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AGRICULTURAL MARKETING ACTS (NORTHERN IRELAND) 1964 - SECT 11

Borrowing power of boards and application of loans and grants made to boards.

11.(1) Every scheme shall provide for empowering the board to borrow money for
the purpose of exercising their functions under the scheme.

(2) A board shall have power to accept from any other person any grant to be
applied for any of the purposes for which the board are empowered to expend
money.

(3) A scheme may provide for empowering the board, where a loan or grant is
proposed to be made to them, to agree with the person proposing to make the
loan or grant, as the case may be, and, in the case of a loan, with any person
proposing to guarantee the repayment thereof, that if the loan or grant is
duly made or the guarantee duly given, the board will apply the money obtained
by them by means of the loan or grant subject to such conditions (including
conditions as to the persons on whose advice the board are to act in applying
the said money) as may be specified in the agreement.

(4) Where a scheme provides for empowering the board to make any such
agreement as aforesaid, the scheme

(a)shall impose upon the board the duty of carrying into effect any such
agreement entered into by them; and

(b)may provide that where such an agreement contains conditions requiring the
board to act on the advice of any specified persons, the provisions of the
scheme entitling a registered producer aggrieved by any act or omission of the
board to refer the matter to arbitration shall not apply in relation to
anything done, or omitted to be done, by the board in pursuance of the
agreement.

(5) The Ministry of Finance may, on the recommendation of the Ministry,
guarantee, in such manner as the Ministry of Finance thinks fit, the payment
of the interest and principal, or of either interest or principal, of loans
proposed to be borrowed by a board for the purpose of meeting the expenses
incurred in connection with the initiation and operation of a scheme. Any such
loan shall be repaid by the board within two years but may, with the guarantee
of the Ministry of Finance, from time to time be renewed for a further period
of two years, if the Ministry so recommends.

Effect of schemes on contracts.

© 1964 Crown Copyright

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