Agricultural Mortgage Corporation Act 1956
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Change 1
2 Increase of company’s resources.
(1) The Minister of Agriculture, Fisheries and Food may, for the purpose of increasing the company’s guarantee fund, make advances to the company not exceeding in the aggregate, with the advances made by him to the company under the said Act of 1928 and the Agriculture (Miscellaneous Provisions) Act, 1944, £30 million,and on the same conditions as to repayment and as to payment of interest as the last-mentioned advances. (2) Any sums required for the purpose of making advances under the foregoing subsection shall be issued out of the Consolidated Fund at such times and to such amounts as the Treasury think fit; and any sums paid by way of repayment of, or interest on, any such advances shall be paid into the Exchequer. (3) Paragraph (3) of clause 3 of the memorandum of association of the company (which specifies, as one of the company’s objects, the raising of money on loan from Her Majesty’s Government as provided by the said Act of 1928) shall have effect, and be deemed always to have had effect, with the omission of the words “as provided by the Agricultural Credits Act, 1928”.
2 Increase of company’s resources.
(1) The Minister of Agriculture, Fisheries and Food may, for the purpose of increasing the company’s guarantee fund, make advances to the company not exceeding in the aggregate, with the advances made by him to the company under the said Act of 1928 and the Agriculture (Miscellaneous Provisions) Act, 1944, £30 million,and on the same conditions as to repayment and as to payment of interest as the last-mentioned advances. (2) Any sums required for the purpose of making advances under the foregoing subsection shall be issued out of the Consolidated Fund at such times and to such amounts as the Treasury think fit; and any sums paid by way of repayment of, or interest on, any such advances shall be paid into the Exchequer. (3) Paragraph (3) of clause 3 of the memorandum of association of the company (which specifies, as one of the company’s objects, the raising of money on loan from Her Majesty’s Government as provided by the said Act of 1928) shall have effect, and be deemed always to have had effect, with the omission of the words “as provided by the Agricultural Credits Act, 1928”.
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