Agricultural Credit Act, 1979
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No. 31/1979: AGRICULTURAL CREDIT ACT, 1979 |
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ARRANGEMENT OF SECTIONS |
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AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACT, 1978 . |
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[5th December, 1979] |
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BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: |
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| Definition. |
1.—In this Act "the Principal Act" means the Agricultural Credit Act, 1978 . |
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| Amendment of section 12 of Principal Act. |
2.—Section 12 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (1): |
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"(1) Subject to the approval of the Minister, the Corporation may raise or borrow money (including money in a currency other than the currency of the State) in any manner it thinks fit, but the amount of money raised or borrowed and outstanding at any one time shall not exceed £600,000,000.". |
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| Amendment of section 14 of Principal Act. |
3.—Section 14 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (2): |
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"(2) The Minister shall not so exercise the powers conferred by subsection (1) that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and which has not been paid by the Corporation to the Minister, exceeds £600,000,000.". |
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| Short title, construction and collective citation. |
4.—(1) This Act may be cited as the Agricultural Credit Act, 1979 |
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(2) The Principal Act and this Act shall be construed together as one Act and may be cited together as the Agricultural Credit Acts, 1978 and 1979. |
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ACT REFERRED TO |
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