AGRICULTURAL DEVELOPMENT CORPORATION
THE AGRICULTURAL DEVELOPMENT
ARRANGEMENT OF SECTIONS
1. Short title.
3. Establishment of Corporation.
S. Procedure and meetings of Corporation
6 . Remuneration of members.
I. Appointment of oficers and servants.
8. Functions of Corporation.
9. Borrowing powers.
10. Advances and grants to Corporation, and guarantee of repayment
11. Repayment of, and interest on, advances and s u n s issued to
12. Powers of Minister.
13. Reserve fund.
14. Balancing of revenue account.
16. Accounts and audit.
17. Annual Report.
of s u m s borrowed.
Liability of members of Corporation.
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AGRICULTURAL DEVELOPMENT CORPORATION 3
THE AGRICULTURAL DEVELOPMENT
CORPORATION ACT 57 of 1960.
[Isi May, 1952.1
1. This Act may be cited as the Agricultural Shorttitle.
Development Corporation Act.
2. In this Act-
“agriculture” includes fisheries, forestry, horticulture and
the use of land for any purpose of husbandry, inclusive
of the keeping or breeding of livestock, poultry or bees
and the growing of fruit, vegetables and the like;
“chairman” means chairman of the Corporation;
“deputy chairman” means deputy chairman of the
“member” includes chairman and deputy chairman:
“the Corporation” means the Agricultural Development
Corporation established in accordance with this Act.
3.-(1) There shall be established in accordance with this Establish-
Act a body, to be called the Agricultural Development ;$&
Corporation, which shall consist of a chairman, a deputy tion.
chairman and such number of other members, not being
less than four nor more than eight, as the Minister may
from time to time determine.
(2) The chairman, deputy chairman and the other
members of the Corporation shall be appointed by the
Minister from amongst persons appearing to him to be
qualified as having had experience in, and having shown
capacity in, matters relating to agriculture, finance, or
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(3) A person shall be disqualified for being appointed
or being a member of the Corporation so long as he is a
member of the House of Representatives or a member of
57/196(1 (4) Subject to the provisions of this section every
member of the Corporation shall unless his appointment
is sooner revoked hold office for such term not exceeding
three years as shall be specified in the instrument appoint-
(5 ) Subject to the provisions of this section, every
person who has vacated the office of a member of the
Corporation shall be eligible for reappointment thereto.
(6) The Minister may appoint any person appearing
to him to have the qualifications necessary for appointment
as a member of the Corporation to act temporarily in the
place of any member of the Corporation in the case of the
absence or inability to act of such member.
(7) Any member of the Corporation, other than the
chairman, may at any time resign his office by instrument
in writing addressed to the Minister and transmitted though
the chairman, and from the date of the receipt by the
Minister of such instrument such member shall cease to be
a member of the Corporation.
(8) The chairman may at any time resign his office
by instrument in writing addressed to the Minister and
such resignation shall take effect as from the date of the
receipt of such instrument by the Minister.
(9) The appointment, removal, death, departure from
the Island or resignation of any member of the Corporation
shall be notified in the Gazette.
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AGRICULTURAL DEVELOPMENT CORPORATlON 5
4 . 4 1 ) The Corporation shall be a body corporate having Incorwra-
tion. perpetual succession and a common seal and shall have
power to purchase, lease or otherwise acquire and hold and
dispose of land, shares and other property of whatsoever
kind whether similar to the foregoing or not.
(2) The seal of the Corporation shall be authenticated
by the signatures of the chairman or one member of the
Corporation authorized to act in that behalf, and the
secretary of the Corporation, and such seal shall be officially
and judicially noticed.
(3) All documents, other than those required by law
to be under seal, made by, and all decisions of the
Corporation may be signified under the hand of the
chairman, any member authorized in that behalf, or the
secretary of the Corporation.
(4) The Corporation may sue and be sued in their
corporate name and may for all purposes be described by
5.41) The Corporation shall meet at such times as may Produrn
be necessary or expedient for the transaction of business, in@ of
and such meetings shall be held at such place and time and E;?
on such days as the Corporation may determine.
(2) The chairman may at any time call a special
meeting of the Corporation and shall call a special meeting
within seven days of the requisition for that purpose
addressed to him by any three members of the Corporation.
(3) The chairman, or in his absence the deputy
chairman, shall preside at all meetings of the Corporation
and the person presiding shall have an original and a casting
(4) The quorum of the Corporation shall be four
including the chairman or deputy chairman.
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6 AGRICULTURAL DEVELOPMENT CORPORATION
o f i m and
(5) Subject to the foregoing provisions of this section
the Corporation shall have the power to regulate their own
procedure (including the manner in which matters subject
to the determination of the Corporation are to be
determined by or on behalf of the Corporation).
(6) The validity of any proceeding of the Cor-
poration shall not be affected by any vacancy amongst
the members thereof or by any defect in the appointment
of a member thereof.
6. The Corporation shall pay to each member of the
Corporation, in respect of his office as such, such, if any,
remuneration and allowances as the Minister may deter-
mine, and to the chairman and to the deputy chairman, in
respect of his office as such, such, if any, additional remuner-
ation and allowances as may be so determined.
7. The Corporation may appoint and employ at such
remuneration and on such terms and conditions as they
think fit a secretary and such officers and servants as they
deem necessary for the proper carrying out of the provisions
of this Act:
(U) no salary in excess of the rate of two thousand
dollars per annum shall be assigned to any post
without the prior approval of the Minister;
(b) no appointment shall be made to any post to
which a salary in excess of the rate of two
thousand dollars per m u m is assigned without
the prior approval of the Minister; and
(c) no provision shall be made for the payment of any
pensions, gratuities or other like benefits to any
secretary, officers or servants or to others by
reference to their Service without the pnOr
approval of the Minister.
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AGRICULTURAL DEVELOPMENT CORPORATION 7
8.-(1) It shall be the duty of the Corporation to Functions stimulate, facilitate and undertake the development of tioa of Corpora-
agriculture in this Island.
(2) The Corporation shall have power, for the
purpose of the discharge of their duty under subsection
(a) to carry on all activities the carrying on whereof
appears to them to be requisite, advantageous or
convenient for or in connection with the discharge
of their said duty, including the processing and
marketing of products;
(4 to promote the carrying on of any such activities
by other bodies or persons, and for that purpose
to establish or expand, or promote the establish-
ment or expansion of, other bodies to carry on any
such activities either under the control or partial
control of the Corporation or independently, and
to give assistance to such bodies or to other bodies
or persons appearing to the Corporation to have
facilities for the carrying on of any such activities,
including financial assistance by the taking up of
share or loan capital or by loan or otherwise;
(c) to carry on any such activities in association with
other bodies or persons (including Government
authorities) or as managing agents or otherwise
on their behalf.
9 . 4 1 ) Subject to the provisions of subsection (2), the Borrowing
powem Corporation may borrow sums required by them for meet-
ing any of their obligations or discharging any of their
(2) The power of the Corporation to borrow shall be
exercisable only with the approval of the Minister, as to
the amount, as to the sources of the borrowing and as to
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a AGRICULTURAL DEVELOPMENT CORPORATION
of, and in-
the terms on which the borrowing may be effected. An
approval given in any respect for the purposes of this sub-
section may be either general or limited to a particular
borrowing or otherwise, and may be either unconditional or
subject to conditions.
10.-(1) The Minister may from time to time make
advances and grants to the Corporation out of sums placed
upon the Estimates of the Island for the purpose and
approved by the House of Representatives.
(2) With the approval of the House of Representam
tives, the Minister may guarantee, in such manner and on
such conditions as he may think fit, the payment of the
principal and of interest on any authorized borrowings of
the Corporation made o’therwise than by way of advance
under subsection (1).
(3) Where the Minister is satisfied that there has
been default in the repayment of any principal moneys or
interest guaranteed under the provisions of this section, he
shall direct the repayment out of the Consolidated Fund
of the amount in respect of which there has been such
11. The Corporation shall make to the Accountant-
General, at such times and in such manner as the Minister
may direct, payments of such amounts as may be so directed
in or towards repayment of advances made to the Corpora-
tion under section 10, and of any sums issued in fulfilment
of any guarantee given thereunder, and payments of interest
on what is outstanding for the time being in respect of such
advances and of any sum so issued at such rate as the
Minister may direct, and different rates of interest may be
directed as respects different advances or sums and as
respects interest for dif€erent periods.
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AGRICULTURAL DEVELOPMENT CORPORATlON 9
12. The Minister may, after consultation with the chair- Powersof
Miniskr. man, give to the Corporation directions of a general
character as to the policy to be followed in the exercise and
performance of their functions in relation to matters
appearing to him to concern the public interest, and the
Corporation shall give effect to any such directions.
1 3 4 1 ) The Corporation shall establish a reserve fund. Reserve
(2) The management of the said fund, the sums to
be carried from time to time to the credit thereof, and the
application thereof, shall be as the Corporation may
(a) no part of the said fund shall be applied other-
wise than for the purposes of the Corporation; and
(b) the power of the Minister to give directions to the
Corporation shall extend to the giving to them of
directions as to any matter relating to the establish-
ment or management of the said fund, the Carrying
of funds to the credit thereof, or the application
thereof, notwithstanding that the directions may
be of a specific character.
14. It shall be the duty of the Corporation so to exercise Balancing
of revenue and perform their functions as to secure that their revenues B c F o I m ~
are not less than sufficient to meet all sums properly charge-
able to their revenue account (including, without prejudice
to the generality of that expression, provisions in respect
of their obligations under sections 11 and 13), taking one
year with another.
15. No member of the Corporation shall be prsonally Liabilityof liable for any act or default of the Corporation done or members corpora- of
omitted to be done in good faith in the course of the tion.
operations of the Corporation.
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10 AGRICULTURAL DEVELOPMENT CORPORATION
Accounts 16.41) The Corporation shall keep proper accounts in
a form which shall conform with the best commercial
standards of receipts, payments, credits and liabilities
and shall submit the same from time to time with vouchers
to an auditor approved by the Minister to be audited.
(2) The Auditor-General shall be entitled, on the
directions of the Minister, at all reasonable times to examine
such accounts and vouchers.
Annual 17.-(1) The Corporation shall in each year, prepare and
present on or before the 1st day of October to the Minister
a report of their proceedings during the twelve months
ending on the 31st day of March in such year, including a
complete report of their financial position in such form as
to secure the provision of separate information as respects
each of the main activities of the Corporation.
(2) A copy of such report shall be laid on the Table
of the House of Representatives and of the Senate.
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