Farmers' Relief (Amendment) Act 1941 (NSW)
FARMERS' RELIEF (AMENDMENT) ACT.
Act No. 53, 11)41.
| An Act to extend the time for the lodgment of applications for stay orders; to remove restrictions on the right to grant stay orders; to provide for the reconstitution of the Rural Reconstruction Board; to make further provision for and in relation to the adjustment of the debts and liabilities of certain farmers; for these and other pur- poses to amend the Farmers' Relief Act, 1932-1940, and certain other Acts in certain respects; and for purposes connected there- with. [Assented to, 13th November, 1941.] | BE |
BE it enacted b y the King 's Most Excellent Majesty, lative Council a n d Legislative Assembly of New South b y a n d with t h e advice and consent of t h e Legis Wales in Par l iament assembled, and by the au thor i ty of the same, as follows :—
P A R T I . P R E L I M I NARY.
1 . ( 1 ) This Act may be cited as the " F a r m e r s ' R e l i e f (Amendment ) Act, 1 9 4 1 . "
( 2 ) The F a r m e r s ' Relief Act, 1 9 3 2 - 1 9 4 0 , as amended by subsequent Acts , is in this Act re fer red to as the
Pr inc ipa l Act. ( 3 ) The Pr inc ipa l Act, as amended by this Act,
m a y be cited as the F a r m e r s ' Relief Act, 1 9 3 2 - 1 9 4 1 . 2 . This Act is divided into P a r t s , as follows:—
P A R T I . — P R E L I M I N A R Y — s s . 1 , 2 . P A R T I I . — S T A Y ORDERS AND DISCLAIMERS—s . 3 .
P A R T I I I . — R E C O N S T I T U T I O N OF THE RURAL RECON
STRUCTION BOARD—ss . 4 - 7 .
P A R T I V . — D E B T S A D J U S T M E N T — s s . 8 , 9 .
P A R T V . — G E N E R A L — S S . 1 0 - 1 3 .
P A R T I I . STAY ORDERS AND DISCLAIMERS.
( 1 ) The Pr inc ipa l Act is amended—
(a) (i) by omit t ing from subsection one of section
eight the words " t h e first day of Apri l , one thousand nine hundred and thir ty-six, and any f a rmer who proposes to make appl i cation to the B oa r d under section 34A of this Act for ass is tance may a t any t ime b e f o r e " ; (ii) by omitting from subsection three of the same section the words " i n respect of any f a rmer who has filed within the t ime specified in this subsection in the office of the Boa rd a notice in or to the effect of the prescr ibed form disclaiming the benefits of
th is
this Act, which notice has not been wi thdrawn in accordance with subsection (3c) of this section, n o r " ;
(iii) by omitting from the same subsection all
words af ter the words " a m e n d i n g , consoli
dat ing, or replacing the s a m e " ; (iv) by omitting subsection (3A) of the same section;
(v) by omitting subsection (3c) of the same section.
(b)
by omitting from subsection eleven of section nine the words and figures " F a r m e r s ' Relief (Amendment) Act, 1940" and by inser t ing in lieu thereof the following words and figures " F a r m e r s ' Relief (Amendment) Act, 1 9 4 1 . "
(2) The amendments made by subsection one of this
section shall not affect the val idi ty or inval idi ty or any
operat ion, effect or consequence of any s tay o rder
| g r an t ed before the commencement of this | P a r t . |
(3) Any notice of disclaimer which was executed before the commencement of this P a r t , shall, as from such commencement, be void and of no effect.
P A R T I I I .
RECONSTITUTION or THE RURAL RECONSTRUCTION BOARD.
4 . This P a r t shall commence upon a day to be appointed by the Governor and notified by proclamat ion published in the Gazette.
| 5 . (1) Upon the commencement of this P a r t the body corpora te const i tuted by section seven of the Pr inc ipa l Act shall be reconst i tuted and shall consist of seven members . |
(2) Nothing contained in this Act shall prejudice
or affect the continuity of such body corporate , but the
same shall continue notwi ths tanding the provis ions of
| this | P a r t . |
(3) The amendments made to the Pr inc ipa l Act by
section six of this Act and the provisions of sub
section one of this section shall not affect any p roper ty ,
powers ,
powers , r igh ts , author i t ies , duties, functions, liabilities or obligations of the said body corpora te or the appoint men t of the Director or the depu ty di rector or of the members of the body corpora te re fer red to in p a r a g r a p h s (a) and (b) of section seven of this Act, or render defec tive any legal or other proceedings ins t i tu ted or to be
ins t i tu ted by or aga ins t the body corpora te . (4) The body corpora te aforesaid shall continue no twi ths tand ing tha t there a re at any t ime or t imes vacancies in the offices of all the members of the body corpora te or of any one or more of them.
6 . The Pr inc ipa l Act is fur ther amended— (a) (i) by omit t ing from subsection one of section
seven the words " o f five p e r s o n s " and by
inse r t ing in lieu thereof the words " o f
seven p e r s o n s " ; (ii) by omitting from subsection two of the same section the words " o t h e r four m e m b e r s " and by inser t ing in lieu thereof the words
" r e m a i n i n g m e m b e r s " ; (iii) by inserting next after the same subsection the following new subsect ions:—
(2A ) Of the members so appointed—
(a) one shall be representative of the
Crown as credi tor of f a r m e r s ;
(b) one shall be representa t ive of
credi tors of fa rmers , o ther than
the Crown;
(c) one shall be a person having a
general knowledge and experience of farming, agr icul tura l , horticul t u ra l and graz ing operat ions and shall be representa t ive of fa rmers genera l ly ;
(d)
one shall be a person having special knowledge of agr icul tura l opera t ions and mixed fa rming and shall be representa t ive of f a rmers
engaged in agr icul tura l operat ions
and mixed f a rming ;
(c)
(e)
one shall be a person having special knowledge of graz ing operat ions and shall be represen ta t ive of f a rmers engaged in
graz ing opera t ions ; (f)
one shall be a person having special knowledge of da i ry fa rm ing and other types of f a rming not falling within any of the classes re fe r red to in p a r a g r a p h s (d) and (e) of this subsection and shall be representa t ive of f a rmers engaged in da i ry f a rming and such other types of fa rming .
The members re fer red to in p a r a g r a p h s (a) and (b) of this subsection a re in this Act hereinaf ter re fer red to as " c r e d i t o r s ' r ep resen ta t ives . ' '
The members re fer red to in p a r a g r a p h s
(c) , ( d ) , (e) and (f) of this subsection a re in this Act here inaf ter re fer red to as
' ' f a r m e r s ' r ep re sen ta t ives . ' ' (2B) (a) The members re fe r red to in p a r a g r a p h s ( a ) , (b) and (c) of subsection (2A) of this section shall be entit led to be presen t and to vote at any meet ing of the Board .
(b) Only one of the members
re fe r red to in p a r a g r a p h s (d ) , (e) and (f) of subsection (2A) of this section shall be entit led to be presen t and to vote at any one
meet ing of the Board . The member who shall bo so enti t led to be presen t and to vote at any par t i cu la r meet ing of the Board shall bo such one of those members as the Director m a y nom inate in the notice convening the meeting.
In making any such nominat ion the Director shall have rega rd to the ma t t e r s to be submit ted for considerat ion a t the meeting.
(iv)
(iv) by inserting in subsection three of the same section af ter the word " B o a r d " where firstly occurr ing the words " ( o f whom at least one shall be a c r ed i to r s ' representa t ive
and a t least one shall be a f a r m e r s ' repre
sentat ive) " ;
(b) (i) by inser t ing at the end of p a r a g r a p h one of the Schedule the words " a n d who shall be representa t ive of the same in teres ts a s his predecessor, and (where special qualifi cat ions a re prescr ibed by this Act for such a represen ta t ive) shall have the qualifica
t ions so p r e s c r i b e d " ;
(ii) by omit t ing from p a r a g r a p h two of the Schedule the word " m e m b e r " and by inser t ing in lieu thereof the words " o r more m e m b e r s ' ' ;
(iii) by inser t ing a t the end of s u b p a r a g r a p h
one of p a r a g r a p h eleven of the Schedule
the following new p a r a g r a p h : —
(g) the nominat ion of any f a r m e r s '
r epresen ta t ive at any meet ing of
the Board .
7 . Upon the commencement of this P a r t the following
provis ions shall have effect :—
(a) Charles Alfred Le Mais t re Walker , Esqu i re , C.B.E., shall continue to hold office as a member of the B oa r d for the balance of the t e rm for which he was appoin ted by the Governor in pursuance of an Execut ive Council Minute approved upon the twenty-second day of
November, one thousand nine hundred and thir ty-nine, and shall, as from such commence ment , be deemed to have been appointed as member represen ta t ive of credi tors of f a rmer s , other than the Crown, and shall, upon the expira tion of tha t t e rm be eligible for r eappo in tment unde r the Pr inc ipa l Act as amended by this Act .
(b) E r n e s t Field, Esqu i re , shall continue to hold office as a member of the Board for the balance of the t e rm for which he was appointed by the Governor in pursuance of an Executive Council
Minute
Minute approved upon the twenty-second day of November, one thousand nine hundred and thir ty-nine, and shall, as from such commence ment , be deemed to have been appointed as member representa t ive of f a rmers generally, and shall, upon the expira t ion of tha t t e r m be eligible for reappoin tment unde r the Pr inc ipa l Act as amended by this Act.
(c) The remaining members of the B o a r d (o ther t han the Director) shall cease to hold office as such, but shall be eligible for reappoin tment under the Pr inc ipa l Act as amended by this Act.
P A R T IV. DEBTS A D J U S T M E N T .
8 . This P a r t shall commence upon a day to be appo in ted by the Governor and notified by proclamat ion published in the Gazette.
| 9 . The Pr inc ipa l Act is fur ther | amended— |
(a) by inserting in Part IIA after the heading
" F a r m e r s ' Debts A d j u s t m e n t , " the following sub-heading:—
DIVISION 1.—Voluntary adjustments.
(b) by omitting sections 34A, 34B, 34C and 34D and by inser t ing in lieu thereof the following new sect ions:—
34A. A fa rmer m a y a t any t ime and from t ime to time make applicat ion in wr i t ing to the Board for assis tance to effect a composition or scheme of a r r angemen t with his credi tors or any of them in satisfaction in whole or in p a r t of his debts a n d / o r liabilities whether secured or unsecured. 34B. The f a rmer shall, upon a request in writ ing by the B o a r d in tha t behalf, furnish such informat ion and such accounts, documents and wri t ings as the Board may requi re for the pur pose of considering such applicat ion.
34c.
34c. (1) The B o a r d shall, on receipt of an application, consider whether the appl icant will have a reasonable prospect of continuing and ca r ry ing on his fa rming opera t ions successfully if a composition or scheme of a r r angemen t with his credi tors o r any of them is concluded or p u t into effect.
(2) If the B o a r d is of the opinion tha t t he appl icant has such a prospect it shall proceed with the application. If it is not of tha t opinion it shall dismiss the applicat ion.
34D. If the Board decides to proceed with t he applicat ion it shall consider any proposa l for a composition or scheme of a r r angemen t submit ted by the fa rmer or by the Director with the concurrence of the fa rmer and may approve of the same as submit ted or may suggest such amendments to the proposa l as it thinks fit and may thereaf te r approve of any amended pro posal .
(c)
by inserting after section 34E the following new sub-headings and sect ions:—
DIVISION 2.—Where voluntary adjustment is not concluded.
34EA. W h e r e a f a rmer has made appl icat ion to the B o a r d under section 34A of this Act (whether as originally enacted or as subs t i tu ted or amended from time to t ime) for assis tance and a proposa l for a composition or scheme of a r r angemen t has been approved p u r s u a n t to this P a r t , and a major i ty in number and value of the
unsecured credi tors of the fa rmer (in this sec tion here inaf ter re fe r red to as " a s s e n t i n g c r e d i t o r s " ) have signified their assent to the composition or scheme of a r r angemen t and have given under tak ings in wr i t ing to execute releases of thei r debts a n d / o r liabilities upon receipt of the amount agreed to be paid to them in the composition or scheme of a r r angement , the following provisions shall have effect:—-
(a)
For the purpose of calculating a majority of credi tors under this section, account shall be taken only of those credi tors of
whom
whom the Board has notice, joint credi to rs shall count as one creditor , and any creditor whose debt or l iabili ty is less than ten pounds shall count for value but not for number .
(b) The Director may, by notice served per sonally or by post upon any unsecured credi tor who is not an assent ing credi tor , submit a proposa l for the discharge of the debt a n d / o r liability of the f a rmer to such creditor in accordance with the composi tion or scheme of a r r angement . If such credi tor fails or refuses to signify his assent to such proposa l within a per iod of fourteen days af ter the da te of service of the notice, or if, upon tender to him of the amount payable under such proposa l the credi tor neglects or refuses to execute a release of his debt a n d / o r liability, then the Board may direct tha t such debt a n d / o r liability may be dis charged by payment by or on behalf of the f a rmer of such amount at any t ime within three yea r s after the da te of the direction. (c) Notice of any such direction shall be served by post on the fa rmer and the credi tor to whom the direction re la tes , and such direction shall be binding upon
such creditor . (d) Where notice of a direction of the Board unde r this section has been served on a credi tor of the farmer , payment to such
the amount re fer red to in such direction credi tor by or on behalf of the fa rmer of within a period of three yea r s from the da te of the direction shall opera te as a full and complete discharge to the fa rmer of the debt a n d / o r liability to which the
direction re la tes . (e) Any discharge of a debt and/or liability effected under this section shall to the extent of such discharge release the fa rmer
f a r m e r from any liabili ty accrued or t o accrue to any th i rd p a r t y who has guar anteed the payment by the fa rmer of t h e whole or any p a r t of such debt a n d / o r liability.
(f) If upon due tender to a creditor by or on behalf of a f a rmer of payment of the amount re fe r red to in a direction of the B o a r d under this section, the credi tor refuses or neglects to accept the same within a per iod of seven days from the da te of the tender , the amount m a y be pa id into the Supreme Cour t in i ts equit able jur isdic t ion and such payment in to cour t shall have the same force and effect as if it were a payment to the creditor. 34EB. (1) (a) W h e r e a f a rmer in respect of whose es ta te a s tay order is in operat ion is in formed by the B o a r d tha t it is satisfied tha t a vo lun ta ry composition or scheme of a r r a n g e m e n t in sat isfaction of his debts a n d / o r l iabili t ies cannot be concluded, the f a rmer may at a n y t ime and from time to t ime dur ing the operat ion of the s tay o rder apply to the Boa r d for assis tance to effect a set t lement of his debts a n d / o r liabilities under this section.
(b) The B o a r d m a y the reupon
appoin t a da te to proceed with the appl icat ion and shall as at tha t da te (hereinaf ter re fer red t o
as the " d a t e of the a s s e s s m e n t " ) assess the
value of the f a r m e r ' s p rope r ty and assets and the amount and value of his debts a n d / o r liabili t ies, both secured and unsecured, including all in te res t accrued a t or accruing due to the da t e of the assessment . (c) I n so fa r as the debts a n d / o r liabilities secured by one or more mor tgages , charges or liens over any p r o p e r t y of the f a r m e r exceed the assessed value of the p r o p e r t y sub ject to such mor tgages , charges or liens respec tively, the amount of such excess shall for t he purposes of this section be deemed to be unse cured and so much of every debt a n d / o r l iabil i ty
a s
as forms p a r t of such excess shall from the da te of the assessment be deemed to be an unsecured liability and the credi tor shall be deemed to be an unsecured credi tor in respect thereof.
(d) W h e r e repayment of any debt a n d / o r liability of the fa rmer to a credi tor has been guaran teed as to the whole or p a r t by any person any securi ty given by the fa rmer to the g u a r a n t o r over any of his p r o p e r t y or assets in respect of the g u a r a n t o r ' s l iabili ty under the gua ran tee shall for the purposes of this section be deemed to be a securi ty in the hands of the credi tor for so much of the debt a n d / o r liability as is covered by the guaran tee .
(e) I n de termining the amounts of the respective secured debts a n d / o r liabilit ies t h a t a re to be deemed to be unsecured liabilit ies the B o a r d shall give effect to the respect ive pr ior i t ies of the mor tgages , charges and liens securing such debts a n d / o r liabilities and shall , in the case of any holding under any Act re la t ing to the al ienat ion of lands of the Crown where such holding is the subject of a mor tgage , charge or lien to the R u r a l Bank, have rega rd to the provis ions of section sixty-nine of t he Government Savings Bank Act, 1906, as amended by subsequent Acts , and for the purpose of such de terminat ion no ou t s tand ing a r r e a r s of ins ta lments or rents due to the Crown in respect of such holding shall be taken in to account save one y e a r ' s ins ta lment or rent , a s the case may be.
(f) (i) F o r the purposes of th is
section the assessed secured value of a debt a n d / o r liability secured by airy mor tgage , charge or lien over any p rope r ty or assets of the f a rmer shall be the amount of such debt a n d / o r l iabili ty which is not deemed to be an unsecured liabili ty
unde r p a r a g r a p h (c) of this subsection. (ii) Such amount shall c a r ry in teres t from the date of the assessment a t the r a t e provided by the mor tgage , charge or lien or a t the r a t e of five pe r centum per annum
whichever is the less. (g)
(g) If the to ta l value of the f a r m e r ' s p rope r ty and assets as assessed by the Boa rd exceeds in amount the to ta l of such debts a n d / o r liabilities of the fa rmer as a re secured by any mor tgage , charge or lien af ter deducting theref rom such p a r t s of such secured debts a n d / o r liabilities as a re deemed to be unsecured liabilities under p a r a g r a p h (c) of this subsection such propor t ions of each and every unsecured debt a n d / o r liability of the f a rmer (including such p a r t of every secured debt a n d / o r liability as is deemed to be an unsecured liability under the said p a r a g r a p h ) as when added together shall equal the amount of the excess in this p a r a g r a p h refer red to shall be deemed to be
condit ioned liabilities. (h) F o r the purposes of this section the assessed value of an unsecured debt a n d / o r l iabili ty (including such p a r t of every secured debt a n d / o r l iabili ty as is deemed to be an unsecured liability under p a r a g r a p h (c) of this
subsection) shall be t ha t p ropor t ion thereof
which by p a r a g r a p h (g) of this subsection is deemed to be a conditioned liability.
(i) The Board may at any t ime and from t ime to t ime review any assessment made under this subsection and make such a l te ra t ions there in and in the amounts deemed to be unse cured liabilities or conditioned liabilities as it
th inks fit.
(j) Notice of every assessment or
pos t to the f a rmer and to every credi tor of the subsequent var ia t ion thereof shall be sent by f a rmer of whose debt the Board has notice and to every person who has guaran teed the repay ment of any debt a n d / o r liability of the f a rmer and of whom the Boa rd has notice.
(k) Any- creditor, g u a r a n t o r or
f a rmer may appea l to the local land board aga ins t any assessment by the Board of the value of the p r o p e r t y and assets of the fa rmer .
(1)
(1) The local land board shall have jurisdict ion to hea r and determine such appeal and its decision thereon shall be final.
(m) The t ime within which the appeal may be made and the procedure before the local land board shall be as prescr ibed by regula t ions under the Crown Lands Consolida t ion Act, 1913.
(n) No costs shall be allowed to any
p a r t y on any such appeal . (o) If on any such appeal a valua tion by the Board is var ied the Board shall for thwith amend the assessment and send notice of such amendment to each credi tor of whom the
B o a r d has notice.
(2) W h e r e a f a rmer in respect of whose
estate a s tay order is in opera t ion has , p u r s u a n t to subsection one of this section, made an appl i cation for assis tance, the powers conferred by the succeeding provisions of this section may be exercised a t any t ime after action in accordance with tha t subsection is completed and all appeals (if any) under t h a t subsection have been determined, and before the removal or expi ry of the s tay order .
(3) The Board may, no twi ths tanding anyth ing in any mor tgage , charge or lien over any land of the farmer , direct tha t the t ime for payment of the whole or any p a r t of a debt a n d / o r l iabili ty of the fa rmer secured by such
mor tgage , charge or lien shall be extended for
such period, not exceeding five yea r s from the
da te of removal or expi ry of the s tay o rder as the Board may determine, upon the t e rms tha t in teres t shall be payable thereon a t the r a t e specified in the mor tgage , charge or lien or a t the ra te of five pe r centum per annum, whichever is the l ess :
P rov ided tha t the Board may, if it thinks fit,
extend the t ime for payment of any in teres t
which m a y accrue due within the period of sixmonths
months from the date of removal or expiry of the s tay order for a per iod not exceeding
twelve months from tha t d a t e : P rov ided fur ther tha t the amount of a debt a n d / o r l iabili ty the t ime for paymen t of which m a y be extended under this subsection shall not exceed the assessed secured value thereof as ascer ta ined in accordance with p a r a g r a p h (f) of subsection one of this section.
(4) (a) The Board may direct tha t a mor tgage , charge or lien over any p rope r ty or assets of the f a rmer may, no twi ths tanding any th ing in the mor tgage , charge or lien, be dis charged by payment by or on behalf of the f a rmer at any t ime within three yea r s af ter the da te of the direction, of an amount equal to the assessed secured value of the debt a n d / o r liability secured by such mor tgage , charge or lien, together with in teres t accrued thereon as ascer ta ined in accordance with p a r a g r a p h (f) of subsection one of this section.
(b) "Where the Board has , p u r s u a n t
to subsection three of this section, directed tha t the t ime for payment of p a r t of a debt a n d / o r l iabili ty of the f a rmer (being an amount less than the assessed secured value of t ha t debt a n d / o r liability together with in teres t as ascer ta ined in accordance with p a r a g r a p h (f) of sub section one of this section) shall be extended, the B o a r d shall also direct t ha t the balance of such assessed secured value and such
in te res t may, no twi ths tanding any th ing in the mor tgage , charge or lien, be satisfied by payment by or on behalf of the f a rmer a t any t ime within three yea r s af ter the da te of the direction of an amount equal to such balance, together with in teres t as ascer t a ined in accordance with p a r a g r a p h '(f) of subsection one of this section accrued to the da te of payment . (5) (a) The Director shall for thwith
reg is te r every direction given by the B oa r d
under subsections three and four of this section
i n
in the office of the Regis t ra r -Genera l in the Regis te r of Causes, W r i t s and Orders affecting land and shall lodge with the Regis t ra r -Genera l a caveat against any dealings not consistent with such direction, in respect of any mor tgage , charge or lien affected by the direction over any land which is under the provisions of the Rea l
P r o p e r t y Act, 1900. (b) E v e r y such direction shall be void as agains t a person deal ing wi th any mort gage , charge or lien affected by the direction unless the same is regis tered in the Regis te r of Causes , W r i t s and Orders affecting land and in the case of a mor tgage , charge or lien over land under the provisions of the Rea l P r o p e r t y Act, 1900, unless a caveat has been lodged pur
suant to p a r a g r a p h (a) of this subsection. (6) The Board may direct t h a t any unsecured debt a n d / o r liability of the f a rmer ( including any such debt a n d / o r liability as is deemed to be an unsecured liability under p a r a g r a p h (c) of subsection one of this section) m a y a t any t ime within three yea r s from the da te of the direction be satisfied by payment by or on behalf of the f a rmer of an amount equal to t ha t p ropor t ion thereof which under p a r a g r a p h (g) of subsection one of this section is deemed to be a conditioned liability.
(7) Any discharge or satisfaction of the whole or any p a r t of a debt a n d / o r liability effected under this section shall to the extent of such discharge or satisfaction release the f a rmer
from any liability accrued or to accrue to any
th i rd p a r t y who has gua ran teed the payment by the fa rmer of the whole or any p a r t of such
debt a n d / o r liability. (8) A notice of every direction of the B o a r d under this section shall be served by post on the credi tor and the fa rmer and every such direction shall be binding upon the credi tor and the farmer . Any payment by or on behalf of the f a rmer in accordance with any such direc tion, made within a per iod of th ree yea r s from
the
the da te of the direction, shall opera te as a full and complete discharge to the f a rmer of the debt a n d / o r l iabili ty or of the p a r t thereof to which the direction applies.
(9) If upon due tender to a creditor by or on behalf of a f a rmer of any payment in accordance with a direction of the Board under this section, the credi tor refuses or neglects to accept the same within a per iod of seven days from the da te of the tender , the amount thereof may be pa id into the Supreme Court in i ts equitable jur isdict ion and such payment into court shall have the same force and effect as if it were a payment to the creditor .
(10) If any credi tor upon request in wr i t ing by the Board refuses or fails within the t ime limited in the request to execute any var ia tion or discharge of a mor tgage , charge or lien which is necessary to complete any set t lement of the debts a n d / o r liabilities of a f a rmer under this section, the Board may execute such var ia t ion or discharge in the name of and on behalf of the creditor , and such var ia t ion or discharge shall have the same force and effect as if it had been executed by the credi tor .
A s ta tement contained in any var ia t ion or d ischarge executed by the Boa r d tha t the same has been executed unde r and in pursuance of this subsection shall be evidence unt i l the con t r a r y is proved tha t the Boa r d is author ised by this subsection to execute such var ia t ion or
discharge. (11) F o r the purposes of this section any hi re-purchase agreement entered into by the f a rmer shall be deemed to be a mor tgage by the f a rmer to the owner of the chattel or chat tels comprised in the hi re-purchase agreement to secure payment of the unpa id renta l , h i re a n d / o r other moneys accrued or accruing due under the hi re-purchase agreement . W h e r e in pursuance of any direction or direc
tions given under this section the liability of the
f a r m e r
f a rmer in respect of any amounts so deemed to be secured is discharged the p r o p e r t y in the chattel or chattels shall vest in the farmer .
In this subsection the expressions " h i r e - p u r
chase a g r e e m e n t " and " o w n e r " shall have the meanings ascribed there to respectively in section th i r ty of this Act.
34EC. The fa rmer or any creditor of the fa rmer shall upon a request in wr i t ing by the Director produce such documents ( including documents of t i t le) and furnish such information and such accounts and wri t ings as the Director may require for any of the purposes of this Division.
Any fa rmer or credi tor to whom such a request has been made who neglects or refuses, without reasonable excuse, to comply with the request within the t ime limited there in shall be gui l ty of an offence agains t this Act.
34ED. (1) If the Board is satisfied tha t a f a rmer to whom any of the provisions of this Division apply will have a reasonable prospect of cont inuing and ca r ry ing on his f a rming opera t ions successfully if any set t lement of his debts a n d / o r liabilities unde r this Division is concluded or put into effect, it may for the purpose of g r a n t i n g the assis tance applied for direct the R u r a l Bank to make an advance to the f a rmer for the purpose of d ischarging ei ther wholly or in p a r t any of the debts a n d / o r liabilities of the fa rmer .
( 2 ) Such assis tance shall not be
gran ted unless and unt i l the fa rmer and such of his credi tors as the B o a r d may deem neces sa ry shall have executed such deeds, agreements or o ther documents as the Board may require .
(3) The R u r a l Bank shall make any advance which the B o a r d may direct unde r subsection one of this section.
Any such advance shall be made in the name
of the Board through the Rura l Reconstruct ion
Agency of the Rura l Bank out of the funds to thecredit
credit of the separa te account mentioned in sub section three of section 34J of th is Act and shall be of such amount , upon such securit ies and subject to such covenants , conditions and p ro visions ( including provision for the payment of in teres t a t a r a t e not exceeding two and one- half pe r centum per annum) as the Board may in the direction specify.
DIVISION 3.—Provisions applicable to all
adjustments.
(d) by inserting after section 34p the following sect ion:— 34FA. (1) If any credi tor of the f a rmer is a t rus tee such credi tor shall not be deemed guil ty of any breach of t r u s t by reason only of his jo in ing in any composition or scheme of a r r a n g e m e n t for the sat isfaction in whole or in
p a r t of the debts a n d / o r liabilities of the farmer .
(2) I n th is section " t r u s t e e " includes
legal represen ta t ive of a deceased person and any other person act ing in any fiduciary capa city.
P A R T V.
GENERAL.
1 0 . (1) Any a l tera t ion of the law by this Act, whe ther
by the repeal of an enactment or otherwise, shall not ,
unless otherwise expressly provided by this Act, affect—
(a)
any right accrued, or obligation incurred, be fore the commencement of this Act under the
law so a l t e red ; (b)
the validity or invalidity, or any operation, effect or consequence, of any ins t rument exe cuted or made, or of any th ing done or suffered before the commencement of this Ac t ;
(c)
any action, proceeding or thing pending or un completed at the commencement of this Act.
(2)
(2) E v e r y such action, proceeding and th ing may be carr ied on and completed as if the enactment had not been repealed, or the law otherwise al tered.
(3) The general i ty of this section shall not he affected by any saving in any other section of this Act. n o r shall this section limit any saving in the I n t e r p r e ta t ion Act of 1897.
11 . Dur ing such t ime as any r ight or remedy of any c red i tor of a f a rmer agains t such fa rmer is, by reason of this Act, suspended or postponed, time shall not run aga ins t such credi tor under the provis ions of any S ta tu t e of Limita t ions so as to ba r any r ight or remedy of such credi tor agains t such f a rmer or any person who has gua ran teed the payment by such fa rmer of any moneys or the performance by such fa rmer of any obligation.
(1) No amendment of the F a r m e r s ' Relief Act,
1932, made by any subsequent Act (including this Act) shall be held to operate or to have opera ted so as to release any p a r t y or sure ty to any bond executed and del ivered to the F a r m e r s ' Relief Board or to the Rura l Reconstruction Board in pursuance of section th i r teen of t h a t Act, whether as originally enacted or as amended from time to time.
(2) A reference in any such bond executed before the commencement of this Act to the F a r m e r s ' Relief Act, 1932, or to the F a r m e r s ' Relief Act, 1932-1934, or to the F a r m e r s ' Relief Act, 3932-1935, or to the F a r m e r s ' Relief Act, 1932-1936, or to the F a r m e r s ' Relief Act, 1932-1937, or to the F a r m e r s ' Relief Act, 1932-1938, or to the F a r m e r s ' Relief Act, 1932-1939, or to the F a r m e r s ' Relief Act, 1932-1940, shall as from such commencement
| Relief Act, 1932-1941. | be read and construed as a reference to the F a r m e r s ' | (3) | The | F a r m e r s ' | Belief | (Amendment) | Act, |
1940, is amended by omit t ing section five.
13. The Pr inc ipa l Act is fur ther amended—
(a) by omit t ing from the m a t t e r re la t ing to P a r t I I A in subsection one of section one the figures
and le t ter " 3 4 K " and by inser t ing in lieu
thereof the figures and let ter " 3 4 M " ; (b)
(b)
by inserting at the end of the matter relating to Par t 11A in the same subsection the following new matter:—
DIVISION 1.—Voluntary adjustments—ss. 34A- 34B.
DIVISION 2.—Where voluntary adjustment is not concluded—ss. 34EA-34ED.
DIVISION 3.—Provisions applicable to all
adjustments—ss. 3 4 F - 3 4 M .
PART IIB.—PROTECTION ORDERS—s. 34x.
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