Agriculture (Loans and Guarantees) (Jersey) Law 1974

Jersey Law 5/1974 AGRICULTURE (LOANS AND GUARANTEES) (JERSEY) LAW, 1974. ____________ 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. ____________ ( Registered on the 17 th day of May, 1974). ____________ STATES OF JERSEY. ____________ The 5th day of June, 1973. ____________ T HE 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 1 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 2 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. 1 Tome 1968–1969, page 43. 2 Tome 1949–1950, page 634 and Tome 1957–1960, page 581.