
interest be not paid within two months after the same respectively fall due, the
amount of such loan, or the balance outstanding, shall immediately become
payable. The deed of bond and security shall contain such provisions for
carrying into effect this part of this Act as the Attorney-General may consider
necessary.11

10 Deed of bond and security

A deed of bond and security under this part of this Act shall create an effective
charge on the property if passed by the owner, notwithstanding that he has a
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limited interest only in such property, in all respects as if he were the absolute
owner thereof.
PART II

11 Formation of agricultural credit societies

(1) The Department shall take such steps as are practicable to promote the
formation or extension of agricultural credit societies.12

(2) The Department may, at any time within three years after the passing of
this Act, or during such further period as Tynwald may by resolution
determine, subject to the provisions of any regulations made by the
Treasury, make advances to any such society out of moneys provided for
such purpose by Tynwald, but so that the total sum advanced to a
society shall not exceed an amount equal to one pound for every one
pound share held by members of the society on which a sum of 25p has
been paid.13

(3) The Treasury shall yearly cause an account to be prepared and laid
before Tynwald, showing the sums paid by the Treasury under this part
of this Act, and the sums received by it by way of repayment and
interest.14

(4) The provisions set forth in Part I of the Schedule to this Act shall apply to
every agricultural credit society to which this section applies as if they
formed part of the Industrial and Building Societies Act, 1892, and if an
advance is made to such a society under this section, the provisions set
forth in Part II of that Schedule shall also apply to the society so long as
any part of the advance remains outstanding.
12 Regulations

All regulations made by the Treasury for the purpose of this part of this Act
shall be laid before Tynwald, as soon as may be after they are made.15

13 Commencement of Act

This Act shall come into operation when the Royal Assent thereto has been by
the Governor announced to Tynwald, and a certificate thereof has been signed
by the Governor and the Speaker of the House of Keys.
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SCHEDULE

Section 11
PART I

Provisions applicable to an Agricultural Credit Society to which this Act applies
1. A society shall not be deemed for the purposes of the Industrial and Building
Societies Act, 1892 ( in this Schedule referred to as ‘the Act of 1892’), to carry on the
business of banking.
2. Section 6 of the Act of 1892, so far as it provides that no member, other than a
registered society, shall have or claim any interest in the shares of a society exceeding
£200 shall not apply to a society, and the First Schedule to the Act of 1892 shall apply as
if it were modified accordingly.
3. [Repealed]16

PART II

Additional Provisions applicable to such Society if in receipt of financial assistance
1. The Registrar may, under the Act of 1892, cancel the registration of a society on
the application of the Treasury.17

2. The rules of a society shall comprise such rules as the Treasury may require for
the purposes of this Act, and shall not be altered without the consent of the Treasury.18

3. The books of a society shall be open to inspection by any person appointed for
such purpose by the Treasury.19

4. The Registrar, on the application of the Treasury, may, under section 22 of the
Act of 1892, appoint an inspector to examine into and report on the affairs of a
society.20

5. Advances to members may be made without any security on real or personal
property, and may be of such amount as the society thinks fit, but so that an advance to
any member shall not exceed one-tenth part of the share capital of the society for the
time being issued, or more than an amount equal to five pounds for every one pound
share held by the member on which a sum of 25p has been paid.21

6. A society shall not accept deposits and shall not borrow money without the
consent of the Treasury.22

Schedule
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7. Not more than 25p shall, without the consent of the Treasury, be called up in
respect of each pound of the share capital except for the purposes of winding up or
dissolving the society.23

8. The rules of the society shall provide for the limitation or restriction of the
division of the profits of the society by way of dividends or bonus on the share capital
of the society in such manner as the Treasury may approve.24

The Agricultural Credits Act 1924 Endnotes


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ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
Definition of ‘Board’ repealed by GC121/86. 2
Definition of ‘Department’ inserted by GC121/86 and amended by SD155/10 Sch 3. 3
Definition of ‘society’ amended by GC121/86. 4
Para (6) substituted by Agricultural Credits Act 1963 s 1. 5
S 3 amended by GC121/86. 6
S 4 amended by GC121/86. 7
S 5 amended by GC121/86. 8
S 6 amended by GC121/86. 9
S 7 amended by Treasury Act 1985 Sch 2 and by GC121/86. 10
S 8 amended by GC121/86. 11
S 9 amended by Statute Law Revision Act 1982 Sch 1 (amendment not to apply to
advances before 13 July 1982), by Treasury Act 1985 Sch 2 and by GC121/86. 12
Subs (1) amended by GC121/86. 13
Subs (2) amended by Decimal Currency (Isle of Man) Act 1970 s 9, by Treasury Act
1985 Sch 2 and by GC121/86. 14
Subs (3) amended by Treasury Act 1985 s 7 and Sch 2. 15
S 12 amended by Treasury Act 1985 Sch 2. 16
Para 3 repealed by Moneylenders Act 1991 Sch 3. 17
Para 1 amended by Treasury Act 1985 Sch 2. 18
Para 2 amended by Treasury Act 1985 Sch 2. 19
Para 3 amended by Treasury Act 1985 Sch 2. 20
Para 4 amended by Treasury Act 1985 Sch 2. 21
Para 5 amended by Decimal Currency (Isle of Man) Act 1970 s 9.
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22
Para 6 amended by Treasury Act 1985 Sch 2. 23
Para 7 amended by Decimal Currency (Isle of Man) Act 1970 s 9 and by Treasury Act
1985 Sch 2. 24
Para 8 amended by Treasury Act 1985 Sch 2.