Jersey Law 5/1974
AGRICULTURE (LOANS AND GUARANTEES) (JERSEY) LAW, 1974.
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A LAW to
make provision for affording financial assistance to the agricultural industry
through the lending of money, the giving of guarantees in respect of bank loans
made by persons carrying on banking business, and the making of payments to
reduce the cost to borrowers of bank loans in respect of which guarantees have
been given, to provide for matters in connexion
therewith and to repeal the Agriculture (Loans and Guarantees) (Jersey) Law,
1968, sanctioned by Order of Her Majesty in Council of the
26th day of MARCH, 1974.
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(Registered on the 17th day of May, 1974).
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STATES OF JERSEY.
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The 5th day of June,
1973.
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THE STATES, subject to the sanction of
Her Most Excellent Majesty in Council, have adopted the following Law: -
ARTICLE 1
INTERPRETATION
(1) In
this Law, unless the context otherwise requires –
“agricultural land” means land, including land under
glass, used by way of trade or business, for any purpose of agriculture or
horticulture and includes land capable of being so used, and
“agricultural” shall be construed accordingly;
“applicant” means a person by or in respect of whom an
application for a loan or for the giving of a guarantee is made;
“approved” means approved by the Committee;
“bank” means any body corporate, firm or society
carrying on banking business which has been approved;
“bank loan” means a loan made by a bank by way of
fluctuating overdraft or otherwise;
“the Board” has the meaning assigned to it by paragraph
(2) of Article 2 of this Law;
“borrower” means a person to whom a loan or a bank loan
is made;
“the Committee” means the Committee of Agriculture;
“the Fund” has the meaning assigned to it by paragraph
(2) of Article 2 of this Law;
“guarantee” means a guarantee in an approved form given
under this Law in respect of a bank loan;
“loan” means a loan, other than a bank loan, made under
this Law.
(2) References
in this Law to the giving of a guarantee shall be construed as references to
guaranteeing, either unconditionally or on such terms and conditions as the
Committee may think fit to impose, the repayment of the whole or any part of a
bank loan and the payment of interest thereon.
(3) References
in this Law to any other enactment shall, unless the context otherwise
requires, be construed as references to that enactment as amended by or under
any other enactment, and as including references to any enactment repealing and
re-enacting the enactment with or without further amendment.
ARTICLE 2
REGULATIONS
(1) The
States may be regulations provide generally for –
(a) the lending of money
for prescribed agricultural purposes;
(b) the giving of
guarantees in respect of bank loans made for such purposes;
(c) the making of payments
to a borrower under a bank loan in respect of which a guarantee has been given,
or to the bank making the loan, so as to reduce the cost of the loan to the
borrower.
(2) Without
prejudice to the generality of the provisions of paragraph (1) of this Article,
regulations made under that paragraph –
(a) shall provide for the
establishment, under the guarantee of the annual income of the States, and for
the management of a fund to be called the Agricultural Loans and Guarantees
Fund (in this Law referred to as “the Fund”);
(b) shall provide for the
constitution, for the purpose of making recommendations with regard to the
making of loans and payments and the giving of guarantees, of a Board to be
called the Agricultural Loans and Guarantees Advisory Board (in this Law
referred to as “the Board”);
(c) may restrict the persons,
or classes of persons to whom loans or payments may be made or guarantees
given;
(d) may
make provision for determining the amount of the principal of a loan to be
granted in any case and the rate of interest which the loan will bear, and
different provisions, including provisions relating to the repayment of the
principal of a loan and any interest thereon, may be made in relation to
different cases and circumstances;
(e) may
provide for the securing of a loan in such manner and subject to such conditions
as may be prescribed and may prescribe the form of any contract necessary to
effect the loan;
(f) may prescribe
matters on which the Committee shall be required to satisfy itself before a
loan is made, the conditions to be observed in relation to any loan and the
powers of the Committee in the event of a breach of such conditions;
(g) may prescribe the
maximum amount of a bank loan in respect of which a guarantee may be given;
(h) may prescribe the
conditions to be fulfilled or undertakings given by an applicant for a
guarantee and may prescribe the form of such undertakings;
(j) may make
provision regarding the duration and termination of guarantees and the duties
of banks to whom guarantees are given, and may empower the Committee to
withdraw guarantees on the happening of prescribed events and to recover any
sums paid to a bank in fulfilment of a guarantee;
(k) may prescribe the
circumstances in and the conditions subject to which payments may be made, the
manner in which the amount of the payments will be calculated and the means
whereby they will be made, and different provisions may be prescribed in
relation to different cases and circumstances;
(l) may prescribe the
circumstances in which an officer of the Committee, or any other person duly
authorized by the Committee shall be permitted to enter on and inspect any
agricultural land;
(m) may prescribe the acts or
omissions which constitute offences against the regulations and may prescribe
in respect of such offences penalties of a fine not exceeding two hundred
pounds or imprisonment for a term not exceeding six months or both such fine
and such imprisonment;
(n) may provide generally
for the administration of this Law.
ARTICLE 3
REPEAL AND CONSEQUENTIAL PROVISIONS
As from the coming into force of this Law, the Agriculture (Loans
and Guarantees) (Jersey) Law, 1968 shall be
repealed and –
(a) the assets and
liabilities of the Agricultural Loans Fund established under that Law shall
become assets and liabilities of the Fund;
(b) any loan made or guarantee
given under that Law shall continue in effect, notwithstanding any provisions
of this Law or any regulations made thereunder, as though the loan had been
made or the guarantee given under this Law;
(c) any application for a
loan to be made or a guarantee given under that Law shall be deemed to be an
application under this Law.
ARTICLE 4
LIMITATION OF APPLICATION OF BUILDING LOANS (JERSEY) LAW, 1950
Article 3 of the Building Loans (Jersey) Law 1950 shall not apply in any case where a loan may be
made under this Law.
ARTICLE 5
CITATION AND COMMENCEMENT
(1) This
Law may be cited as the Agriculture (Loans and Guarantees) (Jersey) Law, 1974.
(2) This
Law shall come into force forthwith for the purpose of making Regulations and,
for every other purpose, shall come into force on the date on which the first
such Regulations come into force.
E.J.M. POTTER,
Greffier of the States.