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DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - LONG TITLE

An Act to consolidate the enactments relating to Government loans
for agricultural and fishery development.
[28th November 1968]
Agricultural Development LoansThe Agricultural Loans Fund.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 1

1.(1) There shall be a loans fund called the Agricultural Loans
Fund which shall be administered by the Ministry of Agriculture (in
this Act referred to as "the Ministry").

(2) Loans for the purposes specified in Part I of Schedule 1 may
be made from the Agricultural Loans Fund by the Ministry upon such
security and on such terms as may be determined by the Ministry in
accordance with and subject to the provisions of any loans scheme
prescribed by the Ministry with the approval of the Ministry of
Finance.

(3) A loans scheme under subsection (2) ... shall be subject to
negative resolution.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 2
Loans schemes.

2.(1) A loans scheme under section 1(2) enabling loans to be made
for the purchase and installation of any agricultural machinery,
implements or equipment may provide that the Ministry may, by way
of loan to the borrower, pay the whole or part of the purchase
price and cost of installation of the machinery, implements or
equipment, as the case may be, direct to the supplier thereof, and
that the ownership thereof should thereupon become and be vested in
the Ministry subject to the provisions of a hire purchase agreement
entered into by the borrower with the Ministry, whereby on the
repayment by the borrower in the manner therein provided of the
purchase price and cost of installation or part thereof so paid and
interest, the machinery, implements or equipment, as the case may
be, shall become the absolute property of the borrower.

(2) A loans scheme under section 1(2) in respect of loans
authorised by paragraph 7 of Part I of Schedule 1 may, in addition
to any other matters which may be prescribed by such a scheme,

(a)specify the nature of the expenditure (which may include purchase
money, auctioneers' fees, surveyors' fees, legal costs, stamp duty,
compensation for disturbance under section 3 of the Landlord and
Tenant (Ireland) Act 1870 paid by the borrower, the cost of
redeeming any mortgage or charge or of obtaining any consent or
redeeming any land purchase annuity under the Land Purchase Acts or
otherwise incurred on or in connection with the acquisition of any
land and the cost of works of the kinds specified in the scheme)
towards which loans may be made under the scheme;

(b)empower the making of loans in respect of expenditure incurred
before or after the application for the loan is received by the
Ministry under the scheme so long as the obligation to incur the
expenditure has not been entered into earlier than two years before
the application is so received;

(c)require that any mortgage or charge securing a loan made under
the scheme shall, notwithstanding any rule of law or equity to the
contrary, contain a provision making the mortgage or charge
irredeemable except upon such terms and conditions as may be
specified either in the mortgage or charge or by the scheme;

(d)require that any agricultural land in respect of the amalgamation
or boundary adjustment of which the loan is made shall, during the
currency of the loan, be held subject to such conditions as may be
specified in the scheme.

(3) Any conditions made applicable to any land pursuant to
subsection (2)(d) shall be referred to in any deed of mortgage or
charge executed by the borrower as security for the loan and shall
be binding upon and enforceable against the estate and interest of
the borrower and of every other person in that land.

(4) Where any conditions are made applicable to any registered land
in pursuance of subsection (2)(d) the registering authority shall,
upon lodgment of an instrument of charge referring to the said
conditions as required by subsection (3), enter upon the register a
note that the land is subject to the said conditions which shall
thereupon be deemed to have been registered as a burden affecting
the said land.

(5) Upon proof to the satisfaction of the registering authority that
all moneys due in respect of a loan authorised by paragraph 7 of
Part I of Schedule 1 have been paid, the registering authority
shall cancel any note entered on the register in pursuance of
subsection (4).

(6) Subsections (4) and (5) shall have effect notwithstanding
anything to the contrary contained in section 45 of the Local
Registration of Title (Ireland) Act 1891.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 3
Advances to and repayments from the Agricultural Loans Fund.

3.(1) The Ministry of Finance may issue to the Ministry from the
Consolidated Fund such sums as may be required from time to time
for the purposes of the Agricultural Loans Fund, but the aggregate
amount of the sums so issued (including sums issued pursuant to the
provisions of any enactment repealed by section 9 and Schedule 2)
shall not exceed [eighteen million pounds].

(2) The Ministry of Finance may borrow money for the purpose of
providing for issues from the Consolidated Fund to the Agricultural
Loans Fund.

(3) Advances made by the Ministry of Finance to the Agricultural
Loans Fund shall be repayable to the Consolidated Fund by annuities
(including principal and interest) over such period and at such rate
of interest as that Ministry may determine, but the Ministry may
from time to time apply any moneys standing to the credit of the
Agricultural Loans Fund and not immediately required for the purposes
of that Fund in accelerated repayment of advances to the Fund.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 4
Accounts and operation of the Agricultural Loans Fund.

4.(1) The Ministry shall keep such annual accounts of the
Agricultural Loans Fund in such form as the Ministry of Finance may
from time to time approve, and such accounts shall distinguish the
receipts and payments of that Fund in respect of capital and in
respect of income.

(2) The income account of the Agricultural Loans Fund shall be
charged with

(a)the interest on advances to that Fund from the Consolidated Fund
or from the Government Loans Fund (as the case may be); and

(b)the payment of such expenses in connection with the administration
of the Agricultural Loans Fund as the Ministry of Finance may
approve.

(3) If it is shown by the income account mentioned in sub-section
(2)

(a)that the income in respect of any financial year is in excess
of the expenditure incurred in that year, the amount of the excess
or so much thereof as the Ministry of Finance may approve may be
retained in the income account as a working balance, but, save as
aforesaid, the amount of such excess shall be paid into the
Exchequer; or

(b)that the income in any financial year is less than the
expenditure incurred in that year a sum equal to the amount of the
deficiency shall be paid to the credit of the income account out
of moneys provided by Parliament.

(4) Where the Ministry recommends that the whole or any part of
the principal of any loan made to a borrower from the Agricultural
Loans Fund should be written off from the capital account of that
Fund by reason of the same not being likely to be recovered, the
Ministry of Finance may direct that such amount shall be written
off, and the amount of such principal so written off shall be paid
to the credit of the Agricultural Loans Fund out of moneys provided
by Parliament: but nothing in this subsection shall alter the
liability of any borrower or surety to repay the principal of, or
interest on, any such loan or part thereof and any sum afterwards
recovered whether for principal or interest in respect of the amount
so written off shall be paid into the Exchequer.

(5) Accounts kept under subsection (1) shall be audited by the
Comptroller and Auditor-General and shall, together with his report
thereon, be laid before Parliament.

(6) The Ministry shall lay annually before Parliament with the
accounts of the Agricultural Loans Fund a statement of all losses
met out of moneys provided by Parliament whether in respect of the
principal of any loan written off by direction of the Ministry of
Finance, or in respect of a deficiency in the income account of
the Agricultural Loans Fund.

Loans for fishery development.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 5

5.(1) Loans (not being local loans within the meaning of Article I
of Schedule 1 to the Government Loans Act (Northern Ireland) 1957)
for the purposes of fishery development as specified in Part II of
Schedule 1 may be made by the Ministry upon such security and on
such terms as may be determined by the Ministry in accordance with
and subject to the provisions of any loans scheme prescribed by the
Ministry with the approval of the Ministry of Finance.

Subs.(2) rep. by 1979 NI12 art.11(2) sch.5

(3) Any sum received in respect of the repayment of any loan made
by the Ministry for the purposes specified in Part II of Schedule
1 shall be paid into the Exchequer.

(4) Where the Ministry recommends that the whole or any part of
the principal or interest of any loan made under subsection (1)
should be written off by reason of the same not being likely to
be recovered, the Ministry of Finance may direct that such amount
shall be written off, and such amount shall be treated as a loss
to the Exchequer, but nothing in this subsection shall alter the
liability of any person to pay the principal of or interest on any
such loan or part thereof, and any sum afterwards recovered whether
for principal or interest in respect of the amount so written off
shall be paid into the Exchequer.

(5) The Ministry shall keep such accounts of loans made under
subsection (1) as the Ministry of Finance may approve, and such
accounts shall be audited by the Comptroller and Auditor-General and
shall, together with his report thereon, be laid before Parliament.

(6) The Ministry shall lay annually before Parliament a statement of
all losses caused to the Exchequer by reason of the principal or
interest of any loan being written off.

(7) Loans made under subsection (1) shall be issued out of moneys
provided by Parliament.

Interest on loans.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 6

6.(1) The rates of interest to be charged on any loans made by
the Ministry under this Act shall be such as may from time to
time be determined by the Ministry of Finance.

(2) Where any instalment of principal or interest or both principal
and interest due on foot of any loan made under this Act is more
than thirty-one days in arrear additional interest at a rate not
exceeding six and one-half per centum per annum [or such other rate
as may from time to time be determined by an order made by the
Ministry of Finance subject to negative resolution] shall,
notwithstanding any enactment or rule of law to the contrary, be
chargeable on the amount of such arrears and shall be recoverable
therewith; but the Ministry of Finance may in such cases as it
thinks fit direct that the payment of such additional interest may
be waived.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 7
Restriction on making loans.

7. Except as otherwise provided by a loans scheme under section
1(2) by virtue of [section 2(2)(a) or (b)] a loan may not be made
under this Act for the purpose of discharging any debt due and
incurred before the making of the application for that loan.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 8
Payment of fees.

8. There shall be paid by applicants for loans under this Act such
fees as the Ministry of Finance may prescribe and such fees shall

(a)in the case of loans made for the purposes specified in Part I
of Schedule 1, be credited to the income account of the
Agricultural Loans Fund; and

(b)in the case of loans made for the purposes specified in Part II
of Schedule 1, be appropriated in aid of moneys provided by
Parliament.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 9
Repeals.

9.(1) The enactments set out in Schedule 2 are hereby repealed to
the extent specified in the third column of that Schedule.

(2) Without prejudice to the provisions of sections 28 and 29 of
the Interpretation Act (Northern Ireland) 1954 (which relate to the
effect of repealing and substituting provisions), nothing in
subsection (1) shall affect

(a)any power to issue any loan or advance agreed before the passing
of this Act to be made under any enactment repealed by subsection
(1); or

(b)the security for, or the repayment or recovery of, the principal
of or interest on any loan made under any enactment repealed by
subsection (1);

Short title.

DEVELOPMENT LOANS (AGRICULTURE AND FISHERIES) ACT (NORTHERN IRELAND)
1968 - SECT 10

10. This Act may be cited as the Development Loans (Agriculture and
Fisheries) Act (Northern Ireland) 1968.

1. The development and improvement of agricultural land and livestock
and of land suited for forestry or woodland purposes.

2. The purchase (including hire purchase) and installation of
agricultural machinery, implements and equipment, and the purchase,
installation, erection or improvement of agricultural buildings,
including farm dwelling-houses and labourers' cottages.

3. The establishment or development of small rural or agricultural
industries.

4. The purchase, by occupiers of agricultural holdings in rural
districts, and the accumulation by natural increase on those
holdings, of livestock, poultry, seeds, bulbs, corms, tubers, plants,
parts of plants, planting materials and fertilisers, for use on
those holdings.

5. The purchase, erection or installation of electrical plant,
machinery or equipment (including ultra-violet ray equipment) for use
on agricultural land or in agricultural buildings (including farm
dwelling-houses and labourers' cottages) or otherwise for use in or
for any purposes connected with agriculture, horticulture, market
gardening, dairy or fruit farming or the raising, safeguarding or
marketing of livestock, poultry or farm produce.

6. Assisting any society or body of persons (whether corporate or
unincorporate) to promote, organise or hold an agricultural show
intended generally to foster an interest in agriculture or to
benefit persons engaged in agriculture.

7. Expenditure incurred or to be incurred in connection with the
carrying out, in accordance with proposals approved by the Ministry,
of any amalgamation of, or boundary adjustment affecting, any
agricultural land.

[8. Expenditure incurred in the purchase of land for agricultural
purposes by persons who in the opinion of the Department are or
will be efficient farmers.]1. The purchase, repair, maintenance or
insurance of fishing boats, engines and equipment.

2. The development of any industries immediately connected with and
subservient to fishing where expenditure of a capital nature is
involved.

Schedule 2Repeals