Agricultural Credits Act, 2010 (No. 35 of 2010). | Land Portal

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November 2010
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This Act provides with respect to a system of charge, lien or assignments on agricultural goods and warehouse receipts for credit, and for supervision and the registration and certification of warehouses and for these and other purposes establishes the Warehouse Licensing Authority. The Authority shall be a body corporate and shall: (a) certify warehouses; (b) approve negotiable warehouse receipt books; and (c) perform any other function incidental or conducive to the carrying out of its functions under this Act or any other law. A farmer may, individually or in association, create in favour of any person a charge on any farming stock, additional asset or other agricultural asset, security for- (a) inputs or other items required for cultivation; (b) sums advanced or to be advanced to the farmer; or (c) sums paid or to be paid on the farmer's behalf under any guarantee; and such security may cover any interest, commission or charge thereon. An agricultural charge may be fixed or floating and may be in any form and made upon such conditions as the parties to the charge may agree, and any surety may be made a party to the charge. A contract for the advancement to a farmer of inputs or other items required for cultivation shall be in accordance with this Act. The Act also provides for negotiation and transfer of warehouse receipts and the disposal of (perishable) goods from warehouses, and stipulates rights and obligations of warehouse operators. The Arbitration Act, 2000, shall apply to the settlement of any dispute arising as a result of the interpretation or application of the provisions of this Act.

Repeals: Agricultural Credits Act (Cap. 224). (2006)

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