AGRO-INVESTMENT CORPORATION

THE AGRO-INVESTMENT CORPORATION ACT

ARRANGEMENT OF SECTIONS

1. Short title.

2. Interpretation.

3. Establishment of Corporation.

4. Incorporation.

5. Procedure and meetings of Corporation.

6. Remuneration of members.

7. Appointment of officers and servants.

8. Functions of Corporation.

9. Borrowing powers.

10. Advances and grants to Corporation, and guarantee of repayment
of sums borrowed.

1 1. Repayment of, and interest on, advances and sums issued to meet
guarantees.

12. Powers of Minister.

13. Reserve fund.

14. Balancing of revenue account.

15. Liability of members of Corporation.

16. Accounts and audit.

17. Annual Report.

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AGRO-INVESTMENT CORPORATION 3

THE AGRO-INVESTMENT CORPORATION ACT Cap. 3.
Law

57 of 1960.
Act

[ I st May, 1952.1 14 0~2010.

1. This Act may be cited as the Ago-Investment Corporation short title.
Act. 14 of 2010

S. 2.

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
ai~d the growing of h i t , vegetables and the like;

"chairman" means chairman of the Corporation;

"deputy' chairman" means deputy chairman of the
Corporation;

"member" includes chairman and deputy chairman;

"the Corporation" means the Ago-Investment Corporation
' established in accordance with this Act.

3 . 4 1 ) There shall be establishbd in accordance with this
Act a body, to be called the Agro-Investment Corporation,
which shall consist of a chairman, a deputy 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.

Interpreta-
tion.

14 of 2010
S. 2.

Establish-
ment of
Corpora-
tion.
14 of 2010
S. 2.

(2) The chairman, deputy chairman and the other mem-
bers 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 administration.

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AGRO-INVESTMENT CORPORATION

(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 the senate.

(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-
ing him.

(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.

L

, (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 through
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 chairpan 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 Islahd or resignation of any member of the Corporation
shall be notified in the Gazette.

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AGRO-INVESTMENT CORPORATION 5

4.-(1) The Corporation shall be a body corporate having Incorpora-
perpetual succession and a common seal and shall have tion,
power to purchase, lease or otherwise acquire and hold and dis-
pose 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 i n that behalf, and the secretary of
the Corporation, and such seal shali 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
such name.

5 4 1 ) The Corporation shall meet at such times as may Procedure
and meet- ' be necessary. or expedient for the transaction of business, ingrofqr-

and such meetings shall be held at such place and time and potation,
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 '&id a casting vote.

< < (4) The quorum of the Corporation shill be four
including the chairman or deputy chairman.

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AGRO-INVESTMENT CORPORATION

(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 Corporation
shall not be affected by any vacancy amongst the members
thereof or by any defect in the appointment of a member thereof.

Remunera- 6. The Corporation shall pay to each member of the
tion of
members. Corporation, in respect of his office as such, such, if any,

remuneration and allowances as the Minister may determine,
and to the chairman and to the deputy chairman, in respect of his
office as such, such, if any, additional remuneration and allow-
ances as may be so determined.

Appointment 7. .The Corporation may appoint and employ at such
of officers and
servants. remuneration and on such terms and coflditions 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:

Provided that-

(a) no salary in excess of the rate of two thousand dollars
per m u m 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

' annum is assigned without the prior approval ofthe
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 prior approval of the
Minister.

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AGRO-INVESTMENT CORPORA TION 7

8 . 1 ) It shall be the duty of the Corporation to Functionsof
'stimulate, facilitate and undertake the development of agri- cOvOratiOn.
culture in this Island.

(2) The Corporation shall have power, for the
purpose of the discharge of their duty under subsection
(1)-

(a) to carry on all activities the carrying on whereof
appears to thei to be requisite, advantageous or
convenient for or in connection with the discharge
of their said duty, including the processing and
marketing of products;

. I
(b) 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 otherivise;

(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.-41) Subject to the provisions of subsection (2), the Borrowing
Corporation may borrow sums required by them for meeting
any of their obligations or discharging any of their
functions.

(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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AGRO-INVESTMENT CORPORATION

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.

Advancesand 10.---(I) The Minister may from time to time make
grants to Cor-
poration, and advances and to the Corporation out of sums placed
guaranteeof upon the ~stimates of the Island for thk purpose and
repayment
of sums approved by the House . of . . Representatives.
borrowed.

(2) With the approval of the House of Representa-
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 otherwise 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
intereit guaranteed under the provisions of this section, he
shall direct the. repayment out of the Consolidated Fund
of the amouiit' in respect of which there has been such
default.

Repaymentof. 11. .The Corporation shall make to the Accountant-
and interest
on. advances General, at such times and in such manner as the Minister
andsums may direct, payments of such amounts as may be so directed
issued to meet,
guarantees. in or towards repayment of 'advances made to the Corpora-

tion under section 10, and of any sums issued in hlfilment
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 different periods.

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AGRO-INVESTMENT CORPORATION 9

12. The Minister may, after consultation with the chairman, Powers of
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
fund.

(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 determine:

Provided that-

(a) no part of the said fund shall be applied otherwise 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
and perform their functions as to secure that their revenues :iE:=YI
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 personally Liabilityof
members of liable for any act or default of the Corporation done or co,,,ora-

omitted to be done in good faith in the course of the tion.
operations of the Corporation.

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I 0 AGRO-INVESTMENT CORPORA TION '/
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Accountsand 1 6 . 4 1 ) The Corporation shall keep proper accounts in
aud~t 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 direc-
tions of the Minister, at all reasonable times to, examine such

> .

accounts and vouchers.

Annual
Report.

1 7 . 4 1 ) The Corporation shall in each year, preptire 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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