Agricultural Development Bank
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 1
AGRICULTURAL DEVELOPMENT BANK ACT
CHAPTER 79:07
Act
3 of 1968
Amended by
27 of 1978
46 of 1979
173 /1983
4 of 1987
13 of 1989
*18 of 1993
8 of 1995
* See Note on page 2
Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.
1–99 ..
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2 Chap. 79:07 Agricultural Development Bank
Index of Subsidiary Legislation
Page
Agricultural Development Bank Rules (GN 105/1969) … … … 21
Agricultural Development Bank Regulations (GN 119/1969) … … 49
Note on Act No. 18 of 1993
Exempted Institutions
See sections 62 and 65 of, and the Third Schedule to, Act No. 18 of 1993.
Note on Amendments
Section 40 of this Act has been amended by Act No. 20 of 1981 and Act No. 24 of 1981.
However, Acts Nos. 20 and 24 of 1981 had not up to the date of the revision of this Act,
been brought into operation.
Note on Resolution
See LN 173/1983 increasing the authorised share capital.
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LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 3
CHAPTER 79:07
AGRICULTURAL DEVELOPMENT BANK ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Special or general directions of Minister.
PART I
ESTABLISHMENT, INCORPORATION,
CONSTITUTION AND MANAGEMENT
OF THE BANK
4. Establishment.
5. Incorporation of Bank.
6. Objects of the Bank.
7. Place of business.
8. Auditor General to audit accounts.
9. Board of Directors.
10. Chairman of the Board.
11.
12.
13. Meetings of the Board.
14. Managing Director.
15. Resignation of Directors.
16. Termination of appointment of Managing Director and Directors in
certain cases.
17. (Repealed by Act No. 8 of 1995).
18. Member of Board to declare interest.
19. Meetings of shareholders.
STAFF
20. Power to employ. Fixing remuneration of employee.
21. Certain conditions of employment of staff of the former Bank.
22. Officer transferred from the service of the Government to the service
of the former Bank.
23. Appointment of Government officers to the service of the Bank.
24. Power to train officers and employees.
(Repealed by Act No. 8 of 1995).}
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LAWS OF TRINIDAD AND TOBAGO
4 Chap. 79:07 Agricultural Development Bank
25. Establishment of a Pension Scheme.
26. (Repealed by Act No. 8 of 1995).
27. Rules.
PART II
FINANCIAL PROVISIONS
28. Authorised share capital of the Bank.
29. Shares to be held by Government.
30. Issue of shares to the public.
31. Share register and transfer of shares.
32. Bank may borrow from Government.
33. Rules made under this Part.
PART III
BUSINESS OF BANK, DEPOSITS, LOANS, ETC.
34. Powers of the Bank.
34A. Minister to give directions to Board.
35. Categories of loans.
36.
to
41.
42. Provisions relating to loans.
43. Applications of loans.
44. Form of application for loans.
45. Loans for commercial fishing.
46. (Repealed by Act No. 13 of 1989).
47. Amortisation of capital and interest moratoria.
PART IV
TRANSITIONAL, REGULATIONS AND REPEAL
48. Transitional provisions.
49. Regulations.
50. Applications.
(Repealed by Act No. 8 of 1995).}
ARRANGEMENT OF SECTIONS—Continued
SECTION
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L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 5
CHAPTER 79:07
AGRICULTURAL DEVELOPMENT BANK ACT
An Act to provide for the establishment and incorporation of
an Agricultural Development Bank, to define the powers
and duties thereof and for matters incidental thereto.
[25TH JANUARY 1968]
1. This Act may be cited as the Agricultural Development
Bank Act.
2. (1) In this Act—
“agriculture” includes horticulture, aboriculture and silviculture,
animal husbandry and the production of dairy produce and
the produce respectively thereof and any product derived or
manufactured respectively therefrom;
“agricultural credit society” means a society registered under the
Co-operative Societies Act;
“agricultural co-operative society” means a society registered
under the Co-operative Societies Act;
“the Bank” means the Agricultural Development Bank of Trinidad
and Tobago established under section 4;
“Board” means the Board of Directors of the Bank;
“commercial fishing” means—
(a) the capturing or catching of any fresh fish in any
lawful manner or by any lawful method
whatsoever; or
(b) the processing, preserving, canning, distributing
or marketing of fish or fish products,
for gain or reward;
“former Bank” means the Agricultural Credit Bank established
under section 4 of the former Ordinance;
“former Ordinance” means the Agricultural Credit Bank
Ordinance (repealed by this Act).
3 of 1968.
Commencement.
Short title.
Interpretation.
Ch. 81:03.
Ch. 23 No. 5.
(1950 Ed.).
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6 Chap. 79:07 Agricultural Development Bank
(2) For the purposes of this Act, the Government shall be
taken to hold a controlling interest in the Bank, if at any time it
holds at least fifty-one per cent of the issued shares of the Bank.
(3) Where Government no longer holds a controlling
interest in the Bank, the expression “with the approval of the
Minister” whenever it occurs in this Act shall cease to have effect.
3. So long as Government holds a controlling interest in
the Bank, the Board shall, in the exercise of the powers conferred
and duties imposed on it by this Act, comply with any special or
general directions which may from time to time be given to it by
the Minister.
PART I
ESTABLISHMENT, INCORPORATION, CONSTITUTION
AND MANAGEMENT OF THE BANK
4. There is hereby established a Bank to be known as the
Agricultural Development Bank of Trinidad and Tobago.
5. The Bank is hereby created a body corporate.
6. The objects of the Bank shall be to encourage and foster
the development of agriculture and commercial fishing and
industries connected therewith and to mobilise funds for the purpose
of the development.
7. The head office of the Bank shall be in Port-of-Spain and
there shall be established branch offices in such other areas of
Trinidad and Tobago as may be considered necessary.
8. (1) So long as Government holds a controlling interest in
the Bank—
(a) the accounts of the Bank shall be audited annually
by the Auditor General or by a professional firm
of chartered accountants approved by the Auditor
General; and
(b) the annual estimates of revenue and expenditure
and the accounts as audited shall be submitted to
Parliament by the Minister.
Special or
general
directions of
Minister.
Establishment.
Incorporation of
Bank.
Objects of the
Bank.
Place of
business.
Auditor General
to audit
accounts.
[8 of 1995].
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Agricultural Development Bank Chap. 79:07 7
(2) Where Government no longer holds a controlling
interest in the Bank, the Board shall appoint auditors and make
appropriate arrangements for annual audit.
9. (1) The Bank shall be managed by a Board comprising
seven directors who shall be appointed by the Minister.
(2) At least four of the seven directors shall be selected
from among persons who are qualified by reason of their experience
and capacity in matters relating to agriculture, fisheries, finance,
economics, accountancy, industry, commerce, law or
administration.
(3) Subject to this Act, a director shall be appointed for
a term not exceeding three years and shall be eligible for
reappointment.
10. (1) The Minister shall appoint a Chairman and a Deputy
Chairman from among the directors of the Board.
(2) Where the Chairman—
(a) is absent;
(b) vacates his office; or
(c) is, for any other reason, unable to act as Chairman
under the Act,
the duties and functions of the Chairman shall be performed by
the Deputy Chairman.
(3) The office of the Chairman shall become vacant where
he dies, resigns his office, or is removed from office.
11.
12.
13. (1) The Board shall meet at least once in every quarter.
(2) The Chairman may at any time call a meeting of the
Board at his own instance.
(3) Within seven days of the receipt by him of a request
in writing signed by at least four members of the Board, the
Chairman shall call a special meeting of the Board.
Board of
Directors.
[8 of 1995].
Chairman of the
Board.
[13 of 1989
8 of 1995].
Meetings of
the Board.
(Repealed by Act No. 8 of 1995).}
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LAWS OF TRINIDAD AND TOBAGO
8 Chap. 79:07 Agricultural Development Bank
(4) Four members of the Board shall form a quorum
and in the event of equality of votes, the Chairman shall have
a casting vote.
(5) Subject to this section and to any rules made under
this Part, the Board shall have power to regulate its own procedure.
14. (1) There shall be a Managing Director who shall be the
Chief Executive Officer of the Bank.
(2) The Managing Director shall be an ex officio director
of the Board.
(3) The Managing Director shall attend Board Meetings
but shall not vote.
(4) The Managing Director shall be charged with the day-
to-day administration and control of the business of the Bank and
shall have authority to act in the conduct of the business of the Bank
in all matters which are not by this Act or by any rules or regulations
made hereunder specifically reserved to be done by the Board.
(5) The Managing Director shall be answerable to the
Board for his acts and decisions.
(6) The Managing Director shall be appointed by the
Board on such terms and conditions and for such period as may be
designated in the instrument appointing him.
(7) The person holding the office of General Manager
shall, on the coming into operation of this Act be deemed to be
appointed by the Board as Managing Director until his present
term of office as General Manager expires.
(8) No person who is a director of the Board, or is a member
of Parliament or of a Municipal Corporation, or of the Tobago House
of Assembly, shall be appointed Managing Director.
15. (1) In this section “office established by this Act” means
the office of—
(a) Chairman;
(b) Deputy Chairman;
(c) Director; or
(d) Managing Director.
Managing
Director.
[8 of 1995].
Resignation of
Directors.
[8 of 1995].
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LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 9
(2) Any person who is appointed to an office established
by this Act may resign from that office by writing under his hand
addressed to the person by whom he was appointed.
16. (1) The Authority may terminate any appointment made
by the Authority in pursuance to this Act to the office of Managing
Director or director of the Bank, if the Managing Director or a
director so appointed—
(a) becomes of unsound mind or incapable of
carrying out his duties;
(b) is convicted and sentenced to a term of
imprisonment;
(c) becomes bankrupt or compounds with, or
suspends payment to, his creditors;
(d) is convicted of any offence involving dishonesty;
(e) is guilty of misconduct in relation to his duties;
(f) is absent, except on leave granted by the Board,
from two consecutive statutory quarterly
meetings;
(g) fails to carry out any of the duties or functions
conferred or imposed on him under this Act.
(2) In this section the expression “Authority” means the
Minister or the Board, as the case may be.
17.
18. (1) Any member of the Board, whose interest is likely to
be affected whether directly or indirectly by a decision of the Board
on any matter whatsoever, shall disclose the nature of the interest
at the first meeting of the Board at which he is present after the
relevant facts have come to his knowledge.
(2) A disclosure under subsection (1) shall be recorded in
the minutes of the Board, and after the disclosures, the member
making the disclosure shall, unless the Board otherwise directs,
not be present, or take part in the deliberation or vote at any meeting
during the time when the matter is being decided by the Board.
Termination of
appointment of
Managing
Director and
Directors in
certain cases.
[8 of 1995].
Member of
Board to declare
interest.
(Repealed by Act No. 8 of 1995).
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LAWS OF TRINIDAD AND TOBAGO
10 Chap. 79:07 Agricultural Development Bank
(3) For the purposes of this section, where the interest of
parents, spouse or children of any member of this Board is likely
to be affected directly or indirectly by a decision of the Board on
any matter whatsoever, such interest shall be deemed to be the
interest of such members of the Board.
19. (1) An ordinary general meeting of shareholders of the
Bank shall be convened by the Board once in every year.
(2) Every shareholder of the Bank shall be entitled to vote
at general meetings of the shareholders of the Bank and to exercise
one vote for every share of which he is the registered holder.
(3) Every shareholder shall be entitled to exercise his right
to vote at any general meeting through any other shareholder whom
he appoints as his proxy.
STAFF
20. (1) Subject to subsection (2) and to sections 21, 22 and
23, the Board may appoint and employ at such remuneration and
on such terms and conditions as it may think fit, such officers and
servants as may be considered necessary for the efficient conduct
of the business of the Bank.
(2) The Board may make no appointment to any post
which carries remuneration that exceeds $120,000 per annum
without the approval of the Minister.
21. (1) An officer or servant of the former Bank appointed in
pursuance of the provisions of section 8(1) of the former Ordinance
and who holds office or employment under the former Bank
immediately prior to the coming into operation of this Act may be
retired or may be given the option of electing within six months of
the commencement of this Act to retire or of continuing his service
under the Bank.
(2) Where an officer or servant is retired or elects to retire,
he shall be entitled to pension, provident fund or abolition of office
terms as appropriate.
Meetings of
shareholders.
Power to
employ. Fixing
remuneration of
employee.
[46 of 1979
8 of 1995].
Certain
conditions of
employment of
staff of the
former Bank.
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Agricultural Development Bank Chap. 79:07 11
(3) Where an officer or servant elects to continue his
service under the Bank, he shall—
(a) be regarded as transferred to the service of the
Bank; and
(b) have preserved to him all superannuation rights
accruing at the time of his transfer; but all such
rights shall be forfeited on dismissal by the Bank
in such circumstances as they would have been
forfeited on dismissal from the service of the
former Bank.
(4) In the case of an officer or servant retiring from or
dying in the service of the Bank before the establishment of the
pension scheme in accordance with the provisions of section 25,
any superannuation rights accruing at the time of his retirement or
death shall be paid in accordance with regulations made by the
Minister for that purpose.
22. (1) An officer or servant of the former Bank who was
transferred to that Bank from the service of the Government with
the approval of the President in accordance with section 8(3) of
the former Ordinance and who holds an office or employment
under the former Bank immediately prior to the coming into
operation of this Act shall be given the option of reverting to
such office in the public service as the appropriate Service
Commission may consider appropriate having regard to the
officer’s or servant’s qualifications and experience and to the
promotional advances which the officer or servant is likely to
have made had he not been transferred to the service of the former
Bank, or of continuing his service under the Bank. The option of
reverting to an office in the public service or of continuing in
service under the Bank shall be exercisable within three years of
the coming into operation of this Act.
(2) Where an officer or servant elects to continue his
service under the Bank, he shall have preserved to him all
superannuation rights which have accrued to him under the
Pensions Act on the date of his so electing.
Officer
transferred from
the service of the
Government to
the service of the
former Bank.
[8 of 1995].
Ch. 23:52.
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LAWS OF TRINIDAD AND TOBAGO
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(3) In the case of an officer or servant not being appointed
to an office in the service of the Bank within one year of his electing
to continue his service thereunder, he shall be deemed to have
been transferred on secondment to the service of the Bank.
(4) The provisions of section 21(4) shall apply also to
officers and servants referred to in this section.
23. (1) An officer in the service of the Government may with
the approval of the Minister be appointed to an office in the service
of the Bank and upon such appointment shall become a member
of the pension scheme referred to in section 25.
(2) An appointment described in subsection (1) shall be
on such terms as may be acceptable to the Government, the Bank
and the officer concerned.
24. The Bank may provide out of its funds and make such
arrangements for training of any of its officers or employees or
other persons as it may think expedient for the efficient conduct of
the business of the Bank.
25. The Bank shall, within a period of three years from the
date of its establishment with the approval of the Minister, provide
for the establishment and maintenance of a compulsory Pension
Scheme for the benefit of the officers and servants of the Bank,
and in every such Scheme different provisions may be made for
different classes of officers and servants.
26. (Repealed by Act No. 8 of 1995).
27. The Board may, with the approval of the Minister,
make Rules—
(a) relating to the holding of the General Meetings
of shareholders of the Bank, the notices required
for the holding of the meetings and the
proceedings at the meetings;
(b) prescribing the entitlement of shareholders to vote
at any meeting and the manner in which such
votes shall be taken;
Appointment of
Government
officers to the
service of the
Bank.
Power to train
officers and
employees.
[46 of 1979
8 of 1995].
Establishment of
a Pension
Scheme.
Rules.
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LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 13
(c) prescribing the terms, conditions and
remuneration of a Secretary and of the other
employees and servants of the Bank;
(d) generally for the proper carrying out of the
objects, powers and duties of the Bank under
this Part.
PART II
FINANCIAL PROVISIONS
*28. (1) The authorised share capital of the Bank shall be
eighty million dollars divided into eight million shares valued at
ten dollars each.
(2) The authorised share capital of the Bank may be
varied, with the approval of the Minister, by resolution of the Board
passed in accordance with Rules made under this Part and any
such resolution shall not have effect unless it is approved by the
Senate and the House of Representatives.
(3) The liability of the Bank shall be limited to the value
of the number of shares issued under this Act.
29. (1) Shares in the Bank to the value of the assets of the
former Bank by this Act vested in the Agricultural Development
Bank shall be allocated to the Government and shall on the
commencement of this Act represent the shareholding of the
Government in the Bank.
(2) On the expiration of a period of two months after the
commencement of the Agricultural Development Bank
(Amendment) Act, 1989, (i.e., 11th May 1989) shares in the Bank
shall be allocated to the Government to the value of the amount
then outstanding in respect of advances made by the
Government to the Bank after making all deductions under
subsection (5), and thereupon liability to repay that amount is
extinguished and the shareholding of the Government in the Bank
is increased accordingly.
Authorised
share capital of
the Bank.
[173/1983].
Shares to be
held by
Government.
[13 of 1989].
* See section 11 of Act No. 13 of 1989 and LN 173/1983.
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(3) Where, before the expiration of the period referred to
in subsection (2), a person holding shares to which this subsection
applies, by writing given to the Bank, requests the Government to
purchase all or any of those shares, the Government shall purchase
the shares as specified in the request, at par value.
(4) Subsection (3) applies to shares in the Bank held by a
person who was required, as a condition of a loan granted by the
Bank to that person, to purchase those shares.
(5) Payment for shares that the Government purchases
from a person under subsection (3) shall be made by deducting
from the amount outstanding in respect of advances made by the
Government to the Bank the amount of the purchase price and the
Bank applying the amount deducted—
(a) first, in the reduction or discharge of the balance
of any loan from the Bank to that person that
remains outstanding;
(b) secondly, in payment of any legal or other costs
or expenses associated with the loan that the
person is liable to pay but has not paid; and
(c) lastly, to credit a savings account or term deposit
account at the Bank, or make such payment, as
that person may direct.
30. As soon as is practicable after the commencement of this
Act and thereafter, from time to time, the Board shall offer shares
in the Bank for sale to the public.
31. (1) The shares of the Bank shall be registered and
transferable in the books of the Bank.
(2) The Board shall be entitled without assigning any
reason to decline to accept any person whomsoever as the transferee
of any share.
32. (1) The Bank may, on the recommendation of the Minister,
borrow from the Government such sums as may be necessary.
(2) Loans made under this section shall be on such terms
and conditions and for such periods as the Minister may determine
Issue of shares
to the public.
[13 of 1989].
Share register
and transfer of
shares.
Bank may
borrow from
Government.
[8 of 1995].
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Agricultural Development Bank Chap. 79:07 15
but shall not in any event be made for a period in excess of thirty
years and repayment shall commence not later than ten years from
the date when the loan was made.
33. The Board with the approval of the Minister may
make Rules—
(a) regulating the rights of holders of shares and the
variation of such rights;
(b) relating to any lien on shares not fully paid;
(c) prescribing the circumstances under which a
call on shares may be made by the Board;
(d) regulating the mode of transfer or transmission
of shares;
(e) specifying the circumstances in which shares may
be forfeited and the procedure to be adopted for
the forfeiture;
(f) describing the method of conversion of shares
into stocks;
(g) regulating the alteration of its share capital;
(h) prescribing the borrowing powers of the Bank;
(i) describing the manner of declaring dividend and
of creating reserves;
(j) specifying the methods of keeping the accounts
of the Bank and the mode of preparation of profit
and loss accounts, balance sheet and reports; and
(k) regulating the capitalisation of profits.
PART III
BUSINESS OF BANK, DEPOSITS, LOANS, ETC.
34. The Bank shall have the power to—
(a) open accounts for and accept savings or time
deposits from the public;
(b) grant or underwrite loans for the development of
agriculture, commercial fishing and industries
connected thereto to such persons;
(c) take any form of security for the repayment
of money;
Rules made
under this Part.
Powers of the
Bank.
[8 of 1995].
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LAWS OF TRINIDAD AND TOBAGO
16 Chap. 79:07 Agricultural Development Bank
(d) undertake equity investments in companies;
(e) engage in joint ventures with other companies;
(f) raise money for the financing of its operations;
(g) borrow money in the manner prescribed under
section 33;
(h) acquire, purchase, hold and enjoy personal and
real property of every description;
(i) convey, assign, surrender and yield up, mortgage,
devise, reassign, transfer or otherwise dispose of,
or deal with, any personal or real property vested
in the Bank;
(j) accept surrenders, assignments or reconveyances,
exchange any property, and enter into contracts;
(k) engage in the factoring of trade indebtedness and
the discounting of negotiable instruments and deal
in all forms of security;
(l) assist generally in the development of the
agricultural co-operative movement;
(m) do such other things as are incidental to the
attainment of its objects.
34A. (1) The Minister may give the Board directions of a
special or general nature on the policy to be followed in the
exercise of the powers conferred and duties imposed by this Act.
(2) Any directions which the Minister gives under
subsection (1) shall be in writing.
35. Loans which the Bank may make shall be on such terms
and conditions and for such periods as the Board may consider
appropriate.
36.
to
41.
Minister to give
directions to
Board.
[8 of 1995].
Catergories of
loans.
} (Repealed by Act No. 8 of 1995).
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42. (1) Every loan shall be within such limits as may be
prescribed and shall be made subject to such security as the Board
may think sufficient.
(2) Every loan shall bear interest at a rate to be determined
in accordance with policy guidelines established by the Board.
(3) Every loan, together with interest thereon, shall be
repayable within such period as may be prescribed or fixed by the
Board, as the case may be.
43. (1) No loan made under the provisions of this Act shall
be applied otherwise than for such purposes as may be authorised
by the Bank.
(2) Any person who applies any loan or part thereof or
any advance, or part thereof made to him under the provisions of
this Act to any purpose other than those authorised by the Bank is
liable on summary conviction to a fine of one thousand five hundred
dollars and to imprisonment for six months.
(3) The provisions of subsection (2) shall be without
prejudice to the rights of the Bank to recover the amount of the
loan with the interest due and payable thereon in accordance with
the terms and conditions set out in the instrument under which the
loan has been granted.
44. (1) Applications for loans from the Bank shall be made
on the prescribed form and shall be addressed to the Chairman of
the Board.
(2) Subject to this Act and the Rules and Regulations
made thereunder and to the power of the Minister so long as
Government holds a controlling interest to vary the amounts
specified in this subsection—
(a) loans to the value of $5,000 may be granted by
the Managers of branches of the Bank;
(b) loans to the value of $30,000 may be granted by
the Managing Director.
(3) All loan applications shall be reported to the Board.
Provisions
relating to loans.
[13 of 1989
8 of 1995].
Applications of
loans.
[13 of 1989].
Form of
application
for loans.
[46 of 1979].
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LAWS OF TRINIDAD AND TOBAGO
18 Chap. 79:07 Agricultural Development Bank
45. (1) Subject to subsection (3), the Board may grant loans
to individuals and such bodies of persons whether corporate or not
as the Board may approve with such security as may be prescribed
for any of the purposes specified in subsection (2).
(2) The purposes referred to in subsection (1) are—
(a) the purchase of fishing equipment;
(b) the processing of fish products; and
(c) the provision of marketing facilities for fish and
fish products.
(3) Subject to subsection (2), the provisions of this Part
which relate to the grant of loans for agricultural purposes shall
apply mutatis mutandis to loans granted under this section.
*46. (Repealed by Act No. 13 of 1989).
47. Notwithstanding anything contained in this Part relating
to the repayment of any loan, the Bank shall, in fixing the terms
and conditions in accordance with which such loan is to be granted,
have regard to earning capacity of the undertaking to which the
loan is to be applied and to any other circumstances which may
affect the ability of the borrower to repay the capital and the interest
thereon by regular instalments and may in appropriate cases—
(a) agree that the capital and the interest thereon may
be repaid by amortised payment;
(b) permit the non-payment of any part of the capital
or interest due and payable under the instrument
of charge for such period or periods as it may fix
from time to time.
PART IV
TRANSITIONAL, REGULATIONS AND REPEAL
48. (1) All lands and property of whatsoever nature vested in
the former Bank shall be and are hereby transferred to the Bank
constituted under this Act without any conveyance, transfer or other
formality and shall vest in the Bank in the same manner and for
the same estate as previously held by the former Bank.
Loans for
commercial
fishing.
Amortisation of
capital and
interest
moratoria.
Transitional
provisions.
*See section 9(2) of Act No. 13 of 1989.
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L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 19
(2) Every loan or advance made by the former Bank and
still due and owing on the date of the coming into operation of this
Act shall be deemed to have been made by the Bank, and all charges
of whatsoever nature for securing the repayment of any such loan
or advance, to the former Bank shall be deemed to have been
made in favour of the Bank which is hereby substituted without
any other formality for the former Bank in every deed and every
memorandum of mortgage or charge and other document
evidencing any such loan or advance for securing its repayment.
(3) All the benefits of any policies of insurance made
by borrowers under the former Ordinance either as collateral
security or in respect of buildings and machinery secured by
mortgage and every insurance assigned in favour of the former
Bank by borrowing shall be deemed to have been assigned to the
Bank and the policies concerned and all benefits accruing
hereunder shall subsist and have effect accordingly without any
notice or other formality whatsoever.
(4) Any memorandum of mortgage or advance endorsed
by the Registrar General on a State grant or certificate of title, as
provided by the former Ordinance, shall be deemed without any
further endorsement being necessary to have been made in respect
of a memorandum of mortgage or advance in favour of the Bank.
(5) All the rights, powers, privileges and authorities vested
in or exercisable by the former Bank are hereby transferred to and
shall be exercisable by the Bank, and all the liabilities of the former
Bank immediately prior to the coming into operation of this Act
are hereby transferred and assigned to and shall become the liability
of the Bank.
(6) All loans made by the former Bank in favour of
agricultural co-operative societies or agricultural credit societies
and still due and owing on the date of coming into operation of
this Act shall be deemed to have been made by the Bank and all
the rights, powers, privileges and authorities vested in or exercisable
by the former Bank in connection with any such loan are hereby
transferred and assigned to and shall be exercisable by the Bank,
provided that on the coming into operation of this Act, the Bank
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LAWS OF TRINIDAD AND TOBAGO
20 Chap. 79:07 Agricultural Development Bank
shall be charged with and assume responsibility of and liability
for all the amounts loaned by Government to such agricultural co-
operative societies and agricultural credit societies, but shall not
be liable to Government for any such amounts as are irrecoverable.
(7) Without limiting the generality of subsections (1)
to (6), all moneys standing immediately prior to the coming
into operation of this Act to the credit of the former Bank shall
be deemed to be transferred to and are hereby vested in the
Bank, and the right to recover and receive all moneys due to
the former Bank, immediately prior to the coming into operation
of this Act, or which would thereafter have become due to the
Bank had not this Act come into operation, shall be deemed to
be transferred to, and is hereby vested in, the Bank.
(8) The assets transferred to the Agricultural Development
Bank by this section shall be valued by a qualified valuer approved
by the Minister and shall be applied in the manner provided for by
section 28.
49. The Board may with the approval of the Minister make
Regulations relating to the conduct of the affairs of the Bank.
50. The provisions of the Banking Act shall not apply to the
Agricultural Development Bank.
Regulations.
[13 of 1989
8 of 1995].
Applications.
Ch. 79:01.
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L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 21
SUBSIDIARY LEGISLATION
AGRICULTURAL DEVELOPMENT BANK RULES
ARRANGEMENT OF RULES
RULE
1. Citation.
2. Interpretation.
PART I
MANAGEMENT OF BANK, FUNCTIONS AND POWERS
OF THE BOARD, AND GENERAL PROVISIONS
3. Seal.
4. Application of funds.
5. Financial procedure.
6. Procedure at Board meetings.
7. Delegation of powers of the Board.
8. Cancellation or modification of approval of loan.
9. Determining the valuation of property.
10. Requirement for surety.
Proof as to means of surety.
11. Leave of members of the Board.
12. Board member or employee or servant of the Bank not to borrow
from Bank without Minister’s approval.
13. Managing Director to render full-time service.
14. Supervision of authority of branch manager during training period.
15. Rules for carrying out objects of the Bank.
16. Terms and conditions of loan.
Amortisation.
17. Loans to Agricultural Credit Society.
18. Repayment of half-yearly instalments.
19. Enforcement of loan repayment.
20. Books and records.
21. Forms for dealing in shares.
PART II
GENERAL MEETINGS OF
SHAREHOLDERS OF THE BANK
TERMS AND CONDITIONS OF EMPLOYMENT
22. Annual General Meeting.
Extraordinary general meeting.
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[Subsidiary] Agricultural Development Bank Rules
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22 Chap. 79:07 Agricultural Development Bank
23. Notice of Meetings.
24. Notice in writing of matter brought forward by shareholder for
discussion.
25. Business at Annual General Meeting.
26. Special business at Extraordinary Meetings.
27. Chairman of Annual and Extraordinary General Meetings.
28. Conduct of Meetings.
29. Quorum.
30. Manner of voting.
31. Proxy.
PART III
SHARES IN THE BANK
32. Issue of statement of prospectus.
33. Application for shares.
Allotment of shares
Post.
Return of allotment.
34. Power of Board to limit number of shares to individual members.
35. Share premium account.
36. Redeemable preference shares.
37. Register of shareholders.
38. Regulating the rights of shareholders.
39. No notice of trust equitable future or partial interest in share.
40. Share certificate.
41. Lien.
42. Calls.
43. Transfer of shares.
44. Transmission of shares on the death of a holder or joint holder.
45. Forfeiture of shares.
46. Conversion of shares into stock.
47. Alteration of capital.
48. Dividend.
49. Accounts.
50. Capitalisation of profits.
51. Borrowing powers of the Bank.
52. Resolution to be passed.
53. Purpose of loan to be stated.
54. Legal expenses to be paid by the Bank.
55. Board members to be notified.
56. Minutes to include resolutions.
ARRANGEMENT OF RULES—Continued
RULE
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L.R.O.
[Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 23
105/1969.
[60 of 1987].
Citation.
Interpretation.
Seal.
Application of
funds.
AGRICULTURAL DEVELOPMENT BANK RULES
made under sections 27 and 33
1. These Rules may be cited as the Agricultural Development
Bank Rules.
2. In these Rules—
“ordinary resolution” means a resolution passed by a simple
majority;
“the Regulations” means the Agricultural Development Bank
Regulations;
“share” means share in the share capital of the Bank.
PART I
MANAGEMENT OF BANK, FUNCTIONS AND POWERS
OF THE BOARD, AND GENERAL PROVISIONS
3. The Bank’s seal shall be authenticated by the signature of
the Chairman of the Board or in his absence the Acting Chairman.
4. The Bank shall apply its funds for the following purposes:
(a) the payment of salaries, fees, remuneration and
other allowances of the officers and servants of
the Bank;
(b) payment of interest on sums borrowed by the
Bank or other credits and repayments of such
sums;
(c) payment of interest on sums deposited under the
terms of section 34(a) of the Act;
(d) the making of loans and advances under terms of
the Act;
(e) the payment of rates, taxes, insurance premiums
and other outgoings and of expenses of
maintenance and disposal in connection with
lands, buildings or other properties which become
vested in the Bank;
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LAWS OF TRINIDAD AND TOBAGO
24 Chap. 79:07 Agricultural Development Bank
Financial
procedure.
Procedure at
Board meetings.
(f) any overdraft at a commercial or other Bank at
which the Bank may have an account;
(g) the payment of all other sums and expenses
authorised by or incidental to operations under
the Act.
5. (1) Every sum payable to the Bank shall be collected and
received for and on account of the funds of the Bank and a receipt
for any sum paid to the Bank may be signed by an officer of the
Bank authorised by the Board generally or specially in that behalf.
(2) All payments out of the funds of the Bank shall be
made by officers of the Bank authorised by resolution of the Board
generally or specially in that behalf.
(3) Officers of the Bank generally or specially authorised
in that behalf by resolution of the Board may retain in their hands
sums as may be specified in that resolution to meet petty
disbursements or for immediate payments.
(4) Cheques on any banking account of the Bank shall
be signed and countersigned by such officers of the Bank as
may be generally or specially authorised in that behalf by resolution
of the Board.
6. In pursuance of the powers conferred by section 13(5) of
the Act the following rules shall apply:
(a) the Chairman, or in his absence the Acting
Chairman, shall preside at all meetings of the
Board; and in the absence of both the Chairman
and the Acting Chairman, the members present
at a meeting shall elect one of their members to
preside at that meeting;
(b) the decisions of the Board shall be by a majority
of votes;
(c) every decision of the Board shall be taken at a
meeting or, in cases in which the Chairman so
directs, by the recording of the opinions of
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LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 25
L.R.O.
Delegation of
powers of the
Board.
Cancellation or
modification of
approval of loan.
Determining the
valuation of
property.
members on papers circulated among them and,
where papers are circulated, the Chairman may
direct that the papers be not circulated to any
member who through interest, illness, absence
from Trinidad and Tobago or otherwise is, in the
opinion of the Chairman, incapacitated from
voting on the papers;
(d) minutes in proper form of each meeting shall be
kept by the Secretary and shall be confirmed by
the Board and signed by the Chairman or other
member presiding;
(e) so long as Government holds a controlling interest
in the Bank a certified copy of the minutes of
every meeting when confirmed shall be forwarded
to the Minister;
(f) the provisions of these rules that apply to general
meetings shall, where the Board thinks fit, be
applied mutatis mutandis to meetings held by
the Board.
7. The Board may by resolution delegate to any of its
members or to any officer or officers of the Bank such of its powers
and duties as it considers expedient to do so.
8. The Board may at any time after the approval of a loan or
advance and before the actual payment of the money and without
assigning any reason therefor cancel or modify its approval and
withhold payment of the whole or a portion of the money, or modify
the approval of such terms and conditions including those in respect
of the interest payable as it thinks fit.
9. (1) The Board may, in arriving at the valuation of any
lands offered as security for a loan or advance under the provisions
of the Act, procure information on statutory declaration concerning
the lands and determine the valuation on the basis of revenue,
productive capacity or acreage, among other factors having regard
to such information.
(2) The Board may nominate or appoint a Valuation
Authority for the purposes of subrule (1).
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LAWS OF TRINIDAD AND TOBAGO
26 Chap. 79:07 Agricultural Development Bank
Requirement for
surety.
Proof as to
means of surety.
Leave of
members of the
Board.
Board member
or employee or
servant of the
Bank not to
borrow from
Bank without
Minister’s
approval.
Managing
Director to
render full-time
service.
Supervision of
authority of
branch manager
during training
period.
Rules for
carrying out
objects of the
Bank.
10. (1) The Board or such officers as are authorised under
the Act to approve loans may require a surety in respect of
any loan and such surety shall be a party to an instrument of
charge required under the terms of the Act to secure the loan
and shall be jointly liable with the borrower for repayment of
the principal sum advanced with interest thereon or any
outstanding part thereof.
(2) The Board may require the surety to furnish to its
satisfaction proof as to his means in the manner and to the
extent it thinks necessary so as to ensure that the loan is
adequately secured.
11. The Minister may, on the application of any member of
the Board, grant to such member leave of absence for any period
not exceeding six months.
12. A member of the Board or an employee or servant of the
Bank shall not become a borrower from the Bank, except with the
prior approval of the Minister.
13. Subject to section 14(3) of the Act, any person who is
appointed to the post of Managing Director should render
full-time service and should not engage in any other business except
with the prior permission of the Board.
14. The exercise of authority by the branch managers may be
limited by the Managing Director for good reason during a training
period and until he considers the branch manager fully competent
to exercise the powers granted to him under the Act.
15. In furtherance of the objects stated in section 6 of the Act,
the policy of the Bank shall be as follows:
(a) to increase the total productive investment in
agriculture both in real terms and in comparison
with investments in other sectors of the economy;
(b) to increase the productivity of the individual farmer
and his actual production of the commodities most
needed in the national economy;
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Agricultural Development Bank Chap. 79:07 27
L.R.O.
Terms and
conditions of
loan.
Amortisation.
(c) to increase the level of employment and earnings
among farmers and fishermen with consequent
improvement in their levels of living;
(d) to provide both credits and technical assistance
in the proportions necessary to the achievement
of these ends.
16. (1) Notwithstanding anything to the contrary contained
in these Rules, the Bank may demand from a borrower to whom it
proposes to make a loan or advance whether on the security or by
way of mortgage, charge, assignment or policy, agreement, Bill of
Exchange, promissory note or howsoever otherwise the loan or
advance may be secured or made, on a stated day, the principal
moneys of the loan or advance with interest thereon in the meantime
at a stated rate and thereafter, if and as long as the principal moneys
or any part of the loan or advance remains unpaid to demand and
receive interest thereon, at the stated rate by either equal monthly,
quarterly, semi-annual or annual payments, the first thereof to be
made at the end of one, three, six or twelve calendar month or
months, as the case may be, accordingly.
(2) Subject as otherwise expressly provided in the Act, a
loan or advance made by the Bank to a borrower may carry interest
at a rate stated, a year, as may be determined by the Board in the
manner provided by subrule (1) provided that the loan or advance
may be made by the Bank to a borrower subject to a provision of
the repayment of the loan or advance on an amortisation plan by
means of a fixed number of monthly, quarterly, semi-annual or
annual instalments, sufficient to cover the interest on the loan or
advance and such amounts to be applied towards the principal as
will extinguish the debt within the agreed period of not more than
thirty years.
(3) Notwithstanding these Rules, the borrower may at any
time or times pay off all or any part of the principal money for the
time being owing on any loan or advance, provided that upon the
payment the interest on the whole principal money for the time
being owing computed to the end of the current month be fully
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[Subsidiary] Agricultural Development Bank Rules
LAWS OF TRINIDAD AND TOBAGO
28 Chap. 79:07 Agricultural Development Bank
Loans to
Agricultural
Credit Society.
First Schedule
of Regulations.
Repayment by
half-yearly
instalments.
Enforcement of
loan repayment.
paid and that interest shall thereafter be payable by the borrower
on so much only of the principal money as remains unpaid after
the payment.
(4) The Bank may—
(a) at any time accept payment of the whole or any
part of the amount representing the principal of a
loan or advance and interest thereon computed to
the end of the current month or any fixed sum or
payment of the principal of a loan or advance and
interest thereon on an amortisation plan, before
the time when the payment is due;
(b) if payment of any principal sum is made after the
date for payment expressed in the amortisation
plan require that interest shall be paid on the
outstanding principal sum up to the time of
payment or on such terms and conditions as the
Bank may think fit.
17. When a loan is made to an Agricultural Credit Society or
to an Agricultural Co-operative Society—
(a) the loan may be made repayable by instalments
in such sums and at such times as the Bank may
determine;
(b) the society and the Bank shall enter into an
agreement for the repayment of the loan and the
payment of interest thereon in the form set out in
the First Schedule to the Regulations.
18. Every loan with interest at the prescribed rate shall be
repaid by the borrower to the Bank within such terms of years as is
agreed upon by the borrower and the Bank by payment on 30th
June or on 31st December in each year or on both such dates of
instalments consisting partly of principal and partly of interest.
19. If any borrower makes default in the repayment of any
loan made to him for any of the purposes specified in the Act, the
Bank may take such action as may be specified in the charge
securing the loan or as may by law be taken by a mortgagee.
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LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 29
L.R.O.
Books and
records.
Forms for
dealing in
shares.
Annual General
Meeting.
Extraordinary
General
Meeting.
Notice of
Meetings.
20. The Bank shall keep adequate financial and statistical
records, books and other documents to record in detail all
transactions taking place at the head office and branch offices.
21. All transactions or dealings in shares under the Act shall
be effected by such forms as may be prescribed by the Board.
PART II
GENERAL MEETINGS OF
SHAREHOLDERS OF THE BANK
TERMS AND CONDITIONS OF EMPLOYMENT
22. (1) An Ordinary General Meeting of Shareholders of
the Bank called the Annual General Meeting shall be convened
once in every year at such place and at such time as may be
specified by the Board. In default of the General Meeting being
so held, it shall be held in the month next following, and may
be convened in the same manner as Meetings of the Board under
section 13 of the Act.
(2) The Board may whenever it thinks fit convene any
other General Meeting to be called an Extraordinary General
Meeting, and such Meetings shall also where Government no longer
holds a controlling interest in the Bank be convened on the
requisition of holders of one-tenth of the paid-up capital of the
Bank and if the Board does not within two months of the deposit
of such a requisition convene the Meeting the requisitionists may
thereafter convene it themselves.
23. (1) An Annual General Meeting shall be called by giving
at least fourteen days’ notice in writing and an Extraordinary
General Meeting shall be called by giving at least twenty-eight
days’ notice in writing. The notice shall specify the place, the day
and the hour of meeting and in case of special business, it is
sufficient if the general nature of that business is expressed and
notice shall be deemed to be served by the Bank to a member on
the date it was posted to him or to his registered address or if he
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30 Chap. 79:07 Agricultural Development Bank
has no registered address within Trinidad and Tobago, to the address
supplied by him to the Bank for this purpose or in such other
manner, if any, as may be prescribed by the Board, or on the date it
was given to him personally.
(2) The accidental omission to give notice of a meeting
to or the non-receipt of a notice of a meeting by a member shall
not invalidate the proceedings at any meeting.
24. A shareholder who desires to bring forward any matter for
discussion at an Annual General Meeting shall give notice thereof
in writing to the Secretary of the Board at least seven days before
the date fixed for the meeting.
25. The Chairman shall at the Annual General Meeting present
the Annual Report and review the affairs and operation of the Bank
during the preceding year. The Financial Statement, the Audited
Accounts of the Bank and the Auditors Report shall also be
presented to the meeting.
26. At an Extraordinary General Meeting any business may
be transacted and all business shall be deemed special that is
transacted at the meetings with the exception of declaring a
dividend, the consideration of the accounts, balance sheets, and
the ordinary report of the Board of Directors and the auditors, the
election of Board members and other officers.
27. The Chairman of the Board of Directors shall preside as
Chairman at every Annual General Meeting and Extraordinary
General Meeting of the Bank and if there is no such Chairman, or
in his absence or inability to act or if he is not willing to act as
Chairman, any member of the Board chosen by Board members
present may do so or failing this the members present shall choose
someone of their number to be Chairman.
28. (1) The decision of the Chairman on all points of order
or concerning the interpretation of any part of these Rules shall
be final and conclusive at any Annual General or Extraordinary
General Meeting over which he is presiding.
Notice in writing
of matter
brought forward
by shareholder
for discussion.
Business at
Annual General
Meeting.
Special business
at Extraordinary
Meetings.
Chairman of
Annual and
Extraordinary
General
Meetings.
Conduct of
Meetings.
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L.R.O.
(2) No motion may be debated unless and until it has been
moved and seconded by two shareholders.
(3) All speeches shall be strictly limited to moving or
supporting or opposing a motion or an amendment regularly before
the meeting or to a point of order and shall be addressed to the
Chairman of the Meeting.
(4) No shareholder shall be allowed to speak on any
question after it has been put to the Meeting for a vote to be taken
thereon.
(5) It shall be the duty of the Chairman to preserve order
and to see that procedures are regularly conducted and he may
warn any shareholder disturbing the good order of the Meeting
and if that shareholder persists in so doing the Chairman may
require him to withdraw from the Meeting.
29. (1) No business shall be transacted at any General Meeting
unless a quorum of members is present at the Meeting when the
Meeting proceeds to business; save as herein otherwise provided
twenty members personally present shall be a quorum.
(2) If within half an hour from the time appointed for the
meeting a quorum is not present, the meeting, if convened upon
the requisition of members, shall be dissolved; in any other case it
shall stand adjourned to the same day in the next week, at the
same time and place, and if at the adjourned meeting a quorum is
not present within half an hour from the time appointed for the
meeting the members present shall be a quorum.
(3) The Chairman may, with consent of any meeting at
which a quorum is present (and shall if so directed by the meeting)
adjourn the meeting from time to time but no business shall be
transacted at an adjourned meeting other than the business left
unfinished at the meeting from which the adjournment took place.
30. (1) At any General or Extraordinary General Meeting a
resolution put to the vote of the meeting shall be decided on a
show of hands, unless a poll is (before or on the declaration of the
Quorum.
Manner of
voting.
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[Subsidiary] Agricultural Development Bank Rules
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32 Chap. 79:07 Agricultural Development Bank
result of the show of hands) demanded by at least three members
present in person or by proxy entitled to vote or by one member or
two members so present and entitled, if that member or those two
members so present and entitled, together hold not less than fifteen
per cent of the paid-up capital of the Bank. Unless a poll is so
demanded, a declaration by the Chairman that a resolution has, on
a show of hands, been carried, or carried unanimously, or by a
particular majority or lost, and an entry to that effect in the book of
proceedings of the Bank, shall be conclusive evidence of the fact
without proof of the number or proportion of the votes recorded in
favour of, or against, that resolution.
(2) If a poll is demanded it shall be taken in such manner
as the Chairman directs, and the result of the poll shall be held to
be the resolution of the meeting at which the poll was demanded.
(3) In case of an equality of votes, whether on a show of
hands or on a poll, the Chairman of the meeting at which the show
of hands takes place or at which the poll is demanded, shall be
entitled to a second or casting vote.
(4) A poll demanded on the election of a Chairman or on
a question of adjournment shall be taken forthwith. A poll
demanded on any other question shall be taken at such time as the
Chairman of the meeting directs.
(5) On a show of hands every member present in person
shall have one vote. On poll every member shall have one vote for
each share of which he is the holder.
(6) In the case of joint holders the vote of the senior who
tenders a vote, whether in person or by proxy, shall be accepted to
the exclusion of the votes of the other joint holders and for this
purpose seniority shall be determined by the order in which the
names stand in the register of members.
(7) No member shall be entitled to vote at any General or
Extraordinary General Meeting unless all calls or other sums
payable up to date of the meeting by him in respect of shares in the
Bank have been paid.
UNOFFICIAL VERSION
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(8) On a poll votes may be given either personally or
by proxy.
31. (1) The instrument appointing a proxy shall be in writing
under the hand of the appointor or of his attorney duly authorised
by deed or, if the appointor is a corporation, either under seal or
under the hand of an officer or attorney duly authorised. A proxy
shall be a shareholder of the Bank. The Minister may appoint
a representative not being a shareholder to be a proxy and he shall
be entitled to demand a poll and on the poll he shall be entitled to
a vote for every share of which Government is the holder.
(2) The instrument appointing a proxy and the power of
attorney or other authority, if any, under which it is signed or a
notarially certified copy of that power or authority shall be
deposited at the Bank not less than forty-eight hours before the
time for holding the meeting or adjourned meeting at which the
person named in the instrument proposes to vote, and in default
the instrument of proxy shall not be treated as valid.
(3) An instrument appointing a proxy may be in the
following form or any other form which the Board shall approve:
AGRICULTURAL DEVELOPMENT
BANK OF TRINIDAD AND TOBAGO
APPOINTMENT OF PROXY
“I ......................... of .............................................................being a member
of the Agricultural Development Bank of Trinidad and Tobago, hereby appoint
.............................................................. of ........................... also a member thereof
as my proxy to vote for me and on my behalf at the (Ordinary or Annual or
Extraordinary as the case may be) General Meeting of the Bank to be held on
the ........... day of ......................... 20......
Signed this .............day of ......................... 20......”.
(4) The instrument appointing a proxy shall be held to
confer authority to demand or join in demanding a poll.
Proxy.
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[Subsidiary] Agricultural Development Bank Rules
LAWS OF TRINIDAD AND TOBAGO
34 Chap. 79:07 Agricultural Development Bank
PART III
SHARES IN THE BANK
32. (1) For the purposes of section 30(1) of the Act the
Bank shall issue a statement or prospectus or other invitation
offering to the public the sale of shares in the Bank.
(2) The statement or prospectus shall contain
such information and particulars as the Board may by
resolution determine.
(3) The Board may, before the issue of shares to the public,
authorise that a specified number of shares in the Bank or such
less number as are not taken up by the public by way of subscription
be underwritten on such terms and conditions as may be agreed.
(4) The Board may if necessary employ a reputable and
independent broker or other person or body on such terms, as it
may think fit, to procure the underwriting.
33. (1) An application for shares in the Bank shall be made
in writing in the form prescribed and if accepted a letter of allotment
of shares shall be sent to the applicant.
(2) The allotment shall be made by the Board and shall
be effected by a letter of allotment containing such provisions
including those in respect of payment and registration of the allottee
as the Board may direct.
(3) The post shall be the recognised mode of
communication of the acceptance or allotment of shares.
(4) Returns of allotment shall be prepared in such manner
and within such period or periods as the Board may direct and
may contain such particulars as the Board may determine including
those in respect of the number and nominal amount of shares, the
names and addresses of allottees and the amounts paid on the share.
34. The Board may if it thinks necessary limit the number of
shares issued to any member or to members generally.
Issue of
statement of
prospectus.
Application for
shares.
Allotment of
shares.
Post.
Return of
allotment.
Power of Board
to limit number
of shares to
individual
members.
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Agricultural Development Bank Chap. 79:07 35
L.R.O.
35. The Bank may, if it thinks appropriate in consequence of
a demand by the public for shares or for expressed reasons, issue
shares at a premium and the premiums from such an issue must be
transferred to an account called “the Share Premium Account”.
36. Any share or shares may be issued by the Board on the
terms that they are, or at the option of the Bank are liable, to be
redeemed on such terms and in such manner as the Board may by
Resolution determine. However, shares so issued can only be
redeemed—
(a) if they are fully paid;
(b) out of the profits available for dividend;
(c) out of a fresh issue of shares made for the
purpose of redeeming them.
37. (1) The Bank shall keep an indexed register of
shareholders containing—
(a) the names and addresses of the shareholders;
(b) a statement of the shares held by the shareholder,
distinguishing each share by its number (if it has
one) and the amount paid (or considered as paid)
on the shares of each shareholder;
(c) the date at which any person was entered in the
register as a shareholder and the date at which
any person ceased to be a shareholder.
(2) The register is prima facie evidence of any matter
contained in it, but it may be rectified by the Board on application
in writing of any aggrieved shareholder affected by its provisions.
38. (1) Any share in the Bank may be issued with such
preferred, deferred or other special rights as the Board may
think fit.
(2) Without prejudice to any special rights conferred on
the holders of any shares or class of shares, any share in the Bank
may be issued subject to such terms and conditions as the Board
may from time to time by ordinary resolution determine.
Share premium
account.
Redeemable
preference
shares.
Register of
shareholders.
Regulating the
rights of
shareholders.
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[Subsidiary] Agricultural Development Bank Rules
LAWS OF TRINIDAD AND TOBAGO
36 Chap. 79:07 Agricultural Development Bank
(3) The holder of every share shall have the right to
attend and vote or to appoint a proxy to attend and vote at a
general meeting, to be issued with a share certificate under seal,
to transfer his shares and to be entitled to proper notice of calls
and forfeiture of his shares and to dividends which have been
declared for payment.
39. No person shall be recognised by the Bank as holding any
share upon any trust, and the Bank shall not be bound by or be
compelled in any way to recognise even thereof any equitable,
contingent, future or partial interest in any share or any interest in
any fractional part of a share or any other rights in respect of any
share except an absolute right to the entirety thereof in the registered
holder of the share.
40. Every share certificate shall specify the share or shares
held by the holder thereof and the amount paid up thereon, but in
respect of a share or shares held jointly by several persons the
Bank shall not be bound to issue more than one certificate, and
delivery of a certificate for a share to one of several joint holders
shall be sufficient delivery to all such holders.
41. (1) The Bank shall have a lien on all shares which are not
fully paid for moneys due from the shareholder to the Bank in
respect of the shares.
(2) The lien may be enforced by the Bank as follows:
(a) by withholding dividends on the shares;
(b) by declining to register any transfer of the shares;
(c) by selling the shares;
(d) in pursuance thereof the Bank may enforce the
lien by selling in such manner as the Board thinks
fit, any shares on which the Bank has a lien, but
no sale shall be made unless a sum in respect of
which the lien exists is due and payable, nor until
the expiration of fourteen days after a notice in
writing, stating and demanding payment of such
No notice of
trust equitable
future or partial
interest in share.
Share
certificate.
Lien.
UNOFFICIAL VERSION
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Agricultural Development Bank Chap. 79:07 37
L.R.O.
part of the amount in respect of which the lien
exists as is due and payable, has been given to
the registered holder for the time being of the
share, or the person entitled thereto by reason of
his death or bankruptcy;
(e) to give effect to any such sale the Board may
authorise some person to transfer the shares sold
to the purchaser thereof. The purchaser shall be
registered as the holder of the shares comprised
in any such transfer, and he shall not be bound to
see to the application of the purchase money, nor
shall his title to the shares be effected by any
irregularity or invalidity in the proceedings in
reference to the sale;
(f) the proceeds of the sale shall be received by the
Bank and applied in payment of such part of the
amount in respect of which the lien exists as is
due and payable, and the residue, if any, shall,
subject to a like lien for sums not presently
payable as existed upon the shares before the sale,
be paid to the person entitled to the shares at the
date of the sale.
42. (1) The Board may from time to time make calls upon
the members in respect of any moneys unpaid on their shares, but
no call shall exceed one-fourth of the nominal value of the shares
or be payable at less than one month from the date fixed for the
payment of the last preceding call, and each member shall, subject
to receiving at least fourteen days’ notice specifying the time or
times and place of payment, pay to the Bank at the time or times
and place so specified the amount called on his shares. A call may
be revoked or postponed as the Board may determine.
(2) A call shall be deemed to have been made at the time
when the resolution of the Board authorising the call was passed.
(3) The joint holders of a share shall be jointly and
severally liable to pay all calls in respect thereof.
Calls.
UNOFFICIAL VERSION
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[Subsidiary] Agricultural Development Bank Rules
LAWS OF TRINIDAD AND TOBAGO
38 Chap. 79:07 Agricultural Development Bank
(4) If a sum called in respect of a share is not paid before
or on the day appointed for payment, the person from whom the
sum is due shall pay interest on the sum from the day appointed
for payment to the time of actual payment at such rate not exceeding
six per cent a year but the Board shall be at liberty to waive payment
of the interest wholly or in part.
(5) Any sum which by terms of issue of a share becomes
payable on any fixed date, whether on account of the nominal value
of the share or by way of premium, shall for the purposes of these
Rules be deemed to be a call duly made and payable on the date on
which by the terms of issue the same becomes payable, and in
case of non-payment all the relevant provisions of these Rules as
to payment of interest and expenses, forfeiture or otherwise shall
apply as if the sum had become payable by virtue of a call duly
made and notified, subject to the provision of the Act.
(6) The Board may not, on issue of shares, distinguish
between the holders as to the amount of calls to be paid and the
times of payment, unless an express arrangement to that effect has
been made in writing.
(7) The Bank may, if it thinks fit, receive from any
member willing to advance the same, all or any part of the moneys
uncalled and unpaid upon any shares held by him.
43. (1) The instrument of transfer of any share shall be
executed by or on behalf of the transferor and transferee, and the
transferor shall be deemed to remain a holder of the share until the
name of the transferee is entered in the register of members in
respect thereof.
(2) Subject to the provisions of the Act shares shall be
transferred in the form, specified herein or in any usual or common
form which the Board shall approve:
“I, A.B., of .........................., in consideration of the sum of ....................
Dollars ($..........................) paid to me by C. D., of ..........................................
(hereinafter called “the said transferee”) do hereby transfer to the said
transferee the shares numbered ................ in the Agricultural Development
Transfer of
shares.
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Agricultural Development Bank Rules [Subsidiary]
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Agricultural Development Bank Chap. 79:07 39
L.R.O.
Bank of Trinidad and Tobago to hold unto the said transferee subject to the
several conditions on which I hold the same; and I, the said transferee, do
hereby agree to take the said shares subject to the terms and conditions
aforesaid. As witness whereof we have set our hands the .............. day of
............................, 20..........
................................................... ..........................................................
Witness to Signature Transferor
................................................... ..........................................................
Witness to Signature Transferee”
(3) The Directors may decline to recognise any instrument
of transfer unless—
(a) the instrument of transfer is accompanied by the
certificate of the shares to which it relates; and
(b) such other evidence as the Board may reasonably
require to show the right of the transferor to make
the transfer.
(4) Registration of a transfer approved by the Board shall
not require payment of any stamp duty.
(5) If the Board refuses to register a transfer of any shares,
it shall within two months after the date on which the transfer was
lodged or within seven days of the next Board meeting of the Bank
send to the transferee notice of the refusal.
(6) The registration of transfers may be suspended during
the fourteen days immediately preceding the ordinary general
meeting in each year at such times and for such periods as the
Board may from time to time determine, but the registration shall
not be suspended for more than thirty days in any year.
44. (1) In the case of death of a member the survivor or
survivors where the deceased was a joint holder, and the legal
personal representatives of the deceased where he was a sole holder,
shall be the only persons recognised by the Bank as having any title
to his interest in the shares; but nothing herein contained shall release
the estate of a deceased joint holder for any liability in respect of
any share which had been jointly held by him with other persons.
Transmission of
shares on the
death of a holder
or joint holder.
UNOFFICIAL VERSION
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[Subsidiary] Agricultural Development Bank Rules
LAWS OF TRINIDAD AND TOBAGO
40 Chap. 79:07 Agricultural Development Bank
(2) Any person becoming entitled to a share in
consequence of the death or bankruptcy of a member shall, upon
the production to the satisfaction of the Bank of such evidence as
it may require, have the right, either to be registered himself or to
have the transfer of the share made as the deceased or bankrupt
person could have made; but the Board shall in either case have
the same right to decline or suspend registration as it would have
had in the case of a transfer of the share by the deceased or bankrupt
person before the death or bankruptcy.
(3) All the limitations, restrictions and provisions of these
Rules relating to the right to transfer and the registration of transfers
of shares shall be applicable to any such transfer as mentioned
above as if the death or bankruptcy of the member had not occurred
and transfer were a transfer signed by that member.
(4) A person becoming entitled to a share by reason of
the death or bankruptcy of the holder shall be entitled to the same
dividends and other advantages to which he would be entitled if
he were the registered holder of the share, except that he shall not,
before being registered as a member in respect of the share, be
entitled in respect of it to exercise any right conferred by
membership in relation to meetings of the Bank.
(5) However, the Board may at any time give notice
requiring any such person to elect either to be registered himself
or to transfer the share, and if the notice is not complied with within
ninety days, the Board may thereafter withhold payment of all
dividends, bonuses or other moneys payable in respect of the share
until the requirements of the notice have been complied with.
45. (1) If a member fails to pay any call or instalment of a
call on the day appointed for payment thereof, the Board may, at
any time thereafter during such time as any part of the call or
instalment remains unpaid, direct service of a notice on him
requiring payment of so much of the call or instalment as is unpaid,
together with any interest if any which may have accrued.
(2) The notice shall name a further day (not earlier than
the expiration of fourteen days from the date of the notice) on or
Forfeiture of
shares.
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Agricultural Development Bank Rules [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 41
L.R.O.
before which the payment required by the notice is to be made,
and shall state that in the event of non-payment at or before the
time appointed the shares in respect of which the call was made
will be liable to be forfeited.
(3) If the requirements of any such notice as aforesaid
are not complied with, any share in respect of which the notice has
been given may at any time thereafter, before the payment required
by the notice has been made, be forfeited by a resolution of the
Board to that effect.
(4) A forfeited share may be sold or otherwise disposed
of on such terms and in such manner as the Board may think fit,
and at any time before a sale or disposition the forfeiture may be
cancelled on such terms as the Board thinks fit.
(5) A person whose shares have been forfeited shall cease
to be a member in respect of the forfeited shares, but shall,
notwithstanding, remain liable to pay to the Bank all moneys which,
at the date of forfeiture, were payable by him to the Bank in respect
of the shares, but his liability shall cease if and when the Bank has
received payment in full of all such moneys in respect of the shares.
(6) A statutory declaration in writing that the declarant is
a Director or the Secretary of the Bank, and that a share in the
Bank has been duly forfeited on a date stated in the declaration,
shall be conclusive evidence of the facts therein stated as against
all persons claiming to be entitled to the share. The Bank may
receive the consideration, if any, given for the share on any sale or
disposition thereof and may execute a transfer of the share in favour
of the person to whom the share is sold or disposed of and he shall
thereupon be registered as the holder of the share, and shall not be
bound to see to the application of the purchase money, if any, nor
shall his title to the share be affected by any irregularity or invalidity
in the proceedings, in reference to the forfeiture, sale or disposal
of the share.
(7) The provision of these Rules as to forfeiture shall
apply in the case of non-payment of any sum which, by the
UNOFFICIAL VERSION
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[Subsidiary] Agricultural Development Bank Rules
LAWS OF TRINIDAD AND TOBAGO
42 Chap. 79:07 Agricultural Development Bank
terms of issue of a share, becomes payable at a fixed time,
whether on account of the nominal value of the share or by way
of premium, as if the same had been payable by virtue of a call
duly made and notified.
46. (1) The Board may by ordinary resolution convert any
paid-up shares into stock, and reconvert any stock into
paid-up shares.
(2) The holders of stock may transfer the same, or any
part thereof, in the same manner, and subject to the same Rules
and Regulations, as the subject to which the shares from which the
stock arose might previously to conversion have been transferred,
or as near thereto as circumstances admit; and the Board may
from time to time fix the minimum amount of stock transferable
but so that such amount shall not exceed the nominal amount of
the shares from which the stock arose.
(3) The holders of stock shall, according to the amount
of stock held by them, have the same rights, privileges and
advantages as regards dividend, voting at meetings of the Bank
and other matters as if they held the shares from which the stock
arose, but no such privilege or advantage (except participation in
the dividends and profits of the Bank) shall be conferred by an
amount of stock which would not, if existing in shares, have
conferred that privilege or advantage.
(4) Such of the rules and regulations as are applicable to
paid-up shares shall apply to stock, and the words “share” and
“shareholder” therein shall include “stock” and “stockholder”.
47. (1) The Board may vary the authorised share capital of
the Bank with approval of the Minister by resolution of the Board
at any meeting prescribed by the Act. At least fourteen days’ notice
in writing of the meeting shall be given and the notice shall specify
the nature of the business to be transacted at the meeting. Any
such resolution may be rendered invalid by default in service of
the notice calling the meeting unless members not served waive
service of the notice.
Conversion of
shares into
stock.
Alteration of
capital.
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Agricultural Development Bank Rules [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
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L.R.O.
(2) On an increase the new shares shall be subject to the
same provisions with reference to the payment of calls, lien,
transfer, transmission, forfeiture, and otherwise as the shares in
the original share capital.
(3) The Board may by resolution—
(a) consolidate and divide all or any of its share
capital into shares of larger amount than its
existing shares;
(b) sub-divide its existing shares, or any of them into
shares of smaller amount than is fixed by the Act;
(c) cancel any shares which, at the date of the passing
of the resolution have not been taken or agreed to
be taken by any person.
(4) The Board may before issue offer new shares to
existing shareholders at the date of the offer in proportion, as nearly
as the circumstances admit, to the amount of the existing shares to
which they are entitled. The offer shall be made by notice specifying
the number of shares offered, and limiting a time within which the
offer, if not accepted, will be deemed to be declined, and after the
expiration of that time, or on the receipt of an intimation from the
person to whom the offer is made that he declines to accept the
shares offered, the Board may dispose of those shares in such
manner as it thinks most beneficial to the Bank. The Board may
likewise so dispose of any new shares which (by reason of the
ratio which the new shares bear to shares held by persons entitled
to an offer of new shares, cannot in the opinion of the Board be
conveniently offered in accordance with these Rules.
(5) The Board may by resolution reduce its share capital
and any Capital Redemption Reserve Fund in any manner and
with and subject to any incident authorised, and consent required,
by law.
48. (1) The Bank in general meeting may declare dividends,
but no dividend shall exceed the amount recommended by
the Board.
(2) The Board may from time to time pay to the members
such interim dividends as appear to the directors to be justified by
the profits of the Bank.
Dividend.
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[Subsidiary] Agricultural Development Bank Rules
LAWS OF TRINIDAD AND TOBAGO
44 Chap. 79:07 Agricultural Development Bank
(3) No dividend shall be paid otherwise than out of profits.
(4) The Board may, before recommending any dividend,
set aside out of the profits of the Bank such sums as it thinks proper
as a reserve or reserves which shall, at the discretion of the Board,
be applicable for meeting any contingencies or for equalising
dividend or for any other purpose for which the profits of the Bank
may be properly applied, and pending the application may, at the
like discretion, either be employed in the business of the Bank or
be invested in such investment (other than shares of the Bank) as
the Board may from time to time think fit. The Board may also
without placing the same to reserve carry forward any profits which
it may determine not to divide.
(5) Subject to the rights of persons, if any, entitled to
shares with special rights as to dividend, all dividends shall be
declared and paid according to the amounts paid or credited as
paid on the shares in respect whereof the dividend is paid, but no
amount paid or credited as paid on a share in advance of calls shall
be treated for the purposes of this rule as paid on the share. All
dividends shall be apportioned and paid proportionately to the
amount paid or credited as paid on the shares during any portion
or portions of the period in respect of which the dividend is paid,
unless any share is issued on terms providing that it shall rank for
dividend as from a particular date when the share shall rank for
dividend accordingly.
(6) The Board may deduct from any dividend payable to
any member all sums of money (if any) payable by him to the
Bank on account of calls or otherwise in relation to the shares of
the Bank, or to other dealings or transactions with the Bank, at the
date of declaration of the dividend.
(7) Any general meeting declaring a dividend or bonus
may direct payment of the dividend or bonus wholly or partly by
the distribution of specific assets and in particular of paid-up
shares or stock of the Bank or in any one or more of such ways,
and the Board shall give effect to such resolution and may vest
any such specific assets as to it may seem expedient, in manner
mentioned above.
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(8) Any dividend, interest or other moneys payable in cash
in respect of shares may be paid by cheque or warrant or other
instrument sent through the post directed to the registered address
of the holder or in the case of joint holders, to the registered address
of one or more of the joint holders who is first named on the register
of members or to such person and to such address as the holder or
joint holders may in writing direct. Every such cheque or warrant
or other instrument shall be made payable to the order of the person
to whom it is sent. Any one, two or more joint holders may give
effectual receipts for any dividends, bonuses or other moneys
payable in respect of the shares held by them as joint holders and
every such cheque or warrant shall be made payable to the order
of the person to whom it is sent or to such other person as the
member or person entitled or the joint holders, as the case may be,
shall direct.
(9) No dividend shall bear interest against the Bank.
49. (1) The Board shall cause proper books of account to be
kept with respect to—
(a) all sums of money received and expended by the
Bank and the matters in respect of which the
receipt and expenditure takes place;
(b) all dealings and transactions by the Bank; and
(c) the assets and liabilities of the Bank.
(2) The books of account shall be kept at the Bank or at
such other place or places as the Board thinks fit, and shall always
be open to the inspection of the Board.
(3) The Board shall, from time to time, determine
whether and to what extent and at what times and places and
under what terms and conditions or rules the accounts and books
of the Bank or any of them shall be open to the inspection of
members, and no member (not being a director) shall have any
right of inspecting any account or book or document of the Bank
except as conferred by the Act or regulation thereunder or other
rules authorised by the Board.
Accounts.
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[Subsidiary] Agricultural Development Bank Rules
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46 Chap. 79:07 Agricultural Development Bank
(4) The Board shall from time to time as it may prescribe
cause to be prepared to be laid before the Bank in general meeting
such profit and loss accounts, balance sheets and reports as it may
think fit.
(5) A copy of every balance sheet (including every
document required to be annexed thereto) which is to be laid before
the Bank in general meeting together with a copy of the Auditors’
Report shall not less than seven days before the date of the meeting
be sent to all persons entitled to receive notices of general meetings
of the Bank.
(6) The balance sheet must be examined by the Board
and signed by the Chairman and one other director or
Board member.
(7) The books kept, the accounts and the balance sheet
must give a true and fair view of the state of affairs of the Bank
and explain its transactions.
50. (1) The Bank in general meeting may upon the
recommendation of the Board resolve that it is desirable to capitalise
any part of the amount for the time being standing to the credit of
any of the Bank’s reserve accounts or to the credit of the profit and
loss account or otherwise available for distribution, and accordingly
that such sum be set free for distribution amongst the members
who would have been entitled thereto if distributed by way of a
dividend and in the same proportions on condition that the same is
not paid in cash but is applied either in or towards paying up any
amounts for the time being unpaid on any shares held by the
members respectively or paying up in full unissued shares or
debentures of the Bank to be allotted and distributed credited as
fully paid up and amongst such members in the proportion
aforesaid, or partly in the one way and partly in the other, and the
Board shall give effect to the resolution.
(2) However, a share premium account if any and a capital
redemption reserve fund may, for the purposes of this rule, only
be applied in the paying up of unissued shares to be issued to
members of the Bank as fully-paid bonus shares.
Capitalisation
of profits.
UNOFFICIAL VERSION
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Agricultural Development Bank Rules [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 47
L.R.O.
(3) Whenever such a resolution as aforesaid has been
passed, the Board shall make all appropriations and applications
of the undivided profits resolved to be capitalised thereby and all
allotments and issues of fully-paid shares or debentures, if any,
and generally shall do all acts and things required to give effect
thereto. The Board may have power to make such provisions by
the issue of fractional certificates or by payment in cash or
otherwise as it thinks fit. The Board may also authorise any person
to enter on behalf of all the members entitled thereto into an
agreement with the Bank providing for the allotment to them
respectively, credited as fully-paid up, of any further shares or
debentures to which they may be entitled upon such capitalisation
or (as the case may require) for the payment by the Bank on their
behalf, by the application thereto of their respective proportions
of the profits resolved to be capitalised, of the amounts or any part
of the amounts remaining unpaid on their existing shares.
Any agreement made under such authority shall be effective and
binding on all the members.
51. Without prejudice to any of the powers of the Bank
conferred by the Act and in particular by section 34(d) thereof or
by these Rules and in particular without prejudice to rules 4(f)
and 36, the Bank may borrow money either without security or
secured by debentures or debenture stock (perpetual or terminable)
mortgage or other security charged on the undertaking or on all or
any of the assets of the Bank (both present and future) including
uncalled capital; and the Bank may purchase, redeem or pay off
any such securities.
52. (1) For the purpose of the exercise of the borrowing
powers described in rule 51, in the case of each loan transaction,
the Board shall—
(a) pass an ordinary resolution specifying the amount
to be borrowed; and
(b) state in the resolution the rate of interest at which
such amount is to be borrowed and the security,
if any, upon which the said loan is to be made to
the Bank.
Borrowing
powers of the
Bank.
[60/1987].
Resolution to be
passed.
[60/1987].
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[Subsidiary] Agricultural Development Bank Rules
LAWS OF TRINIDAD AND TOBAGO
48 Chap. 79:07 Agricultural Development Bank
(2) Where the amount to be borrowed is to be obtained
from more than one source, the sources shall be identified in
the resolution.
53. Every resolution referred to in rule 52 shall also specify
the particular purpose for which the amount (whether consisting
of more than one sum derived from various sources or not) is being
borrowed and where the amount is being borrowed for more than
one purpose, the resolution shall specify the purpose to which each
portion of the said total amount is to be applied.
54. The said resolution shall provide that all legal expenses
incurred in the completion of the borrowing transaction whether
by way of payment of legal fees or stamp duty on the giving of
any security in connection therewith or the commissioning of
any legal advice in connection therewith may be paid by the Bank
either out of the proceeds of the loan or otherwise.
55. (1) Each member of the Board shall be notified in writing
not less than seven days before the date on which it is proposed to
put such a resolution to the Board, of the intention to propose such
resolution but it shall be sufficient for the notice to state the total
sum to be borrowed and the general purpose of the loan without
specifying any of the other details required by rule 52 or 53 to be
contained in such resolution.
(2) Every such notice shall be deemed to be properly given
if sent to or left at the last known address or the usual place of
business of the member of the Board.
(3) A quorum of the Board shall be valid to pass such a
resolution.
56. The minutes of the Meeting of the Board at which the
resolution to borrow was passed shall contain the resolution to
borrow, signed by the Chairman and such minutes shall be sufficient
evidence of the passage of the resolution.
Purpose of loan
to be stated.
[60/1987].
Legal expenses
to be paid by
the Bank.
[60/1987].
Board members
to be notified.
[60/1987].
Minutes to
include
resolutions.
[60/1987].
UNOFFICIAL VERSION
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L.R.O.
[Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 49
1. Citation.
2. Forms.
3. Rate of interest.
4. Loan application, agreement etc.
5. Short term loan.
6. Mortgage or charge.
7. Legal charges.
AGRICULTURAL DEVELOPMENT BANK REGULATIONS
ARRANGEMENT OF REGULATIONS
REGULATION
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[Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
50 Chap. 79:07 Agricultural Development Bank
119/1969.
[38/1987].
Citation.
Forms.
First Schedule.
Rate of interest.
[38/1987].
Loan
application,
agreement, etc.
Short term loan.
Mortgage or
charge.
AGRICULTURAL DEVELOPMENT BANK REGULATIONS
made under section 49
1. These Regulations may be cited as the Agricultural
Development Bank Regulations.
2. All Forms referred to in these Regulations are set out in
the First Schedule.
3. (1) The rate of interest which may be charged in respect
of any particular class or classes of loans or advances shall be
such rate not exceeding twelve per cent a year as the Board may
from time to time determine.
(2) Interest shall be payable monthly, quarterly, half-
yearly or yearly as the Board may in any case determine.
4. (1) A loan application shall be in the appropriate form
set out as Form 2 or 3.
(2) A loan agreement shall be in the form set out as Form 4.
(3) Any mortgage deed, agricultural charge or any
other instrument executed for the purpose of securing a loan
shall be in the appropriate form set out as Form 5, 6, 7, 8, 9,
10, 11 or 19.
(4) A memorandum of mortgage shall be in the form set
out as Form 12.
(5) A memorandum of discharge and a certificate of
satisfaction shall be in the form set out as Forms 13 and 14
respectively.
(6) A notification of charge shall be in the form set out as
Form 15.
5. Every short-term loan shall be evidenced by an instrument
in writing in the form set out as Form 18.
6. Every mortgage deed or Agricultural charge executed
for the purpose of securing a loan shall be vacated by a receipt
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 51
under the seal of the Bank duly authenticated in the form set
out as Form 16 or 17.
7. The Legal charges payable in respect of any loan or
advance shall be as specified in the Second Schedule.
Legal charges.
Second
Schedule.
[Regulation 2].
FIRST SCHEDULE
FORM 1
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
APPLICATION FOR LOAN
Address ............................................
............................................
............................................
Dated ............................................
The Chairman,
Board of Directors,
Agricultural Development Bank,
86, Duke Street,
Port-of-Spain
Sir,
I hereby make application for a loan of ............................................. Dollars
on the security of (a) Landed Security: .............................................................
...........................................................................................................................
(b) All Other Security: ...................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
Under section 44(1).
2. The loan is required in accordance with section 41(1), section 41(2) for the
purpose of ..........................................................................................................
...........................................................................................................................
...........................................................................................................................
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LAWS OF TRINIDAD AND TOBAGO
52 Chap. 79:07 Agricultural Development Bank
3. I enclose receipts showing Land and Building Taxes and Water Rates for
the year ..............................................................................................................
Assessment Roll Numbers .............................................................................
Payable at the District Revenue Office (formerly Warden’s Office) at .........
........................................................................................................................
4. I agree to furnish all further particulars of title requested of me.
5. I agree to purchase shares in the Bank to an amount equal in value to at
least 5 per cent of the loan on such terms and conditions as the Board may
determine.
6. I agree to abide by the Rules and Regulations of the Bank.
7. The undermentioned questions and answers are deemed to be the basis of
application.
I am, Sir,
Yours faithfully,
.............................................................
Questions to be answered by Applicant
1. (a) Are the above securities encumbered?...................If so, state hereunder:
Name of Amount Dated Balance Interest Security offered
Encumbrancer Due for the Loan
(b) Do you have any judgment, lis pendens (pending action) or executions
recorded against your name. (If so, give details).
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Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 53
2. How many acres have you under cultivation and what are the crops grown?
Area: ....................................... Crop: ...........................................
Area: ....................................... Crop: ...........................................
Area: ....................................... Crop: ...........................................
Area: ....................................... Crop: ...........................................
3. Are you the Owner of the freehold or the leasehold interest in the
land? ..........................
4. If the Owner of Agricultural Stock or Crop alone what is your status (i.e.,
tenant, licensee, etc.).
5. If a Lessee, state: Name of Landlord ........................................................
Unexpired term of years ...............................................
Condition of lease .........................................................
6. Are there any buildings offered as Security? If so, give details hereunder
(stating whether they are not on any lands so offered) ......................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
7. Are the buildings insured? If so, state the amount and name of Company:
Amount: $ ............................. Company ....................................................
Amount: $ ............................. Company ....................................................
8. (Other) Agricultural Stock (including crop if any) ....................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
9. Give particulars of Title of every interest or estate (whether freehold or
leasehold and/or stock) given as security ..........................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
10. Disclose in detail whether apart from yourself there is:
(a) Any occupant on the lands or any part thereof and their status
(i.e., whether lessees, tenants, licensees, contractors, or whether
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LAWS OF TRINIDAD AND TOBAGO
54 Chap. 79:07 Agricultural Development Bank
holding under an agreement or otherwise), or whether there are
other persons entitled to occupy such land, and the names and
addresses of such persons.
............................................................................................................
............................................................................................................
............................................................................................................
............................................................................................................
............................................................................................................
(b) Any person connected with or in any way using or enjoying the land
(or entitled to the use, enjoyment or benefit of the produce thereof)
or any part thereof, and the names and addresses of such persons.
............................................................................................................
............................................................................................................
............................................................................................................
............................................................................................................
............................................................................................................
(c) (In the case of the owner of crops) whether the tenancy or other
occupancy has been assigned or sublet and the names and addresses
of the assignees or sublessees.
............................................................................................................
............................................................................................................
............................................................................................................
............................................................................................................
............................................................................................................
(d) The areas occupied, used or enjoyed by the respective persons referred
to in (a), (b,) or (c).
............................................................................................................
............................................................................................................
............................................................................................................
............................................................................................................
11. If not freeholder or leaseholder furnish evidence of your status
...................................................................................................................
12. What is your estimate of the present sale value of the Security offered in:
(a) $ ......................................................
(b) $ ......................................................
13. For what period do you require the Loan? .......................................... years.
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 55
14. Amount of crops reaped from lands offered as security for the last past
three years:
20..... 20..... 20.....
Cocoa (Number of pounds) … .......................................................................
Coffee (Number of pounds) … .......................................................................
Copra (Number of pounds) … .......................................................................
Citrus (Number of crates) … .......................................................................
Bananas (Valued at) … … $ .............. $ .............. $ ...................
Other Crops … … … $ .............. $ .............. $ ...................
15. Are you resident on the property offered as security? ...............................
If not, give full details re management: .............................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
16. Name of Surety ........................................................................................
Address ....................................................................................................
Occupation ...............................................................................................
I, .....................................................................................................................
declare that the statements and other particulars herein contained are true and
correct to the best of my knowledge and belief and that they give a true account
of the extent and ownership of the security offered.
And I make this Declaration conscientiously believing the same to be true
and according to the Statutory Declaration Act (Ch. 7:04), and I am aware that
if there is any statement in this Declaration which is false in fact, which I know
or believe to be false or do not believe to be true I am liable to fine and
imprisonment.
Declared at .....................................................................................................
this ...................... day of ............... 20.........
Before me,
...........................................
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
56 Chap. 79:07 Agricultural Development Bank
FORM 2
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
APPLICATION FOR A LOAN FOR A FISHERIES PURPOSE
Section 1: Letter of Application
Address ............................................
............................................
............................................
............................................
Dated ............................................
The Chairman,
Board of Directors,
Agricultural Development Bank,
86, Duke Street,
Port-of-Spain
Sir,
I hereby make application for a loan of ............................................. Dollars
on the security of ...............................................................................................
...........................................................................................................................
under section 45 (Loans) ...................................................................................
...........................................................................................................................
...........................................................................................................................
2. The loan is required for the purpose of ......................................................
...........................................................................................................................
...........................................................................................................................
3. I enclose receipts showing payment of Land and Building Taxes and Water
Rates for the year ...............................................................................................
4. I agree to furnish all further particulars of title requested of me.
5. I agree to purchase shares in the Bank to an amount equal in value to at
least 5 per cent of the loan on such terms and conditions as the Board may
determine.
6. I agree to abide by the Rules and Regulations of the Bank.
7. The undermentioned questions and answers are deemed to be the basis of
my application.
I am, Sir,
Yours faithfully,
...........................................................
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 57
Questions to be Answered by Applicant
Section 2: Declaration of any Indebtedness
1. Are the above securities encumbered? ......................... If so, state hereunder:
Debit Now Due
(a) Name
Amount Date Rate Principal Interest
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
(b) Do you have any judgment, lis pendens (pending action) or executions
recorded against your name. If so, give details.
(c) On what security was loan made.
Section 3: Declaration of any Encumbrances on the Security Offered
2. Are there any other encumbrances on the land or other security offered as
security?
If so, give particulars: ........................................................................................
...........................................................................................................................
...........................................................................................................................
3. Does encumbrancer agree to postpone his security in favour of the charge
to the Agricultural Development Bank (if necessary)? .....................................
Section 4: Land Offered as Security
4. Area of land offered as security .................................................................
...........................................................................................................................
...........................................................................................................................
5. How many acres have you under cultivation and what are the Crops grown?
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
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LAWS OF TRINIDAD AND TOBAGO
58 Chap. 79:07 Agricultural Development Bank
6. Are you the owner of the freehold or the leasehold interest in the land?
...........................................................................................................................
7. If a Lessee state:
Name of Landlord ......................................................................................
Address ......................................................................................................
...................................................................................................................
Unexpired term of years: ...........................................................................
Lease: .........................................................................................................
8. If the owner of Agricultural Stock on Crop alone, what is your status
(i.e., tenant, licensee, etc.) ...............................................................................
...........................................................................................................................
...........................................................................................................................
9. If the property given as security was acquired by purchase, give name of
previous owner and date of purchase (if not state how acquired) .....................
...........................................................................................................................
10. Are there any buildings offered as security? If so, give details (stating
whether they are not on any land so offered) ....................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
11. [Other Agricultural Stock (including crop if any)] ..................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
12. Has there been any dispute or lawsuit over the security offered? If so,
give details:
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
13. How long have you been in possession? .................................................
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 59
14. State nature of documents and title of every interest or estate whether
freehold or leasehold and/or stock given as security (if not freeholder or
leaseholder furnish evidence of your status) .....................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
15. Nature and quantity of produce sold and the proceeds thereof for the last
past three (3) years and to whom sold:
1 2 3
Cocoa (lb.) .........................................................................................................
Coffee (lb.) .........................................................................................................
Copra (lb.) ..........................................................................................................
Citrus (crates) ....................................................................................................
Other Crops ......................... $ .................. $ ................. $ ...................
16. Are you resident on the property offered as Security? If not, give full
information re management ...............................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
Section 5: House Property Offered as Security
17. Address and/or Situation ..........................................................................
...........................................................................................................................
...........................................................................................................................
18. Dimensions ..............................................................................................
19. Number and Description of Rooms .........................................................
...........................................................................................................................
...........................................................................................................................
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60 Chap. 79:07 Agricultural Development Bank
20. Built of (Materials) ..................................................................................
...........................................................................................................................
21. Roofed with (Materials) ..........................................................................
22. Occupant ..................................................................................................
Section 6: Shares, Stock, Bonds, Debentures, Policies, etc., Offered as Security
23. Insert Particulars ......................................................................................
...........................................................................................................................
...........................................................................................................................
Section 7: Any Other Security Offered
24. Insert Particulars ......................................................................................
25. Name of Surety ........................................................................................
Address ......................................................................................................
Occupation .................................................................................................
Section 8: Occupants on Property Given as Security
26. Disclose in detail whether apart from yourself there are—
(a) Any occupants on the lands or any part thereof and their status (i.e.,
whether lessees, tenants, licensees, contractors, or whether holding
under an agreement or otherwise), or whether there are other
persons entitled to occupy such land, and the names and addresses of
such persons:
..................................................................................................................
..................................................................................................................
..................................................................................................................
..................................................................................................................
..................................................................................................................
(b) Any person connected with or in any way using or enjoying the land
(or entitled to the use, enjoyment or benefit of the produce thereof)
or any part thereof, and the names and addresses of such persons:
..................................................................................................................
..................................................................................................................
..................................................................................................................
..................................................................................................................
..................................................................................................................
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Agricultural Development Bank Chap. 79:07 61
(c) (In the case of the owner of crops) whether the tenancy or other
occupancy has been assigned or sublet and the names and addresses
of the assignees or sublessees:
..................................................................................................................
..................................................................................................................
..................................................................................................................
..................................................................................................................
..................................................................................................................
(d) The areas occupied, used or enjoyed by the respective persons referred
to in (a), (b), or (c):
..................................................................................................................
..................................................................................................................
..................................................................................................................
..................................................................................................................
..................................................................................................................
Section 9: Value of Security Offered
27. Give your estimate of the value of the security offered ..........................
.......................................................................................................................
.......................................................................................................................
Section 10: Proposed Period of Loan
28. State for what period the loan is required ................................................
.......................................................................................................................
Section 11: Statutory Declaration
29. I, ...............................................................................................................
declare that the statements and other particulars herein contained are true and
correct to the best of my knowledge and belief; and that they give a true account
of the extent and ownership of the security offered.
And I make this declaration conscientiously believing the same to be true
and according to the Statutory Declaration Act (Ch. 7:04) and I am aware that if
there is any statement in this Declaration which is false in fact, which I know or
believe to be false or do not believe to be true, I am liable to fine and
imprisonment.
Declared at .......................................................................................................
this ....................... day of ............ 20........
Before me,
.............................................................
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LAWS OF TRINIDAD AND TOBAGO
62 Chap. 79:07 Agricultural Development Bank
FORM 3
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
APPLICATION FOR LOAN
(Industries connected with Agriculture)
Address ............................................
............................................
............................................
............................................
Dated ............................................
The Chairman,
Board of Directors,
Agricultural Development Bank,
86, Duke Street,
Port-of-Spain
Sir,
I hereby make application for a loan of ............................................. Dollars
on the security of (a) Landed Security: .............................................................
...........................................................................................................................
...........................................................................................................................
(b) All other Security: ............................................................................
...........................................................................................................................
...........................................................................................................................
2. The loan is required for the purpose of ......................................................
3. I enclose receipts showing Land and Building Taxes and Water Rates for
the year ..............................................................................................................
Assessment Roll Number ..............................................................................
Payable at the District Revenue Office at ......................................................
4. I agree to furnish all further particulars of title requested of me.
5. I agree to purchase shares in the Bank to an amount equal in value to at
least 5 per cent of the loan on such terms and conditions as the Board may
determine.
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Agricultural Development Bank Chap. 79:07 63
6. I agree to abide by the Rules and Regulations of the Bank.
7. The undermentioned questions and answers are deemed to be the basis of
my application.
I am, Sir,
Yours faithfully,
........................................................
Questions to be answered by Applicant
1. Are you indebted to any organisation or individual? ....... If so, state hereunder:
Name Amount Dated Balance Interest Security offered
Due for the Loan
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
2. How many acres have you under cultivation and what are the crops grown?
Area: ....................................... Crop: ...........................................
Area: ....................................... Crop: ...........................................
Area: ....................................... Crop: ...........................................
Area: ....................................... Crop: ...........................................
3. Are you the owner of the freehold or leasehold interest in the land? ........
4. If the owner of Agricultural Stock or Crop alone what is your status (i.e.,
tenant, licensee, etc.) .........................................................................................
5. If a Lessee state:
Name of Landlord ..................................................................................
Address ..................................................................................................
...................................................................................................
Unexpired term of years ........................................................................
Condition of Lease ................................................................................
...............................................................................
...............................................................................
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[Subsidiary] Agricultural Development Bank Regulations
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64 Chap. 79:07 Agricultural Development Bank
6. Are there any buildings offered as security? If so, give details hereunder
(stating whether they are not on any lands so offered) ......................................
...........................................................................................................................
...........................................................................................................................
7. Are the buildings insured? If so, state the amount and name of Company:
Amount: $ ................................. Company: .......................................
Amount: $ ................................. Company: .......................................
Amount: $ ................................. Company: .......................................
8. [Other Agricultural Stock (including crop if any)] ....................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
9. Give particulars of Title of every interest or estate (whether freehold or
leasehold and/or stock given as security) ..........................................................
10. Disclose in detail whether apart from yourself there is:
(a) Any occupant on the lands or any part thereof and their status (i.e.,
whether lessees, tenants, licensees, contractors, or whether holding under
an agreement or otherwise), or whether there are other persons entitled
to occupy such land, and the names and addresses of such persons .....
..............................................................................................................
(b) Any person connected with or in any way using or enjoying the land (or
entitled to the use, enjoyment or benefit of the produce thereof) or any
part thereof, and the names and addresses of such persons ..................
..............................................................................................................
(c) (In the case of the owner of crops) whether the tenancy or other
occupancy has been assigned or sublet and the names and addresses of
the assignees or sublessees.
(d) The areas occupied, used or enjoyed by the respective persons referred
to in (a), (b) or (c) .................................................................................
11. If not freeholder or leaseholder furnish evidence of your status .............
...........................................................................................................................
...........................................................................................................................
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 65
12. What is your estimate of the present sale value of the security offered in:
(a) $ ....................................................
(b) $ ....................................................
13. For what period do you require the loan ................... years.
14. Estimated annual revenue:
(a) Produce from cultivation ........................................ $ .......................
(b) Products intended to be manufactured ................... $ .......................
(c) Any other business ................................................. $ .......................
15. Locality in which it is proposed to establish business .............................
16. Do you propose residing in the locality? ................... If not, give full
information re management ................................................................................
.............................................................................................................................
.............................................................................................................................
17. (a) Amount of Capital to be invested in the Industry $ .........................
(b) If incorporated as a Limited Liability Company state issued
share capital .......................................................................................................
18. Name of Surety: .......................................................................................
Address: ...................................................................................................
Occupation: ..............................................................................................
I, .......................................................................................................................
declare that the statements and other particulars herein contained are true and
correct to the best of my knowledge and belief, and that they give a true account
of the extent and ownership of the security offered, and I make this Declaration
conscientiously believing the same to be true and according to the Statutory
Declaration Act (Ch. 7:04), and I am aware that if there is any statement in this
Declaration which is false in fact, which I know or believe to be false or do not
believe to be true, I am liable to fine and imprisonment.
Declared at ............................................. this .........................day of
...................... 20.....
Before me, ...................................
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
66 Chap. 79:07 Agricultural Development Bank
FORM 4
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
An Agreement made the .................. day of ..............., 20...... between (the
borrowing Society) of the one part and the Agricultural Development Bank
Incorporated under the Agricultural Development Bank Act (hereinafter called
“The Bank”) of the other part.
Witnesseth that in consideration of the sum of ............................... dollars
this day lent to the Society (the receipt whereof is hereby acknowledged), the
Society hereby agrees as follows:
(1) To repay the said sum with interest at the rate of ........per cent per
annum on the ................ day of ...................., 20......., or to repay
the said sum with interest thereon at the same rate by instalments of
..................................................... dollars by monthly/quarterly/half-
yearly/annual instalments of .................. dollars, the first instalment
to be paid on the .............................................................................
In the event of default in the payment of any one or more
instalments, the whole or balance of the sum lent shall be deemed
to be due and payable to the Bank and be recoverable by the Bank.
(2) To employ the sum so lent in the manner described in the application
for such loan and/or in making loans to its members to be employed
by them for the purposes authorised by or under the Co-operative
Societies Act (Ch. 81:03) and not otherwise: the Society to obtain
from any borrowing member the security prescribed by the said Act.
(3) To furnish to the Bank, on the last day of June and the last day of
December in each year, a statement showing the sums so loaned by
the Society to its members, the names of the borrowers, the terms
and conditions of such loans, and the sums received as principal
and/or interest from the date of the making of each such loan.
(4) To make available for inspection by any duly authorised officer of
the Bank all papers, vouchers, books, securities, and all other
documents used in connection with the business of the Society.
(5) To satisfy itself from time to time that all loans made by the Society
from time to time have been faithfully applied by the borrowing
members in and about the purposes for which every such loan was
made and to furnish the Bank with such proof thereof as the Bank
may require.
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 67
(6) Not to make any loan to any of its members unless and until all the
terms and stipulations in relation to the purposes of the application,
the rate of interest chargeable thereon, and the repayment of such
loan is first approved by the Bank.
(7) During the existence of this Agreement, not to extend from and out
of moneys received by the Society by way of interest a sum
exceeding ......... per cent of such interest moneys as expenditure in
and about any of the purposes or functions of the Society, and not
to expend for any purpose whatsoever (other than the repayment
to the Bank of the sum lent to the Society hereunder and interest
thereon) any capital sums of the Society including entrance fees, fines
and sums received from members by way of repayment of loans.
(8) During the existence of this Agreement, after meeting loans or
instalments on loans from the Bank and interest thereon and
expending for the purpose of the Society such sums as are provided
for above, to set aside as a Reserve a sum representing ......... per
cent of its net profits: such sums not to be disposed of by the Society
save in a manner agreed to by the Bank.
(9) In the event of the non-performance or non-observance of all or
any of the terms and conditions on the part of the Society herein
contained and hereby agreed to be performed and observed, the
said sum of .............................. dollars or such part thereof as shall
remain unpaid with interest at the rate aforesaid to become due
immediately and payable and be recoverable in the manner provided
in the Agricultural Development Bank Act.
As Witness the hands of the parties hereto the ................. day of .............., 20.....
first above written.
FORM 5
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
Prepared by me,
This Deed is made the ............ day of.............. in the Year of Our Lord Two
Thousand and .............................................. under the provisions of the
Agricultural Development Bank Act (Ch. 79:07) (hereinafter referred to as “the
said Act”) Between .............................................................................................
in the Island of Trinidad, .................................................. (hereinafter called
“the ..............................................”) of the One Part and the Agricultural
UNOFFICIAL VERSION
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
68 Chap. 79:07 Agricultural Development Bank
Development Bank of Trinidad and Tobago (hereinafter called “the Bank” which
expression where the context so requires or admits shall include the persons
deriving title under the Bank) of the Other Part:
Whereas the .......................... seised in unencumbered fee simple in possession
of the hereditaments and lands described in the Schedule hereto (hereinafter
referred to as “the said hereditaments”):
And whereas the ........................ applied to the Bank for a loan of..............
under the provisions of section ................ of the said Act to be applied towards
...........................................................................................................................
which loan the Bank has agreed to make on having the repayment thereof with
interest thereon secured in manner hereinafter appearing.
Now this Deed witnesseth as follows:
1. In pursuance of the said agreement and in consideration of the sum of
................ now paid by the Bank to the .......................................... (the receipt
whereof the ........................... hereby ...................... ) the ..............................
hereby .................................. with the Bank to pay to the Bank on the .................
now next ensuing the said sum of ................................. with interest thereon at
the rate of ................. dollars per cent a year and also so long as any principal
money remains due and owing under these presents after the .........................
now next ensuing to pay to the Bank interest thereon at the rate mentioned
above by equal half-yearly payments on the thirtieth day of June and the thirty-
first day of December in every year.
2. In further pursuance of the said agreement and for the consideration
aforesaid the ...................................as Beneficial Owner .................. hereby
.................... unto the Bank all and singular the said hereditaments together
with all agricultural live, dead and rolling stock thereon to hold the same unto
and to the use of the Bank in fee simple subject to the proviso for redemption
hereinafter contained.
3. Provided that on payment to the Bank of the said sum of
........................................ with interest thereon from the date hereof at the rate
of ..................... dollars per cent a year this security shall at the request and cost
of the .................................. be vacated by a receipt pursuant to the said Act and
the Regulations made thereunder or otherwise as the ...................... shall direct.
4. The ......................... hereby further ......................... with the Bank during
the continuance of this security as follows:
(a) That ............................................ will keep all messuages and
buildings now or for the time being comprised in or subject to
this security in good and substantial repair and condition and
insured against loss or damage by fire in some Insurance
Company of repute to be approved of in writing from time to
time by the Bank in the name of the Bank and will duly and
punctually pay all premiums and other moneys necessary for
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 69
effecting and keeping up such Insurance immediately on the
same becoming due and will on demand produce to the Bank
the Policy or Policies of such Insurance and the receipt for
every such payment and that if the .................. shall make
default at any time in keeping the same premises or any part
thereof in good and substantial repair and condition or in
effecting or keeping up such Insurance as aforesaid or in
producing any such Policy or receipt to the Bank on demand
it shall be lawful for but not imperative on the Bank to repair
and keep in repair the said premises or any part thereof (with
power to enter into and upon the said hereditaments for that
purpose) or to insure and keep insured the same to the amount
mentioned above and that all moneys expended by the Bank
for either of such purposes and all costs and expenses incurred
by the Bank in connection therewith shall be deemed to be
properly paid by the Bank.
(b) That .............. will duly and punctually pay and discharge and
indemnify the Bank against all rates, taxes, duties, charges,
assessments, impositions and outgoings whatsoever which
shall be assessed charged or imposed upon or payable in respect
of the said hereditaments or any part thereof by the ................
or the Bank or a receiver in respect thereof and that if the
.............. shall at any time refuse or neglect to make such
payments or to deliver the receipt therefor to the Bank on
demand the Bank may pay the same and all moneys expended
by the Bank under this provision shall be deemed to be properly
paid by the Bank.
(c) That .............. will maintain and upkeep the cultivation of the
said hereditaments including the livestock hereby mortgaged
in a good and husbandlike manner and pay off and satisfy all
contractors upon the said hereditaments for all work done by
them thereon as and when their contract shall expire and be fit
to be taken over.
(d) That .............. will permit the Bank and its agents and servants
at all reasonable times to enter into and upon the said
hereditaments or any part thereof and to view, examine and
inspect the state and condition thereof and also all papers,
vouchers, books and other documents whatsoever used in
connection with the working of the said hereditaments.
(e) That .............. will not cut or permit to be cut any cedar, cyp,
mahogany or other valuable timber growing on the said
hereditaments without the consent in writing of the Bank for
that purpose first had and obtained.
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
70 Chap. 79:07 Agricultural Development Bank
(f) That .............. will not cut or permit to be cut any cedar, cyp,
mahogany or make any arrangements for the working of the
said hereditaments or any part thereof by contract or otherwise
without the consent in writing of the Bank for that purpose
first had and obtained.
(g) That .............. will comply with the provisions of the said Act
or any law amending or replacing the same for the time being
in force and with all Regulations made thereunder.
5. Provided always and it is hereby agreed and declared as follows:
(a) If the ............................ shall pay to the Bank the said sum of
...............................................................................................
with interest thereon at the rate mentioned above by the
instalments (of principal and interest combined) on the half-
yearly days hereinbefore fixed for payment of interest and in
the manner provided in the Second Schedule hereto or shall
pay the same within Thirty Days next after the day so appointed
for payment thereof (interest being also paid on the principal
money for the time being owing for so much if any of such
Thirty Days as may have expired) and if there shall not have
been any breach of any of the obligations statutory or otherwise
binding on the ..................... or of any of the covenants whether
expressed or implied herein contained and on the part of the
..................... to be observed and performed (other than and
besides the covenant for payment of the principal money and
interest hereby secured) then and in such case the Bank shall
accept payment of the said sum of ...................... and the interest
thereon by the instalments and in manner mentioned above
and will not require payment of such principal money otherwise
than by such instalments.
(b) Notwithstanding the provision for payment of the principal
money hereby secured by instalments but without prejudice
to the same provision such principal money shall be deemed
to be due within the meaning of the Conveyancing and Law
of Property Ordinance [Ch. 27. No.12 (1950 Ed.)] and for all
purposes of that Ordinance on the ................. now next ensuing.
(c) That upon any sale either under the Statutory Power in that
behalf a purchaser shall not either before or after the
conveyance be concerned to see or inquire whether any default
has been made in payment of any such instalment or be affected
by any notice that no such default has occurred or that the sale
is otherwise unnecessary or improper.
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 71
(d) That ........... shall be at liberty at any time or times to pay off
all or any part of the principal money for the time being owing
on this security provided that upon such payment the interest
on the whole principal money for the time being owing
computed to the end of the current month be fully paid and
that interest shall thereafter be payable by the .................. on
so much only of the said principal money as remains unpaid
after such payment and that such partial payment by
anticipation shall not interfere with the payment of principal
and interest subsequently payable pursuant to the provision in
that behalf hereinbefore contained but shall only have the effect
of accelerating the ultimate payment of the moneys remaining
owing on this security.
6. Provided always and it is hereby expressly declared as follows:
(a) The Statutory Power of leasing and accepting surrenders of
leases shall not be exercisable by the ................... nor shall the
..................... sell or otherwise dispose of the said hereditaments
or any part thereof without the previous consent in writing of
the Bank.
(b) The provisions of the said Act or any law amending or replacing
the same for the time being in force and all regulations made
thereunder so far as capable of applying to this security shall
apply hereto as if herein inserted.
(c) All costs, charges and expenses properly incurred hereunder
by the Bank and all moneys properly paid by the Bank shall
together with interest thereon at the rate hereinafter mentioned
be charged on the property for the time being subject to this
security and shall on the same being paid be repaid on demand
to the Bank by the ................ with interest thereon from the
date of such payment at the rate of ............. dollars per cent a
year provided that the charge hereby conferred shall be in
addition and without prejudice to any and every other remedy
lien or security which the Bank may or but for the said charge
would have for the moneys hereby secured or any part thereof.
(d) The Statutory Power of Sale shall be exercisable by the Bank
without notice in any of the following events:
(i) if the ................... to observe any of...............obligations
hereunder; and
(ii) ......................................................................................
In witness whereof the .......................................................................................
the day and year first hereinabove written and the Seal of the Bank was hereto
affixed the ................. day of .......... Two Thousand and ..........................
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
72 Chap. 79:07 Agricultural Development Bank
FORM 6
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
Prepared by me,
This Deed is made the ........................... day of ......................... in the Year
of Our Lord Two Thousand and .................. under the provisions of the
Agricultural Development Bank Act (Ch. 79:07) (hereinafter referred to as
“the said Act”) Between .................. in the Island of Trinidad (hereinafter
called “the ..............”) of the One Part and the Agricultural Development
Bank of Trinidad and Tobago (hereinafter called “the Bank” which
expression where the context so requires or admits shall include the persons
deriving title under the Bank) of the Other Part:
Whereas the .............. seised in unencumbered fee simple in possession of
the lands and hereditaments described in Part I of the First Schedule hereto
(hereinafter referred to as “the said hereditaments”):
And whereas the ....................... registered under the provisions of the Real
Property Ordinance [Ch. 27. No. 11(1950 Ed.)] as the proprietor ..................
of an estate in fee simple of all ......................... piece or parcel of land, short
particulars whereof are set out in Part II of the First Schedule hereto:
And whereas the ........................... applied to the Bank for a loan of
............................ under the provisions of section ........................ of the said
Act to be applied towards ......................................................................................
And whereas the Bank has agreed to make such loan to the ................ or
having the repayment thereof, with interest thereon secured in manner hereinafter
appearing and also by a Memorandum of Mortgage from the ................ in favour
of the Bank of the piece or parcel of land, short particulars whereof are set out
in Part II of the First Schedule hereto which said Memorandum of Mortgage is
intended to be executed contemporaneously with these presents.
Now this deed witnesseth as follows:
1. In pursuance of the said agreement and in consideration of the sum of
......................now paid by the Bank to the ........................ (the receipt of which
sum the ..................... hereby..................... ) the ..................... hereby .....................
with the Bank to pay to the Bank on the ..................... now next ensuing the said
sum of ..................... with interest thereon from the date hereof at .....................
the rate of ..................... dollars per cent a year and also so long as any principal
money remains due under these presents after the ..................... now next ensuing
to pay to the Bank interest thereon at ..................... the rate aforesaid by equal
half-yearly payments on the thirtieth day of June and the thirty-first day of
December in every year.
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 73
2. For the consideration aforesaid the ..................... as Beneficial Owner
..................... hereby convey ..................... unto the Bank all and singular the
said hereditaments together with all the agricultural live, dead and rolling stock
thereon to hold the same unto and to the use of the Bank in fee simple subject
however to the proviso for redemption hereinafter contained.
3. Provided that on payment to the Bank of the said sum of..................... and
interest thereon from the date hereof at the rate of ..................... dollars per cent
a year this security shall at the request and cost of the ..................... be vacated
by a receipt pursuant to the said Ordinance and the Regulations made thereunder
or otherwise as the ..................... shall direct.
4. The ..................... hereby further ..................... with the Bank during the
continuance of this security as follows:
(a) That ..................... will keep all messuages and buildings now
or for the time being comprised in or subject to this security in
good and substantial repair and condition and insured against
loss or damage by fire ..................... in some Insurance
Company of repute to be approved of in writing from time to
time by the Bank in the name of the Bank and will duly and
punctually pay all premiums and other moneys necessary for
effecting and keeping up such insurance immediately on the
same becoming due and will on demand produce to the Bank
the Policy or Policies of such Insurance and the receipt for
every such payment and that if the ..................... shall make
default at any time in keeping the same premises or any part
thereof in good and substantial repair and condition or in
effecting or keeping up such Insurance as mentioned above or
in producing any such Policy or receipt to the Bank on demand
it shall be lawful for but not imperative on the Bank to repair
and keep in repair the said premises or any part thereof (with
power to enter into and upon the said hereditaments for that
purpose) or to insure and keep insured the same to the amount
mentioned above and that all moneys expended by the Bank
for either of such purposes and all costs and expenses incurred
by the Bank in connection therewith shall be deemed to be
properly paid by the Bank.
(b) That ..................... will duly and punctually pay and discharge
and indemnify the Bank against all rates, taxes, duties, charges,
assessments, impositions and outgoings whatsoever which
shall be assessed, charged or imposed upon, payable in respect
of the said hereditaments or any part thereof by the
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
74 Chap. 79:07 Agricultural Development Bank
..................... or the Bank or a receiver in respect thereof and
that if the ..................... shall at any time refuse or neglect to
make such payments or to deliver the receipt therefor to the
Bank on demand the Bank may pay the same and all moneys
expended by the Bank under this provision shall be deemed to
be properly paid by the Bank.
(c) That ..................... will maintain and upkeep the cultivation of
the said hereditaments including the livestock hereby
mortgaged in a good and husbandlike manner and pay off and
satisfy all contractors upon the said hereditaments for all work
done by them thereon as and when their contract shall expire
and be fit to be taken over.
(d) That ..................... will permit the Bank and its agents and
servants all reasonable times to enter into and upon the said
hereditaments or any part thereof and to view, examine and
inspect the state and condition thereof and also all papers,
vouchers, books and other documents whatsoever used in
connection with the working of the said hereditaments.
(e) That ..................... will not cut or permit to be cut any cedar,
cyp, mahogany or other valuable timber growing on the said
hereditaments without the consent in writing of the Bank for
that purpose first had and obtained.
(f) That ..................... will not rent the said hereditaments or any
part thereof or make any arrangements for the working of the
said hereditaments or any part thereof by contract or otherwise
without the consent in writing of the Bank for that purpose
first had and obtained.
(g) That ..................... will comply with the provisions of the said
Act or any law amending or replacing the same for the time
being in force and with all Regulations made thereunder.
5. Provided always and it is hereby agreed and declared as follows:
(a) If the ..................... shall pay to the Bank the said sum of
..................... with interest thereon at the rate mentioned above
by the instalments (of principal and interest combined) on the
half-yearly days hereinbefore fixed for payment of interest
and in the manner provided in the Second Schedule hereto or
shall pay the same within thirty days next after the day so
appointed for payment thereof (interest being also paid on the
principal money for the time being owing for so much if any
of such thirty days as may have expired) and if there shall not
have been any breach of any obligations statutory or otherwise
binding on the ..................... or of any of the covenants whether
expressed or implied herein contained and on the part of the
..................... to be observed and performed (other than and
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 75
besides the covenant for payment of the principal money and
interest hereby secured) then and in such case the Bank shall
accept payment of the said sum of ..................... and the interest
thereon by the instalments and in manner mentioned above
and will not require payment of such principal money otherwise
than by such instalments.
(b) Notwithstanding the provision for payment of the principal
money hereby secured by instalments but without prejudice
to the same provision such principal money shall be deemed
to be due within the meaning of the Conveyancing and Law
of Property Ordinance [Ch. 27. No. 12 (1950 Ed.)] and for
all purposes of that Ordinance on the ..................... now
next ensuing.
(c) That upon any sale under the Statutory Power in that behalf a
purchaser shall not either before or after conveyance be
concerned to see or inquire whether any default has been made
in payment of any such instalment or be affected by any notice
that no such default has occurred or that the sale is otherwise
unnecessary or improper.
(d) That the ..................... shall be at liberty at all time or times to
pay off all or any part of the principal money for the time
being owing on this security provided that upon such payment
the interest on the whole principal money for the time being
owing computed to the end of the current month be fully paid
and that interest shall thereafter be payable by the .....................
on so much only of the said principal money as remains unpaid
after such payment and that such partial payment by
anticipation shall not interfere with the payment of principal
and interest subsequently payable pursuant to the provision in
that behalf hereinbefore contained but shall only have the effect
of accelerating the ultimate payment of the moneys remaining
owing on this security.
6. Provided always and it is hereby expressly declared as follows:
(a) The Statutory Power of leasing and accepting surrender of
leases shall not be exercisable by the ..................... nor shall
the ..................... sell or otherwise dispose of the said
hereditaments or any part thereof without the previous
consent in writing of the Bank.
(b) The provisions of the said Act or any law amending or
replacing the same for the time being in force and all
Regulations made thereunder so far as capable of applying to
this security shall apply hereto as if herein inserted.
(c) All costs, charges and expenses properly incurred hereunder
by the Bank and all moneys properly paid by the Bank shall
together with interest thereon at the rate hereinafter mentioned
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[Subsidiary] Agricultural Development Bank Regulations
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76 Chap. 79:07 Agricultural Development Bank
be charged on the property for the time being subject to this
security and shall on the same being paid be repaid on demand
to the Bank by the ..................... with interest thereon from
the date of such payment at the rate of ..................... dollars
per cent a year provided that the Charge hereby conferred shall
be in addition and without prejudice to any and every other
remedy lien or security which the Bank may or but for the
said Charge would have for the moneys hereby secured or any
part thereof.
(d) The Statutory Power of Sale shall be exercisable by the Bank
without notice in any of the following events:
(i) If the ..................... to observe any of .....................
obligations hereunder; and
(ii) ......................................................................................
In witness whereof ................................................................................................
the day and year first hereinbefore written and the Seal of the Bank was hereunto
affixed the ............day of ................ TwoThousand and .............................
SCHEDULE
FORM 7
REPUBLIC OF TRINIDAD AND TOBAGO
REAL PROPERTY ORDINANCE [CH. 27 NO. 11 (1950 ED.)]
AND
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
MEMORANDUM OF MORTGAGE
Prepared by me ..........................................
(Attorney-at-law)
Whereas ..................................................................................................................
in the Island of Trinidad, ....................... (hereinafter called “the ..........................”)
registered as the proprietor of an estate in fee simple subject however to such
mortgages and encumbrances as are notified by memorial underwritten or
endorsed hereon of all ..................... piece or parcel of land described in the
Schedule hereto.
Now therefore in pursuance of the several matters and things and for the
consideration expressed in a certain Deed of Mortgage bearing even date with
this Instrument registered as Number ..................... of 20...... and made between
the .................... of the One Part and the Agricultural Development Bank of
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LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 77
Trinidad and Tobago (hereinafter called “the Bank”) of the Other Part and for
better securing to the Bank the repayment in manner provided by the said Deed
of Mortgage of the principal sum and interest moneys thereby secured, the
.................... hereby mortgage to the Bank all .................... estate and interest of
and in the said piece or parcel of land described in the Schedule hereto together
with all the agricultural live, dead and rolling stock thereon:
It is hereby agreed and declared by and between the................... and the Bank
that all the covenants, conditions and provisions, powers, power of sale rights
and remedies both expressed and implied which are contained in or conferred
by the said Deed of Mortgage shall be deemed to be incorporated in this
Instrument and shall extend and apply to the said piece .................... or parcel
.................... of land described in the Schedule hereto in the same manner and
in all respects as if all the said covenants, conditions, provisions, powers, power
of sale rights and remedies had been specifically set out in this Instrument and
made applicable to the said piece .................... or parcel .................... of land.
In witness whereof the .................... hereunto signed .................... name
.................... the .................... day of .............................. Two Thousand and
........... and the Seal of the Bank was hereunto affixed the .................... day of
.................... Two Thousand and ...............
SCHEDULE
FORM 8
REPUBLIC OF TRINIDAD AND TOBAGO
REAL PROPERTY ORDINANCE [CH. 27 NO. 11 (1950 ED.)]
AND
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
MEMORANDUM OF MORTGAGE
Prepared by me ..........................................
(Attorney-at-law)
Whereas, .................................................................................................................
in the Island of Trinidad .................... (hereinafter referred to as “the ............ ”)
.................... registered as the proprietor of an estate in fee simple subject however
to such mortgages and encumbrances as are notified by memorial underwritten
or endorsed hereon of all .................... piece .................... or .................... parcel
of land described in the First Schedule hereto (hereinafter referred to as “the
said hereditaments”).
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78 Chap. 79:07 Agricultural Development Bank
And whereas the Borrower has applied to the Agricultural Development Bank
of Trinidad and Tobago (hereinafter referred to as “the Bank”) for a loan of
.................... under the provisions of section .................... of the Agricultural
Development Bank Act (Ch. 79:07) (hereinafter referred to as “the said Act”) to
be applied towards:............................................................................................
which loan the Bank has agreed to make upon the terms and conditions
hereinafter appearing.
And whereas it was further agreed that the said loan of .................... shall
be paid by the Bank to the .................... by instalments in manner
hereinafter appearing.
Now therefore:
1. In consideration of the sum of .................... to be paid by the Bank to the
.................... in manner hereinafter appearing the .................... hereby covenant
.................... with the Bank to pay to the Bank on the .................... day of
.................... now next ensuing such portion of the said sum of .................... as
shall then have been advanced to the .................... with interest thereon at the
rate of .................... dollars per cent a year and also so long as any principal
money remains due under these presents after the .................... day of ....................
now next ensuing to pay to the Bank Interest thereon at the rate mentioned
above by equal half-yearly payments on the thirtieth day of June and the
thirty-first day of December in every year and also on such one of the
half-yearly days hereinabove appointed for the payment of interest as shall
happen next after all instalments payable on account of the said principal sum
of .................... have been advanced to the ................. to repay such advance to
the Bank with interest thereon at the rate mentioned above computed in respect
of each instalment from the date of its advance to the .................
2. And for better securing to the Bank the repayment of the said principal
sum of................. and interest hereby secured the ................. hereby mortgage
.............. to the Bank all ................. estate and interest in the said hereditaments
together with all the agricultural live, dead and rolling stock thereon.
3. The said loan of ................. shall be paid by the Bank to the .................by
instalments as and when required by the ................. upon the production of
detailed abstracts of paylists to account for the moneys advanced; provided
however that if at any time prior to the payment of any instalment to the
.................by the Bank any event shall arise whereby the Bank may exercise its
power of sale the Bank may decline to pay the same and may exercise any or all
the powers available to mortgagees for enforcing payment of their securities.
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Agricultural Development Bank Chap. 79:07 79
4. The ................. hereby further covenant ................. with the Bank during
the continuance of this security as follows:
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
(Insert covenants by the Borrower and provisos as are set out in
Clauses 3 and 4 of Form 10).
FORM 9
REPUBLIC OF TRINIDAD AND TOBAGO
REAL PROPERTY ORDINANCE [CH. 27 NO. 11 (1950 ED.)]
AND
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
MEMORANDUM OF MORTGAGE
Prepared by me,
Whereas, ..............................................................................................................
in the Island of Trinidad, ................. (hereinafter referred to as “the ..................”)
................. registered as the proprietor of an estate in fee simple subject however
to such mortgages and encumbrances as are notified by memorial underwritten
or endorsed hereon of all ................. piece .................or .................parcel of
land described in the Schedule hereto (hereinbefore referred to as “the said
hereditaments”):
And whereas the ................. applied to the Agricultural Development Bank
of Trinidad and Tobago (hereinafter referred to as “the Bank”) for a loan of
.................under the provisions of section ................. of the Agricultural
Development Bank Act (Ch. 79:07) (hereinafter referred to as “The said Act”)
to be applied towards:—
...........................................................................................................................
And whereas it was further agreed that the sum of .................should be lent
to the ................. on the execution of these presents and that the sum of
..................... should be lent to the ................. in the manner and subject to the
conditions hereinafter appearing.
Now therefore:—
1. In pursuance of the said Agreement and in consideration of the sum of
................. now paid by the Bank to the ................. (the receipt of which sum is
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[Subsidiary] Agricultural Development Bank Regulations
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80 Chap. 79:07 Agricultural Development Bank
hereby acknowledged) and of the agreement of the Bank for the further loan
to the ................. of the sum of .................. by instalments the .............................
hereby covenant ................. with the Bank to pay to the Bank on the
.................day of ................. now next ensuing the said sum of .......................with
interest thereon in the meantime at the rate of ................. dollars per cent a year
by equal half-yearly payments on the thirtieth day of June and the thirty-first
day of December in each and every year and also on such one of the half-yearly
days hereinabove appointed for the payment of interest as shall happen next
after all instalments payable on account of the said further advance of .................
shall have been advanced to the ............................. to repay such further advance
with interest at the rate mentioned above computed in respect of such instalment
from the date of its advance to the ........................................
2. And for better securing to the Bank the repayment of the said principal
sum of .................and interest hereby secured the .................hereby mortgage
to the Bank all ................. estate and interest of and in the said hereditaments
together with all the agricultural live, dead and rolling stock thereon,
.................................................
3. The further loan of ................. shall be made by the Bank to the .................
by instalments as and when required on production of paylists and receipts
to account for the moneys advanced provided that if at any time prior to the
payment of the said sum of .............................. any event shall arise whereby
the Bank may exercise its power of sale the Bank may decline to pay the same
and may exercise any or all the powers available to mortgagees for enforcing
payment of their securities.
4. The ................... hereby further covenant ................... with the Bank during
the continuance of this security as follows:
.............................................................................................................................
.............................................................................................................................
.............................................................................................................................
(Insert covenants by the Borrower and provisos as are set out in
Clauses 3 and 4 of Form 12).
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Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 81
FORM 10
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
Prepared by me,
This Deed is made the ................. day of ................. in the Year of Our Lord
Two Thousand and ................. under the provisions of the Agricultural
Development Bank Act (Ch. 79:07) (hereinafter referred to as “the said Act”)
Between ................. in the Island of Trinidad, ................. (hereinafter called
“the .................”) of the One Part and the Agricultural Development Bank of
Trinidad and Tobago (hereinafter called “the Bank” which expression where
the context so requires or admits shall include the persons deriving title under
the Bank) of the Other Part:
Whereas the ................. seised in unencumbered fee simple in possession of
the hereditaments and lands described in the Schedule hereto (hereinafter referred
to as “the said hereditaments”) :..........................................................................
And whereas the ................. applied to the Bank for a loan of ..............................
under the provisions of section .............. of the said Act to be applied towards:
.............................................................................................................................
which loan the Bank has agreed to make on having the repayment thereof with
interest thereon secured in manner hereinafter appearing:
.............................................................................................................................
And whereas it was further agreed that the sum of ................... should be lent
to the ................... on the execution of these presents and that the further sum of
................... should be lent to the ..................... in the manner and subject to the
conditions hereinafter appearing.
Now this deed witnesseth as follows:
1. In pursuance of the said agreement and in consideration of the sum of
.................... now paid by the Bank to the ................... (the receipt of which
sum is hereby acknowledged) and of the agreement of the Bank for the further
loan to the ................. of the sum of ................... by instalments the ..................
hereby covenant ................. with the Bank to pay to the Bank on the day of
................. now next ensuing the said sum of ................. with interest thereon
in the meantime at the rate of .................. dollars per cent a year by equal
half-yearly payments on the thirtieth day of June and the thirty-first day of
December in each and every year and also on such one of the half-yearly days
hereinabove appointed for the payment of interest as shall happen next after
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
82 Chap. 79:07 Agricultural Development Bank
all instalments payable on account of the said further advance of .................
have been advanced to the ................. to repay such further advance with
interest at the rate mentioned above computed in respect of each instalment
from the date of its advance to the .................
2. In further pursuance of the said agreement and for the consideration
mentioned above the ................. as Beneficial Owner ................. hereby convey
unto the Bank all and singular the said hereditaments together with all the
agricultural live, dead and rolling stock thereon to hold the same unto and to
the use of the Bank in fee simple subject to the proviso for redemption
hereinafter contained.
3. The further loan of ................. shall be made by the Bank to the .................
by instalments as and when required on production of certified abstracts of
paylists and/or receipts to account for the moneys advanced: Provided that if at
any time prior to the payment of the said sum of ................. any event shall
arise whereby the Bank may exercise its power of sale the Bank may decline to
pay the same and may exercise any or all the powers available to mortgagees
for enforcing payment of their securities.
4. Provided that on payment to the Bank of all principal moneys hereby secured
with interest thereon from the date hereof at the rate of ................. dollars per
cent a year this security shall at the request and cost of the ................. be vacated
by a receipt pursuant to the said Act and the Regulations made thereunder or
otherwise redeemed as the ................. shall direct.
5. The ................... hereby further ....................... covenant with the Bank
during the continuance of this security as follows:
...........................................................................................................................
...........................................................................................................................
(Insert covenants by the Borrower and provisos as are set out in Clauses 4, 5
and 6 of Form 5).
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Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 83
FORM 11
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
Prepared by me,
This Deed is made the ................... day of ................... in the Year of Our Lord
Two Thousand and ................... under the provisions of the Agricultural
Development Bank Act (Ch. 79:07) (hereinafter referred to as “the said Act”)
Between ................... in the Island of Trinidad, ................... (hereinafter called
“the ...................” ) of the One Part and the Agricultural Development Bank of
Trinidad and Tobago (hereinafter called “the Bank” which expression where
the context so requires or admits shall include the persons deriving title under
the Bank) of the Other Part:
Whereas the ................... seised in unencumbered fee simple in possession
of the hereditaments and lands described in the Schedule hereto (hereinafter
referred to as “the said hereditaments”): .............................................................
And whereas the ................... applies to the Bank for a loan of ...................
under the provisions of Section ................. of the said Act to be applied towards:
........................................................................................................................................
which loan the Bank has agreed to make on having the repayment thereof with
interest thereon secured in manner hereinafter appearing:
........................................................................................................................................
And whereas it was further agreed that the said loan of ....................... shall
be paid by the Bank to the ...................................... by instalments in manner
hereinafter appearing.
Now this deed witnesseth as follows:
1. In pursuance of the said agreement and in consideration of the sum of
................... to be paid by the Bank to the ................... in manner hereinafter
appearing the ................... hereby ................... covenant ................... with the
Bank to pay to the Bank on the ................... day of ................. now next ensuing
such portion of the said sum of ................... as shall then have been advanced
by the Bank to the ................... with interest thereon at the rate of ...................
dollars per cent a year and also on such one of the days hereinafter appointed
for payment of interest as shall happen next after any additional portion of the
said sum of ................... shall be made by the Bank to the ................... to repay
such additional sum with interest at the rate mentioned above and further that if
any principal money shall remain unpaid after the day or days hereinbefore
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[Subsidiary] Agricultural Development Bank Regulations
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84 Chap. 79:07 Agricultural Development Bank
stipulated for payment thereof the ................... will thereafter pay to the Bank
interest at the rate mentioned above on such principal money or on so much
thereof as shall from time to time remain unpaid by equal half-yearly payments
on the thirtieth day of June and the thirty-first day of December in every year.
2. In further pursuance of the said Agreement and for the consideration
aforesaid the ................... as Beneficial Owner ................... hereby convey
................... unto the Bank all and singular the said hereditaments together with
all the agricultural live, dead and rolling stock thereon to hold the same unto
and to the use of the Bank in fee simple subject to the proviso for redemption
hereinafter contained.
3. Provided that if the ................... shall repay to the Bank all principal moneys
and interest on the day or days and at the rate hereinbefore stipulated then and
in such case this security shall at the request and cost of the ................... be
vacated by a receipt pursuant to the said Act and the Regulations made thereunder
or otherwise as the ................... shall direct.
4. The said loan of ................... shall be paid by the Bank to the ...................
by instalments as and when required by the ..................... upon the production
of detailed abstracts of expenditure together with receipted bills and paylists to
account for the moneys advanced: Provided however that if at any time prior to
the payment of any instalment to the ................... by the Bank any event shall
arise whereby the Bank may exercise its power of sale the Bank may decline to
pay the same and may exercise any or all of the powers available to mortgagees
for enforcing payment of their securities.
5. The ................... hereby further ................... covenant ................... with
the Bank during the continuance of this security as follows:—
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
(Insert covenants by the Borrower and provisos as are set out in Clauses 4, 5
and 6 of Form 5).
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 85
FORM 12
REPUBLIC OF TRINIDAD AND TOBAGO
REAL PROPERTY ORDINANCE [CH. 27 NO. 11 (1950 ED.)]
AND
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
MEMORANDUM OF MORTGAGE
Prepared by me,
Whereas ................... in the Island of Trinidad ...................... (hereinafter
referred to as “the ...................”) registered as the proprietor of an estate in fee
simple subject however to such mortgages and encumbrances as are notified by
memorial underwritten or endorsed hereon of all ................... piece ...................
or parcel ................... of land described in the Schedule hereto (hereinafter
referred to as “the said hereditaments”):
.............................................................................................................................
And whereas the ................... applied to the Agricultural Development Bank of
Trinidad and Tobago (hereinafter referred to as “the Bank”) for a loan of
................... under the provisions of section ............... of the Agricultural
Development Bank Act (Ch. 79:07) (hereinafter referred to as “the said Act”)
to be applied towards ................... which loan the Bank has agreed to make
upon terms and conditions hereinafter appearing:
.............................................................................................................................
Now therefore:—
1. In consideration of the sum of ................... now paid by the Bank to the
................... (the receipt of which is hereby acknowledged) the ...................
hereby ................... with the Bank to pay to the Bank on the .................... now
next ensuing the said sum of ................... with interest thereon from the date
................... thereof at the rate of ................... dollars per cent a year and also so
long as any principal money remains due under these presents after the
................... now next ensuing to pay to the Bank interest thereon at the rate
mentioned above by equal half-yearly payments on the thirtieth day of June
and the thirty-first day of December in every year.
2. And for better securing to the Bank the repayment of the said principal
sum of ................... and interest hereby secured ................... hereby mortgage
to the Bank all ................... estate and interest in the said hereditaments together
with all agricultural live and dead rolling stock thereon.
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LAWS OF TRINIDAD AND TOBAGO
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3. The ..................... hereby further .................... with the Bank during the
continuance of this security as follows:
(a) That ................... will keep all messuages and buildings now
or for the time being comprised in or subject to this security in
good and substantial repair and condition and insured against
loss or damage by fire ................... in some Insurance Company
of repute to be approved of in writing from time to time by the
Bank in the name of the Bank and will duly and punctually
pay all premiums and other moneys necessary for effecting
and keeping up such Insurance immediately on the same
becoming due and will on demand produce to the Bank the
Policy or Policies of such Insurance and the receipt for every
such payment and that if the ................... shall make default at
any time in keeping the same premises or any part thereof in
good and substantial repair and condition or in effecting or
keeping up such Insurance as mentioned above or in producing
any such Policy or Receipt to the Bank on demand it shall be
lawful for but not imperative on the Bank to repair and keep
in repair the said premises or any part thereof (with power to
enter into and upon the said hereditaments for that purpose)
or to insure and keep insured the same to the amount mentioned
above and that all moneys expended by the Bank for either of
such purposes and all costs and expenses incurred by the Bank
in connection therewith shall be deemed to be properly paid
by the Bank.
(b) That ................... will duly and punctually pay and discharge
and indemnify the Bank against all rates, taxes, duties, charges,
assessments, impositions and outgoings whatsoever which
shall be assessed, charged or imposed upon or payable in
respect of the said hereditaments or any part thereof by the
................... or the Bank or a receiver in respect thereof and
that if ................... shall at any time refuse or neglect to make
such payments or to deliver the receipt therefor to the Bank
on demand the Bank may pay the same and all moneys
expended by the Bank under this provision shall be deemed to
be properly paid by the Bank.
(c) That ................... will maintain and upkeep the cultivation of
the said hereditaments including the livestock hereby
mortgaged in a good and husbandlike manner and pay off and
satisfy all contractors upon the said hereditaments for all work
done by them thereon as and when their contract shall expire
and be fit to be taken over.
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LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 87
(d) That ................... will permit the Bank and its agents and
servants at all reasonable times to enter into and upon the said
hereditaments or any part thereof and to view, examine and
inspect the state and condition thereof and also all papers,
vouchers, books and other documents whatsoever used in
connection with the working of the said hereditaments.
(e) That ................... will not cut or permit to be cut any cedar,
cyp, mahogany or other valuable timber growing on the said
hereditaments without any consent in writing of the Bank for
that purpose first had and obtained.
(f) That ................... will not rent the said hereditaments or any
part thereof or make any arrangements for the working of the
said hereditaments or any part thereof by contract or otherwise
without the consent in writing of the Bank for that purpose
first had and obtained.
(g) That ................... will comply with the provisions of the said
Act or any law amending or replacing the same for the time
being in force and with all Regulations made thereunder.
4. Provided always and it is hereby agreed and declared as follows:
(a) If the ................... shall pay to the Bank the said sum of
................... with interest thereon at the rate mentioned above
by the instalments (of ................... principal and interest
combined) on the half-yearly days hereinbefore fixed for
payment of interest and in the manner provided in the Second
Schedule hereto or shall pay the same within thirty days next
after the day so appointed for payment thereof (interest being
also paid on the principal money for the time being owing for
so much if any of such Thirty Days as may have expired) and
if there shall not have been any breach of any obligations
statutory or otherwise binding on the ................... or of any of
the covenants whether expressed or implied herein contained
and on ................... part to be observed and performed (other
than and besides the covenant for payment of the principal
money and interest hereby secured) then and in such case the
Bank shall accept payment of the sum of ................... and
interest thereon by the instalments and in manner mentioned
above and will not require payment of such principal money
or otherwise than by such instalments.
(b) Notwithstanding the provision for the payment of the principal
money hereby secured by instalments but without prejudice
to the same provision such principal money shall be deemed
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[Subsidiary] Agricultural Development Bank Regulations
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to be due within the meaning of the Conveyancing and Law
of Property Ordinance [Ch. 27. No. 12 (1950 Ed.)] and for all
purposes of that Ordinance on the ....................................... now
next ensuing.
(c) That upon any sale under the statutory power in that behalf a
purchaser shall not either before or after conveyance be
concerned to see or inquire whether any default has been made
in payment of any such instalment or be affected by any notice
that no such default has occurred or that the sale is otherwise
unnecessary or improper.
(d) That the ................... may at any time or times pay off all or
any part of the principal money for the time being owing
provided that upon such payment the interest on the whole
principal money for the time being owing computed to the
end of the current month be fully paid and that such partial
payment by anticipation shall not interfere with the payment
of principal and interest subsequently payable pursuant to the
provision in that behalf hereinbefore contained but shall only
have the effect of accelerating the ultimate payment of the
moneys remaining owing on this security.
(e) The Statutory Power of leasing and accepting surrenders of
leases shall not be exercisable by the ................... nor shall
the .............................. sell or otherwise dispose of the said
hereditaments or any part thereof without the previous consent
in writing of the Bank.
(f) The provisions of the said Act or any law amending or replacing
the same for the time being in force and all Regulations made
thereunder so far as capable of applying to this security shall
apply hereto as if herein inserted.
(g) All costs charges and expenses properly incurred hereunder
by the Bank and all moneys properly paid by the Bank shall
together with interest thereon at the rate hereinafter mentioned
be charged on the property for the time being subject to this
security and shall on the same being paid be repaid on demand
to the Bank by the ................... with interest thereon from the
date of such payment at the rate of ................... dollars
per cent a year provided that the Charge hereby conferred shall
be in addition and without prejudice to any and every other
remedy lien or security which the Bank may or but for the
said Charge would have for the moneys hereby secured or any
part thereof.
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Agricultural Development Bank Regulations [Subsidiary]
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Agricultural Development Bank Chap. 79:07 89
(h) The Statutory Power of Sale shall be exercisable by the Bank
without notice in any of the following events:
(i) If the ....................... to observe any of ..........................
obligations hereunder; and
(ii) ......................................................................................
In witness whereof the .......................................................................................
the ...................... day of ...................... Two thousand and ................... and the
Seal of the Bank was hereto affixed the ................... day of ....................... Two
thousand and...................
FIRST SCHEDULE
FORM 13
Memorandum of Discharge under section 40(2)
IN THE MATTER OF THE AGRICULTURAL
DEVELOPMENT BANK ACT (CH. 79:07)
AND
In the matter of a memorandum of mortgage No. ................... dated the
................... day of................... 20 ...... and made by .................. in favour of the
Agricultural Development Bank of Trinidad and Tobago Vol...................
Fol................... The Agricultural Development Bank of Trinidad and Tobago
hereby acknowledges to have received all money intended to be secured by the
above-mentioned Memorandum of Mortgage.
In Witness whereof the Seal of the said Bank is hereto affixed this ...................
day of ................... 20......, by Order of the Board of Directors in the presence of
......................................
Chairman
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FORM 14
Certificate of Satisfaction of Mortgage under section 40
IN THE MATTER OF THE AGRICULTURAL
DEVELOPMENT BANK ACT (CH. 79:07)
AND
In the matter of a deed of mortgage registered as No. ................... of 20...., and
made between ............................ and the Agricultural Development Bank of
Trinidad and Tobago.
In pursuance of section 40 of the Agricultural Development Bank Act
(Ch. 79:07), I hereby certify that the above-mentioned mortgage is satisfied.
In witness whereof I have hereunto set my hand and affixed my Seal of
Office this ................... day of ................... 20......
......................................
Registrar General
FORM 15
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
Notification of Charge Against Lands in respect
of which a loan is made under the Act
To:.......................................................................................................................
Take notice that the Agricultural Development Bank, is the holder of a
Charge/s under the Agricultural Development Bank Act (Ch. 79:07), dated
the ............... day of ............... 20 ...., registered at the Office of the Registrar
General as ............... and made by .......................... of ........................................
in favour of the Bank in respect of any of the crops, buildings, livestock, farm
supplies, agricultural vehicles, machinery and plant, Life Insurance (and other
matter or thing chargeable pursuant to section 37(1) of the “Agricultural
Development Bank Act (Ch. 79:07)” or given as security for any loan granted
under section 45 of the Act).
I am therefore to require that you do not pay to ............... or any other person
any sums in respect of the above-mentioned property until the claim of the
Bank as holder of the above-mentioned charge/s shall have first been fully paid
off and satisfied.
(Name of Borrower)
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L.R.O.
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Agricultural Development Bank Chap. 79:07 91
FORM 16
Vacation Receipt under section 40
AND
IN THE MATTER OF THE AGRICULTURAL
DEVELOPMENT BANK ACT (CH. 79:07)
AND
In the matter of a deed of mortgage registered as No. ............... of 20...., and
made Between ............... and the Agricultural Development Bank of Trinidad
and Tobago. The Agricultural Development Bank of Trinidad and Tobago
hereby acknowledges to have received all money intended to be secured by the
above-mentioned Deed of Mortgage.
In witness whereof the Seal of the said Bank is hereto affixed this ...............
day of ............... 20...., by order of the Board of Directors in the presence of
......................................
Chairman
FORM 17
Vacation Receipt prescribed under section 49
IN THE MATTER OF THE AGRICULTURAL
DEVELOPMENT BANK ACT (CH. 79:07)
AND
In the matter of an instrument of charge registered as No........... of 20....,
and made between ........................... and the Agricultural Development Bank
of Trinidad and Tobago. The Agricultural Development Bank of Trinidad and
Tobago duly acknowledges to have received all money intended to be secured
by the above-mentioned Instrument of Charge.
In witness whereof the Seal of the said Bank is hereto affixed this
........................... day of .................. 20...., by order of the Board of Directors in
the presence of
......................................
Chairman
Section 36.
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[Subsidiary] Agricultural Development Bank Regulations
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92 Chap. 79:07 Agricultural Development Bank
FORM 18
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
Instrument in Writing
Number of Application ..........................................................................................
1. Name of Borrower ................................................................................
Address .................................................................................................
2. Borrower’s Crop ...................................................................................
3. Agricultural Stock ....................................................................................
4. Encumbrances ...........................................................................................
.............................................................................................................................
5. Amount of $ .................. advanced to borrower for a period of ..................
months as from the .................. day of ............ 20......, and secured by this
instrument.
6. The within Instrument amounts to an irrevocable undertaking to deposit
with the Bank the required proceeds of Sale of the Security for the said loan (or
in the case of an Agricultural Co-operative Society for its members to deposit
such proceeds of Sale with the Society) pursuant to section 36(2) of the Act.
(Delete where not required)
Dated: ........................................ Signed by .....................................................
Borrower
Approved
.......................................................
(Give short particulars of above)
(Give short particulars of above if any)
(Give short particulars of above)
Section 36.
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Agricultural Development Bank Chap. 79:07 93
FORM 19
REPUBLIC OF TRINIDAD AND TOBAGO
AGRICULTURAL DEVELOPMENT BANK ACT (CH. 79:07)
Instrument of Charge
Prepared by me, ................................
A. I ..............................................................................................................
of ........................................................................................................................
(hereinafter called the “Borrower”) being the owner of the property described
in the ............... Schedule hereto do hereby charge all the said property with the
Repayment to the Agricultural Development Bank of Trinidad and Tobago
(hereinafter referred to as the “Bank”) the sum of ............... dollars advanced
by the Bank to me on the execution hereof (the receipt whereof I hereby
acknowledge) with interest thereon at the rate of ............... per cent a year by
instalments of principal and interest combined at the rate of ............... dollars in
respect of every hundred dollars (in the manner provided in the.........................
Schedule hereto) the first of which payment shall be made on the ......................
day of ............... 20........
B. And whereas, I............... of ............... at the request of the Borrower
and the Bank have agreed to join in these presents as Surety and to become
jointly liable with the Borrower for repayment of the said principal sum and
interest thereon in the manner herein mentioned (where Surety is required).
C. Provided that if during the continuance of this security and as long as
any money remains due under these presents default is made in payment of any
instalment of principal and interest or any part thereof or if the Borrower shall
commit any act of bankruptcy or make any assignment for the benefit of his
creditor or if he shall die or if any event shall arise whereby the Bank may sell
the said property in the Schedules hereto contained or any part thereof the whole
of the Principal money then outstanding shall become immediately due and
payable with interest thereon at the rate mentioned above. Now these presents
witness that in consideration of the said loan made to the Borrower as mentioned
above the Borrower and Surety do hereby covenant as follows:
1. To pay to the Bank the principal sum together with interest
thereon on ............... 20 ......
2. To keep all the property comprised in and subject to this
security insured in the manner following, that is to say:—
the property in the ............... Schedule hereto against
loss or damage by fire in the sum of at least ...............
UNOFFICIAL VERSION
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
94 Chap. 79:07 Agricultural Development Bank
dollars with some insurance company approved by the
Bank and to assign and deliver the policies of such
insurance to the Bank and to pay all premiums payable
under the said policies and from time to time to produce
to the Bank the receipt for each such payment and on
failure to perform any of the said obligations respecting
the said insurances it shall be lawful for but not
imperative upon the Bank to pay such premiums or any
of these and in such event all payments made for any
such purpose shall be repaid to the Bank and interest
shall be paid at the same rate as is payable on the loan
from the date of demand until repayment; and all
moneys not repaid on demand together with interest
thereon as mentioned above shall be charged on the
said property.
3. During the continuance of this Charge to pay and discharge
all rents, rates, taxes, duties, charges, assessments, impositions
and outgoings whatsoever which shall be assessed, charged,
imposed upon or payable in respect of the security covered by
this Charge; and on refusal or neglect to make such payment
or to produce the receipt therefor for the inspection of the Bank
on demand the Bank may pay the same and all payments made
for any such purpose shall on demand be repaid at the rate of
............... per cent a year from the date of payment by the
Bank until repayment and all moneys not repaid on demand
together with interest thereon as mentioned above shall be
charged on the property the subject of the security hereunder.
4. As long as any money remains due under these presents to
keep all the property mentioned as described in ...............
Schedules hereto in good and substantial repair to the
satisfaction of the Bank and to permit the Bank’s agents and
servants at all reasonable times during the day to enter into
and upon the same for the purpose of inspection, determination
of the Borrower’s progress and providing such counsel and
directions as may be necessary and on failure or neglect to
repair after due notice in writing thereof has been given the
Bank may pay all the expenses incurred in effecting any
necessary repairs and will pay interest at the rate of ...............
per cent a year from the date of the demand by the Bank until
repayment, and all such expenses and interest until repayment
shall be charged on the said property.
5. As long as any money remains due under these presents not to
exercise any powers of leasing or letting, selling or otherwise
disposing of the property or any part thereof mentioned in
UNOFFICIAL VERSION
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
LAWS OF TRINIDAD AND TOBAGO
Agricultural Development Bank Chap. 79:07 95
............... Schedules hereto except with the consent in writing
of the Bank for that purpose first had and obtained.
6. To assign and deliver up to the Bank the policy or policies of
Life Assurance required (if any) together with particulars of
the description thereof as are contained in the ...............
Schedule hereto together with all moneys assured by or to
become payable under or by virtue thereof absolutely subject
to the payment of all future premiums thereon and not to omit
or knowingly suffer anything whereby the said policy or
policies now valid and in force may become void or voidable
or whereby the Bank be prevented from receiving the moneys
hereby assured.
7. During the continuance of this security to maintain and upkeep
the cultivation of the lands hereby mortgaged in a good and
husbandlike manner to prevent erosion, to keep in good order
and condition all tenancies, ditches, fences, farm buildings on
the lands upon which crops comprised in the security given
are grown or to be grown.
D. And it is hereby agreed and declared that although as between the Surety
and the Borrower, the Surety is only the Surety for the Borrower as between the
Surety and the Bank the Surety shall be considered as the principal debtor for
the principal money and interest hereby secured so that the Surety shall not be
released by time being given to the Borrower or his assigns or by any other
variation in the provisions of these presents or by any other act, omission, matter
or thing whatsoever whereby the Surety only would have been so released (where
Surety is required).
E. And it is further agreed and declared pursuant to the Agricultural
Development Bank Act that breach in observance or performance of any of the
Covenants or provisions expressly or impliedly contained herein or in the Act
the Rules or the Regulations made thereunder is deemed to authorise seizure by
the Bank and confers on it the Rights, Powers and Authorities contained in the
Act including the right to take possession of the property described herein and
to sell by Public Auction (or by Private Treaty) in the manner therein prescribed
without prejudice to the obligations thereby imposed.
In witness whereof the Borrower has ............... hereunto signed his name the
............... day of ............... Two thousand and ............... and the Seal of the
Bank was hereto affixed the............... day of ............... Two thousand and .............
UNOFFICIAL VERSION
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
96 Chap. 79:07 Agricultural Development Bank
SCHEDULE I
Crops of Horticultural Produce
Nature and acreage of crop and/or produce ...................................................
...........................................................................................................................
Location of holding upon which growing or to be grown .................................
...........................................................................................................................
If lands under contract/occupied on a share basis/rented/leased .......................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
SCHEDULE II
Buildings
All that ....................................measuring .....................................................
and containing ......................rooms built of .....................................................
erected/standing on my own/rented/leased lands, situate at ..............................
in the Ward of ............................. in the County of ...........................................
If rented or leased, state from whom .................................................................
SCHEDULE III
Livestock (including Poultry)
Number of Description of Brand or Holding upon which
Animals Animals Distinctive Mark Depasturing or kept
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
SCHEDULE IV
Agricultural Vehicles and Machinery
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
(Give particulars)
(Give particulars and identification marks or numbers)
UNOFFICIAL VERSION
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Agricultural Development Bank Chap. 79:07 97
SCHEDULE V
Agricultural Plant
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
SCHEDULE VI
Farm Supplies (Seeds and Manures)
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
SCHEDULE VII
Life Insurance
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
SCHEDULE VIII
Any other matter or thing chargeable pursuant to section 37(1) of the
Agricultural Development Bank Act (Ch. 79:07), or given as security for any
loan granted under section 45 of the Act.
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
(Give particulars and Location)
(Give particulars)
(Give particulars)
(Give particulars)
UNOFFICIAL VERSION
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[Subsidiary] Agricultural Development Bank Regulations
LAWS OF TRINIDAD AND TOBAGO
98 Chap. 79:07 Agricultural Development Bank
SCHEDULE IX
Amortisation Plan
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
(Delete whatever is inapplicable).
SECOND SCHEDULE
Scale of Legal Charges
For the first investigation of a title to property by the Bank and preparing
and completing mortgage, or instrument of charge exclusive of disbursements,
on a loan:
Exceeding Not Exceeding Charge
$ $ $
— 1,000 7.50
1,000 2,500 10.00
2,500 5,000 15.00
5,000 7,500 25.00
7,500 12,000 35.00
12,000 20,000 40.00
20,000 — 50.00
For the first investigation of a title by the Bank to property held under the
Real Property Ordinance [Ch. 27. No. 11 (1950 Ed.)] and preparing and
completing mortgage, or charge, exclusive of disbursements, on a loan.
Exceeding Not Exceeding Charge
$ $ $
— 2,500 2.50
2,500 5,000 10.00
5,000 10,000 15.00
10,000 — 20.00
(Give particulars)
[Regulation 7].
UNOFFICIAL VERSION
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L.R.O.
Agricultural Development Bank Regulations [Subsidiary]
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Agricultural Development Bank Chap. 79:07 99
For every investigation of a title to property by the Bank after the first and
preparing and completing mortgage, exclusive of disbursements on a loan:
Exceeding Not Exceeding Charge
$ $ $
— 1,000 2.50
1,000 5,000 5.00
5,000 10,000 10.00
10,000 — 15.00
For the purpose of this Schedule where more than one property is comprised
in the same mortgage the titles thereto shall be deemed one title.
UNOFFICIAL VERSION
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