S.I. No. 141/1949:

AGRICULTURAL CO-OPERATIVE SOCIETIES (DEBENTURES) REGULATIONS, 1949.

AGRICULTURAL CO-OPERATIVE SOCIETIES (DEBENTURES) REGULATIONS, 1949.

I, JAMES M. DILLON, Minister for Agriculture, in exercise of the powers conferred on me by the Agricultural Co-Operative Societies (Debentures) Act, 1934 (No. 39 of 1934), and of every and any other power me in this behalf enabling and, in so far as these Regulations relate to the fixing of any fees, with the consent of the Minister for Finance testified by his signature hereto, hereby make the following Regulations :

1. These Regulations may be cited as the Agricultural Co-Operative Societies (Debentures) Regulations, 1949.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to these Regulations.

3. In these Regulations the expression " the Act " means the Agricultural Co-operative Societies (Debentures) Act, 1934 (No. 39 of 1934).

4.--(1) An application for a certificate under section 3 of the act shall be in writing duly sealed with the seal of the applying society and shall state--

(a) the object for which the society seeks to acquire the powers provided by the Act of issuing debentures and charging uncalled capital, and

(b) the amount which the society desires to secure by the exercise of those powers.

(2) An application for a certificate under section 3 of the act shall be addressed to " The Secretary, Department of Agriculture, Dublin."

(3) An application for a certificate under section 3 of the act shall be accompanied by--

(a) one copy of the rules of the applying society in force at the date of the application, and

(b) one copy of the latest annual return of the society made under the Industrial and Provident Societies Act, 1893.

5.--(1) A certificate under section 3 of the Act shall be in writing and sealed with the seal of the Minister, and shall be so expressed as to certify in accordance with subsection (2) of that section that the society to which it relates is an agricultural co-operative society for the purposes of the Act.

(2) Notice of the issue of a certificate under Section 3 of the Act shall be sent by registered post to the Registrar of Friendly Societies.

6.--(1) A revocation under subsection (3) of Section 3 of the Act of a certificate under that section shall be in writing and sealed with the seal of the Minister.

(2) Notice of the revocation of a certificate under Section 3 of the Act shall be sent by registered post--

(a) to the society to which the certificate relates, and

(b) to the Registrar of Friendly Societies.

7.--(1) An application for the consent of the Minister under section 5 of the act to the issue of debentures shall be made in writing duly sealed with the seal of the applying society and shall state--

(a) the amount which the society proposes to secure by the issue of the debentures.

(b) the name and address of the authorised lender to whom the society proposes to issue the debentures,

(c) whether the society proposes that the debentures are to be secured by way of fixed charge on specified property or by way of floating charge on the assets, property, and undertaking belonging to the society,

(d) particulars of the property and assets on which the society proposes to charge the money secured by the debentures, and

(e) the proposed conditions as to repayment of the amount to be secured by the issue of the debentures.

(2) An application under section 5 of the act shall be addressed to " The Secretary, Department of Agriculture, Dublin."

(3) An application under section 5 of the act shall be accompanied by--

(a) one copy of the rules of the applying society in force at the date of the application.

(b) one copy of the latest annual return of the society made under the Industrial and Provident Societies Act, 1893, and

(c) in the case of a society which is by subsection (2) of section 4 of the act prohibited from issuing debentures unless a resolution approving of the making of the issue has been passed by a special meeting of the shareholders of the society, a copy of the resolution and of the notice convening the special meeting.

8. A consent under section 5 of the act to a proposed issue of debentures shall be in writing and sealed with the seal of the Minister, and shall be so expressed as to state all matters required by subsection (4) of that section to be stated therein, together with such (if any) of the matters permitted by the said subsection to be contained in the certificate as the Minister thinks proper to insert therein.

9.--(1) A debenture issued under the Act shall contain the following statement :

" This debenture is issued under the Agricultural Co-operative Societies (Debentures) Act, 1934 (No. 39 of 1934), with the consent of the Minister for Agriculture given in due form under that Act."

(2) A debenture issued under the Act shall contain a statement of the following particulars of the consent of the Minister to the issue :

(a) the date of the consent,

(b) the amount of the issue to which the consent relates, and

(c) any conditions, limitations and restrictions inserted in the consent.

10.--(1) The Minister shall keep the Register of Charges by Agricultural Co-operative Societies in three parts and in the form contained in the Schedule to these Regulations.

(2) The Register shall be open to inspection by the public at the Office of the Secretary of the Department of Agriculture, Dublin, during usual office hours upon payment of a fee of one shilling.

11. An application by an authorised lender for the registration of debentures or of a charge on uncalled capital shall be in writing and shall contain all particulars necessary for making the proper entries in the register.

12. The Agricultural Co-operative Societies (Debentures) Regulations, 1934 ( S. R. & O. No. 325 of 1934 ), are hereby revoked.

GIVEN under my Official Seal, this 4th day of May, 1949.

(Signed) JAMES M. DILLON,

Minister for Agriculture.

I consent to the foregoing Regulations so far as they relate to the fixing of fees.

(Signed) P. McGILLIGAN,

Minister for Finance.

SCHEDULE.

REGISTER OF CHARGES BY AGRICULTURAL CO-OPERATIVE SOCIETIES.

PART I.

DEBENTURES.

REGISTER OF CHARGES BY AGRICULTURAL CO-OPERATIVE SOCIETIES.

PART II.

CHARGES ON UNCALLED CAPITAL BY SOCIETIES.

REGISTER OF CHARGES OF AGRICULTURAL CO-OPERATIVE SOCIETIES.

PART III.

CHARGES IN FAVOUR OF THE AGRICULTURAL CREDIT CORPORATION, LIMITED, BY ORDER OF THE MINISTER.