Agricultural Bank Amendment Act (No. 153 of 1991)

No. 153 OFFICE OF THE PRIME MINISTER PROMULGATION OF ACT OF THE NATIONAL ASSEMBLY 1991 The following Act which has been passed by the Xational Assembly and signed by the President in terms ofthe Namibian Constitution is hereby published in terms of Article 56 of that Constitution. No. 27 of 1991: Agricultural Bank Amendment Act, 1991. 2 Government Gazette 23 December 1991 No. 329 Act No. 27, 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 EXPLANATORY NOTE: Words underlined with solid line indicate in sertions in existing enactments. Words in bold type in square brackets indicate omissions from existing enactments. ACT To amend the Land Bank Act, 1944, so as to change with a view to the independence of Namibia the name of the Land and Agricultural Bank of South West Africa; to substitute certain obsolete expressions, to do away with the requirement that the names of mem bers of the board of the Agricultural Bank of Na mibia shall after their appointment be laid upon the Tables of the National Assembly and that its members may be discharged by way of an address to the National Assembly; to make other provision for times on which the said board shall meet; to authorize the Minister of Finance to determine the remuneration of a member of the said board who presides at a meeting of that board; to make other provision for the determination of the rights, privileges and other conditions of service of the general manager; to do away with the requirement that the name of every person appointed as member of the staff of the said Bank shall be laid upon the Tables of the National Assembly; to provide for the payment ofallowances to persons who are in receipt of a pension or annuity by reason of their service at the said Bank; to provide for the issuing, buying and seIling of Agricultural Bank stock by the said Board; to further re gulate the funds accruing to the said Bank; to do away with the power of the said Bank to undertake insurance for the purpose of effecting the discharge of amounts owing to the Bank by debtors; to empower the Bank to render assistance by way of seIling or letting of immo vable or movable property; to further regulate the pro cedure for an application for an advance; to empower the bank to advance, out of moneys appropriated by law for such purpose or out of its own funds, money to certain persons, for purposes of the advancement No. 329 Act No. 27, 1991 Government Gazette 23 December 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 3 Amendment of section 2 of Act 13 of 1944, as amended by section 1 of Act 42 of 1951, section I of Act 13of 1953. section 1of Act 60 of 1957. section 1of ACl47 of 1959, section 5 of Act 31 of 1969, section lof Act41 of 1972 and section 3 of Proclamation 147 of 1979. of such persons or otherwise, for the purpose of en abling such persons to acquire agricultural land or to carryon farming or other agricultural operations, or to advance money to persons for the purpose of promoting or financing schemes or projects established by or under the authority of the Minister of Agriculture, Water and Rural Development for purposes ofdeveloping and pro moting the agricultural activities or needs in Namibia or combating any emergency threatening such agricul tural activities or needs; to further regulate the con solidation ofdebts owing to the bank; to further regulate the reserve fund of the said Bank; to further regulate the power of the Minister of Finance to make regula tions; to extend the conditions to be implied in every mortgage bond to secure an advance made under this Act; and to repeal the Agricultural Credit Act, 1966; and to provide for incidental matters. (Signed by the President on /2 December /99/) BE IT ENACTED by the National Assembly of the Republic of Namibia, as follows: 1. Section 2 of the Land Bank Act. 1944(hereinafter referred to as the principal Act), is hereby amended (a) by the substitution in subsection (I) for the definition of "bank" of the following definition: .. 'bank' means the [Land and] Agricultural Bank of [South West Africa established by] ~amibia mentioned in section 3;"; (b) by the substitution in subsection (1) for the definition of "chairman" of the following de finition: "'chairperson' means the chairperson of the boardj"; (c) by the insertion in subsection (1), after the definition of "general manager" of the following definition: 4 Government Gazette 23 December 1991 No. 329 Act No. 27,1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 .. 'Minister' means the Minister of Financej"; (d) by the deletion in subsection (I) of the definition of "territory". Amendment "I' section J "I' Act IJ "I' /944. as sub vrituted hv -ecrion 4 of I'r"c1;amal'i"n 14701' 1979. 2. (I) Section 3 of the principal Act is hereby amended by the substitution for subsection (I) of the following subsection: "(I) The 'uristic erson which immediatelv before the commencement of the Agricultural Bank Amendment Act, 1991, was known as the Land and Agricultural Bank of South West Africa, shall with effect from the com mencement of the said Agricultural Bank Amendment Act, 1991, continue to exist as a juristic person under the name the Agricultural Bank of Namibia.". (2) Any reference in any law. document or register to the Land and Agricultural Bank of South West Africa or to an officer of, or any person or body attached to, that bank, shall, except where it is obviously inappropriate. with effect from the commencement of this section. be construed as a reference to the Agricultural Bank of Namibia or to an officer of, or any person or body attached to, the last-mentioned bank performing functions or exercising powers similar to those of the first-mentioned officer, person or body, as the case may be. 3. (I) The following section is hereby substituted for section 4 of the principal Act: Substitution of section 4 of ACI IJ of 1944. as amen ded by section 2 of ACI42 ofl951.seclion lofAct46 of 1965. section 7 of Act 31 of 1969.section 2 of Act 92 of 1970. section 5 of Pro clamation 147 of 1979 and section 1of Act 7 of 1985. "Control of operations of bank by board. 4. (I) [The] Subject to the provi sions of this Act, the operations of the bank shall be administered and mana ged by a board which shall consist of a [chairman] chairperson (who shall be the general manager appointed under section 4bis) and at least five, but not more than to other members appointed by the [Cabinet] President. (2) The members of the board (other than the [chairman] chairperson) shall be appointed for such period, not exceeding five years, as the [Administra No. 329 Act No. 27,1991 Government Gazette 23 December 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 5 tor-General] President may in the case of each member determine, and any re tiring member may be reappointed as a member of the board unless removed from his or her office or disqualified as [hereinafter] provided in section 5. (3) No member of the National Assembly [of South West Africa, the Legislative Assembly of South West Africa, the Legislative Council of an area declared by or under any law to be a self-governing area, the Damara Re presentative Authority, the Nama Council, the Elected Coloured Council of South West Africa, the Kaptein's Council of Legislative Council of Reho both,] or the ~ational Council, or any director of any other [bank] banking or money-lending institution, shall be qua lified for appointment as or to be a member of the board. [(4) The name of every member of the board shall be laid upon the table of the National Assembly of South West Africa as soon as possible after his ap pointment. (5) Any such member shall be re moved from his office by the Admini strator-General if an address from the National Assembly of South West Africa praying for such removal be pre sented to the Administrator-General within one month after such Member's name was laid upon the table of the said Assembly]. 4 The Board shall for u oses of the administration of any provision of this Act in terms of which the Mi nister is required to exercise any power or to perform any duty or function in concurrence with the Minister of Agri culture, Water and Rural Development, cause any submission, report or other communication in relation to any such 6 Government Gazette 23 December 1991 No. 329 Act No. 17, 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 provision to besubmitted or made to the Minister of Agriculture, Water and Rural Development in order to enable the said Minister of Agriculture, Water and Rural Development to inform the Minister whether or not he or she con curs with such submission, report or other communication.". (2) Every person who immediately before the com mencement of this section was a member of the Board by virtue of an appointment under section 4 of the principal Act shall be deemed to have been appointed as such a member under the provisions of the said section, as amended by the provisions of subsection(I) of this section. and the period of officeofeverysuchperson shallexpire as if this section were not enacted. Amendment of section 4his of Act 13 of 1944, as inserted by section 3 of Act 42 of /951 and substi tuted by section 6 of Pro clamation 147 of J979. Amendment of section 5 of Act 13 of 1944, as amended by section 8 of Act 31 of 1969and section Hof Proclamation 147 of 1979. 4. (1) Section 4bis of the principal Act is hereby amended by the substitution for subsection (I) of the following subsection: "( I) The [Administrator-General] Presidentshall[on such conditions as he may deem fit] appoint a general manager of the bank who shall in addition to his or her powers and duties as [chairman] chairperson of the board, exercise such powers and perform such duties as the [Ad ministrator-General] President may determine.". (2) The person who immediately before the com mencement of this section was the general manager of the bank by virtue of an appointment under section4bis of the principal Act shall be deemed to have been appointed as the general manager of the bank under the provisions of the said section, as amended by the provisions of sub section (I) of this section. 5. Section 5 of the principal Act is herebyamended (a) by the substitution for subsection (I) of the following subsection: "( I) The [Administrator-General] President may remove any memberof the board from hisQ!. her office on the ground of incapacity or mis behaviour."; and No, 329 Act No. 27. 1991 Government Gazelle 23 December 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 7 Amendment of section 6 of ACI 1.1 of 1944. Amendment of section 7 of ACI 1.1 of 1944, as amended by section 2 of Act 1.1 of 195.1. Amendment of section 14 of Act 1.1 of 1944, as amended by section 5 of ACI 13of 195.1 and section 13 of Proclamation 147 of 1979. (b) by the substitution for paragraph (a) of sub section (2) of the following paragraph: "(a) if his~ estate be sequestrated [or if a notice with reference to him be published under section 22(1) of the Agricultural Credit Act, 1966(Act No. 28 of 1966)];", 6. Section 6 of the principal Act is hereby amended by the substitution for subsection (I) of the following subsection: "( I) The board shall meet [once in every month and] at such [other] times, but not less than six times in any calendar year, as may be determined by the [chairman] chairperson. ", 7. Section 7 of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: "(2) A member of the board (other than the [chair man] chairperson), who presides at any meeting thereof, shall out of the funds of the bank receive. in addition to the salary and allowances mentioned in section 10, [a fee of one guinea] such remuneration as may from time to time pe determined by the Minister for each day or part of a day on which he or she so presides,", 8. Section 14of the principal Act is hereby amended (a) by the substitution for subsection (I) of the following subsection: "( I) The board may from time to time (a) appoint [upon such conditions as it may deem fit] such officers and clerks as may be necessary for conducting the business of the bank; b etermine the ri hts rivile es and other conditions of employment of the general manager and of the officers and clerks referred to in paragraph (a), 8 Government Gazette 23 December 1991 No. 329 Act No. 27, 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 and may suspend from duty or remove from office any [such] officer or clerk appointed by it. "; and (b) by the deletion of subsection (2). Amendment of section 15 of Act I] of 1944, as amended hy section 5 of ACI42 of 1951. section 6 of Act I] of 195], sect ion 1of Act] I of 1954, sect ion 3of Act 60 of 1957, section 9 of Act] 1of 1969and section 15 of Proclamation 147 of 1979. Amendment of section 16 of Act I] of 1944, as amended hI' section 4 of Act 47 of 1959. 9. (I) Section 15 of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: "(2) The board may out of the funds of the bank pay such allowances as it may deem fit. to ~ a [pensioner of a pension fund established under any regulation made under section 69] person who has retired from the senice of the bank and who is by reason of his or her service with the bank in receipt of a pension or annuity [or to a seconded or retired public servant who occupies or who has retired from a post in the bank or to]: ill a former member of the Land Bank Provident Fund of South West Africa who has retired from a post in the Land and Agricultural Bank of South Africa or the Land and Agri cultural Bank of South West Africa which existed under the Land Bank Proclamation, 1935 (Proclamation 22 of 1935) [of the terri tory], or to the wife, widow, child, or such other dependant as the board may determine, of such a [pensioner] person [or such a seconded or retired public servant] or such a former member, as the case may be,". (2) Subsection (I) shall be deemed to have come into operation on 1 September 1981. 10. Section 16 of the principal Act is hereby amended by the substitution for paragraph (e) of the following paragraph: No. 329 Act No. 27, 1991 Government Gazette 23 December 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 9 Substitution of section 19 of Act 13 of 1944, as sub stituted by section 16 of Proclamation 147of 1979. "(e) no stamp duty shall be payable in respect of the issue of [Land] Agricultural Bank deben tures or Agricultural Bank stock or the regi stration of transfer thereof. ". 11. The following section is hereby substituted for section 19 of the principal Act: "Funds of bank. 19. The funds of the bank shall consist of (a) the capital of the bank which vested in the bank on the date of commencement of section 12 of the Agricultural Bank Amendment Act, 1991; (b) moneys appropriated by or under any law to be paid to the bank; (c) moneys raised by the board under section 20 of this Act; (d) moneys accruing to the bank from any other source,". Amendment of section 20 of Act 13 of 1944, as amended by section 5 of Act 47 of 1959,section 1of Act 35 of 1961,section I of Act 7 of 1962 and section 17 of Proclamation 147 of 1979. 12. Section 20 of the principal Act is hereby amen ded (a) by the insertion in subsection (I) after paragraph (c) of the following paragraph: "(cA) issuing Agricultural Bank stock with an initial period of more than three years;"; (b) by the substitution for subsections (3), (4) and (5) of the following subsections, respectively: "(3) [Land] Agricultural Bank bills, [and Land] Agricultural Bank debentures and, subject to the provisions of subsection (1)(cAl, Agri cultural Bank stock may be issued in [the terri tory] Namibia or elsewhere for such periods and upon such conditions and in such amounts as the 10 Government Gazette 23 December 1991 No. 329 Act No. 27,1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 board may prescribe, and [any] such [bill or debenture] bills, debentures or stock may be renewed or extended from time to time for such period as the board may deem fit: Provided that no [Land] Agricultural Bank debentures or stock shall be issued without the [Administrator-Ge neraI's] Minister's approval. (4) Such bills, [and] debentures and stock shall be issued in such form as the board shall determine, and records thereof shall be kept in such registers as the board shall prescribe. (5) Neither the board, nor any agent, ap pointed as hereinafter provided, shall be under any obligation as regards the due fulfilment of any trust, whether expressed, implied or con structive, to which [any bill or debenture] bills, debentures or stock issued under this section may be subject, notwithstanding that the board or such agent has had notice that the [bill or deben ture is] bills, debentures or stock are held subject to a trust."; and (c) by the substitution for subsections (7) and (8) of the following subsections, respectively: "(7) The board may make regulations as to [Land] Agricultural Bank bills, [or Land] Agri cultural Bank debentures or Agricultural Bank ~defaced, lost, burnt or otherwise destroyed, and also as to such further matters arising out of its power to issue bills, [or] debentures or stock as may from time to time be necessary, but no such regulation shall be of force or effect until it has been approved by the [Administrator-General] Minister and published in the [OHicialJ Gazette. (8) The board may appoint any bank or any other person as its agent for the issue or re payment of any bills, [or] debentures or stock issued under this section, or to do any other act which under this section mayor shall be done by the board, and may enter into an agreement with such agent as to the duties to be performed and the remuneration therefor.". No. 329 Act No. 27,1991 Amendment of section 21 of Act 13 of 1944, as amended by section 6 of Act47 of 1959,section 2 of Act 35 of 1961,section I of Act 14of 1964,section 5 of Act 46 of 1965. section 13 of Act 5 of 1968, section 3 of Act 41 of 1972, section I of Act 52 of 1975.section 1 of Act 109 of 1976 and section 18 of Proclama tion 147 of 1979. Government Gazette 23 December 1991 II AGRICULTURAL BANK Al\1ENDMENT ACT, 1991 13. Section 21 of the principal Act is hereby amen ded (a) by the substitution in paragraph (a) of subsection (1) for the words preceding subparagraph (i) of the following words: "to advance money to [farmers] persons who carryon or undertake to carryon farming operations to the satisfaction of the board -"; (b) by the insertion in subsection (I) after paragraph (Obis of the following subsection: "(g) to advance money for any purpose contem plated in section 46;"; (c) by the substitution for paragraph (h) of sub section (I) of the following paragraph: "h to sell or let immovable or movable ro perty referred to in section 23(4) of the Agricultural Bank Amendment Act, 1991, and immovable property transferred to it in terms of subsection (I A) of this section, on such conditions as may be determined by the Minister in concurrence with the Minister of Agriculture, Water and Rural Develop ~"; (d) by the insertion after subsection (I) of the fol lowing subsection: " IA The Minister rna in concurrence with the Minister of Agriculture, Water and Rural Development, for purposes of paragraph (h) of subsection (I), transfer to the bank, on such conditions, if any, as may be determined by the Minister, any immovable property of the State which in the opinion of the Minister is suitable for farming purposes."; and (e) by the deletion of subsections (4) and (5). 12 Government Gazette 23 December 1991 No. 329 Act No. 27,1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 Amendment of section 23 of Act IJ of 1944, as amended by section 4 of Act 41 of 1972 and section 19 of Proclamation 147 of 1979. Insertion of section 46 in Act 13 of 1944. 14. Section 23 of the principal Act is hereby amen ded (a) by the substitution for paragraph (a) of sub section (2) of the following paragraph: "(a) to the [magistrate of the district in which is situated the greater part of the security proposed for the advance] general manager for the purpose of valuation of that security by a valuator appointed under this Act ill officer of the bank; or"; (b) by the substitution for subsection (3) of the following subsection: "(3) The general manager may as circumstances may require order [A magistrate to whom any such application is transmitted, shall (a) unless the board otherwise directs, refer that application to a valuator for the purpose of valuation of the security in question; and (b) after] such enquiry as he or she may deem necessary [, return the application to the board together with his report] in relation to particulars in the application or as to the value of the security, including the cha racter, ability, occupation and general suit ability of the applicant or, if the applicant is a company, the character, ability, occupa tion and general suitability of every director and shareholder thereof, and the desirability or otherwise of making the desired ad vance."; and (c) by the deletion of subsection (4). 15. The following section is hereby inserted in the principal Act after section 45: No. 329 Ad No. 17. 1991 Government Gazette 23 December 1991 13 AGRICULTURAL BANK AMENDMENT ACT, 1991 M Advances in order to promote certain Government schemes or projects. 46. I Notwithstandin an thin to the contrary contained in this Act, but subject to the provisions of subsec tions (2) and (3) of this section, the bank may, upon the request of the Minister of Agriculture, Water and Rural Deve lopment, out of money appropriated by law for such purpose or, if so deter mined by mutual agreement between the bank and the Minister of Agriculture, Water and Rural Development, out of its funds advance on such conditions, including any conditions in relation to security or the rate of interest at which such advance is made, as may be deter mined by the Minister, in concurrence with the Minister of Agriculture, Water and Rural Development, money (a) for the purpose of enabling any person who undertakes to car ry on farming or other agricul tural operations to acquire with a view to such person's ad vancement contemplated in Article 23(2) of the Namibian Constitution or otherwise, agricultural land, or enabling any such person to carryon farming or other agricultural operations on any agricultural land occupied by him or her, whether or not such land is the property of such person; (b) for the purpose of promoting or financing any scheme or project established by or under the authority of the Minister of Agriculture, Water and Rural Development for purposes of developing or promoting the agricultural activities in Nami bia or combating any emer gency threatening the agricul tural activities or needs of Namibia. 14 Government Gazette 23 December 1991 No, 329 Act No. 27,1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 (2) When an advance referred to in subsection (1) is, by virtue of a condi tion determined under that subsection, made out of the funds of the bank at a rate of interest lower than the current rate of interest determined by the board under section 23 for advances of that nature, an amount equal to the diffe rence between the amount calculated at such lower rate of interest and the amount calculated at the said current rate of interest so determined by the board, may be paid by the Minister of Agriculture, Water and Rural Develop ment to the bank out of money appro priated by law for such purpose. (3) The provisions of sections 23, 34(2) to (10),48,49, 55, 56 and 57 shall apply mutatis mutandis in relation to an advance made under subsection (I ),". Amendment of section 54 of Act 13 of 1944, as amended by section 9 of Act 13of 1953. section 6 of Act 60 of 1957 and section 34 of Proclamation 147 of 1979. Amendment of section 67 of Act 13 of 1944, as amended by section 17 of Act 31 of 1969 and section 4 J of Proclamation 147 of 1979. 16. Section 54 ofthe principal Act is hereby amended by the substitution for subsection (1) of the following subsection: "(I) The board may, on such conditions as it may deem fit, consolidate debts owing to the bank, whether incurred before or after the commencement of this Act, including accrued interest thereon and costs, notwith standing that the total amount of the debts so consolidated may, in relation to the value of the land, rights or interests upon which the consolidated debts are secured, exceed the limits prescribed by section 26: [Provided that no debt owing to the bank and secured by a mortgage bond or charge upon land which is mortgaged in favour of the Administrator-General by a mortgage bond which ranks prior to the bond or charge in favour of the bank, shall be consolidated under the provisions of this section except with the written consent of the Treasury, as defined in section 1 ofthe Exchequer and Audit Act, 1975(Act 66 of 1975).]". 17. Section 67 of the principal Act is hereby amen ded (a) by the substitution for subsection (1) of the following subsection: No. 329 Act No. 27,1991 Government Gazette 23 December 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 15 Amendment of section 69 of Act 13 of 1944, as amended by section 28 of Act 47 of 1959,section 5 of Act 52 of 1975and section 43 of Proclamation 147 of 1979. Amendment of section 70 of Act IJ of 1944. Amendment of section 75 of Act 13 of 1944. "( I) The reserve fund of the bank as it exist~ ed at the commencement of the Agricultural Bank Amendment Act,1991, shall be credited with any nett profit earned by the bank from time to time and shall be applied by the board in making good any loss or deficiency which may occur in any transaction of the bank. "; and (b) by the deletion of subsections (3), (4) and (5). 18. (1) Section 69 of the principal Act is hereby amended by the substitution for paragraph (b) of subsection (I) of the following paragraph: "(b) the [rights, privileges and] duties of the staff, and the duties of other persons employed by the bank, and the manner in which such duties shall be performed;", (2) Notwithstanding the amendment of paragraph (b) of subsection (I) of section 69 of the principal Act by section 18(I) of this Act, any regulation made in relation to the rights and privileges contemplated in the said para graph (b) shall remain in force as if such regulation were a determination made under section 14( I) of the principal Act as amended by section 8(a) of this Act. 19. Section 70of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: "(2) The fees and travelling expenses of valuators so appointed shall be payable by the bank in accordance with tariffs framed by the board [and approved by the Admi nistrator-General]. ". 20. The following section is hereby substituted for section 75 of the principal Act: "Short title. 75. This Act shall be called the Agricultural Bank Act, 1944.", Amendment of Second Schedule to Act 13 of 1944, as amended by sec tion 47 of Proclamation 147 of 1979. 21. The Second Schedule to the principal Act is hereby amended by the insertion after paragraph (8) of the following paragraph: 16 Government Gazette 23 December 1991 No. 329 Act No. 27, 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 "8A That the land h othecated shall not be mort gaged or otherwise encumbered in favour of any person other than the bank without the consent in writing of the bank. ". Suhstitutinn of certain words in Act IJ of 1944. Repeal of laws and savings. 22. Subject to the provisions of this Act, the principal Act is hereby amended (a) by the substitution for the word "Administrator General", wherever it occurs. of the expression "Minister"; (b) by the substitution for the word "chairman", wherever it occurs, of the word "chairperson"; (c) by the substitution for the words "the territory", wherever they occur. of the word "Namibia"; (d) by the substitution for the words "Land Bank stock", the words "Land Bank debentures" and the words "Land Bank bills" of the words"Agri cultural Bank stock", the words "Agricultural Bank debentures" and "Agricultural Bank bills". respectively; (e) by the substitution for the words "Official Gazette", of the word "Gazette"; and (f) by the substitution for the word "he". the word "him" and the word "his", wherever it occurs, of the words "he or she", the words "him or her" and the words "his or her", respectively. 23. (I) Subject to the provisions of this section, the laws specified in the first and second columns of the Schedule are hereby repealed to the extent specified in column 3 of the Schedule. (2) Notwithstanding the repeal of the Agricultural Credit Act, 1966, in terms of subsection (I), but subject to the provisions of this section, the provisions of sections 10, II, 15, 16, 18, 19, 36, 37, 42, 43, 46 and 47 of the said Agricultural Credit Act, 1966, shall remain in force in No. 329 Act No. 27, 1991 Government Gazette 23 December 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 17 respect of any assistance rendered under any provision of that Act before the repeal of that Act by subsection (1) of this section as if that Act were not so repealed. (3) (a) Subject to the provisions of this section, all powers, duties, functions, rights and obligations which vested, in terms of any provision referred to in subsection (2), in the State, the Government of Namibia or the Minister of Agriculture, Water and Rural Development on the date immediately before the commencement of this section shall vest in the Agricultural Bank of Namibia men tioned in section 3 of the principal Act, as amended by section 2 of this Act. (b) All amounts paid by virtue of the provisions of this subsection to the Agricultural Bank of Na mibia mentioned in section 3 of the principal Act, as amended by section 2 of this Act, by way of the repayment of a loan granted under any provision referred to in subsection (2) or by way of an annual charge in respect of the letting of any immovable property referred to in that sub section, shall, except in so far as the Minister of Finance may direct otherwise, be deemed to have been appropriated, for purposes of section 21(I )(g) of the principal Act, by law to the benefit of the said Bank. (c) Notwithstanding the provisions of this section or any other law, the Minister of Finance may, in concurrence with the Minister of Agriculture, Water and Rural Development, from time to time by notice in the Gazette amend any term and condition determined by or under any provision referred to in subsection (2), in respect of assis tance referred to in that subsection which has been rendered (i) by way of a loan to any person, by increasing the rate of interest in force in respect of such loan, whether or not such rate is contained in any agreement entered into in respect of such loan, to a rate not exceeding the rate of interest determined under section 51 of the principal Act in respect of advances made by 18 Government Gazette 23 December 1991 No. 329 Act No. 27, 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 the Agricultural Bank of Namibia mentioned in section 3 of the principal Act, as amended by section 2 of this Act; (ii) by way of letting to any person immovable property referred to in subsection (4), by increasing the annual rental at which such' immovable property has been so let to an annual rate not exceeding the annual rate charged by virtue of the provisions of section 21(l)(h) of the principal Act. (4) The ownership and control of (a) all immovable or movable property let in terms of any provision referred to in subsection (2) by way of assistance to any person; and (b) all movable property transferred in terms of any such provision to the State as security or partial security for such assistance or any amount re coverable in terms of any such provision, which vested in the State on the date immediately before the commencement of this section, shall, notwithstanding the provisions of section 72 of the principal Act, vest in the Agricultural Bank of Namibia mentioned in section 3 of the principal Act, as amended by section 2 of this Act. (5) Any immovable property which in terms of subsection (4) vests in the said Agricultural Bank of Namibia shall be transferred to that Bank without pay ment of transfer duty, stamp duty or any other fee or charge, but subject to any existing right, charge or obligation on or over such property. (6) The registrar of deeds shall, upon production to him or her of (a) any lease or mortgage bond registered in the deeds registry in respect of which any rights or obligations vest, by virtue of the provisions of subsection (3) of this section, in the Agricultural Bank of Namibia mentioned in section 3 of the principal Act, as amended by section 2 of this Act; No. 329 Act No. 27,1991 Government Gazette 23 December 1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 19 Short title and com mencernenr. (b) the title deed of any immovable property which vest, by virtue of subsection (4) of this section, in the said Bank, endorse such title deed, lease or mortgage bond to the effect that the rights or obligations in relation to such lease or mortgage bond or, as the case may be, the immovable property described therein so vest in the said Bank, and shall make the necessary entries in his or her registers, and thereupon that lease, mortgage bond or title deed shall serve and avail for all purposes as proof of the said Bank's rights or obligations in respect of such lease or mortgage bond or, as the case may be, title to the immovable property concerned. 24. (I) This Act shall be called the Agricultural Bank Amendment Act, 1991, and shall, subject to the provisions of subsection (2), come into operation on a date to be fixed by the President by proclamation in the Gazette. (2) Different dates may under subsection (I) be fixed in respect of different provisions of this Act. SCHEDULE (Section 24) LAWS REPEALED Column I Column 2 Column 3 No. and year Title of law Extent of of law repeal Act 28 of 1966 Agricultural Credit Act, The whole 1966 Act 45 of 1968 Agricultural Credit The whole Amendment Act, 1968 Act 70 of 1968 General Law Amend- Section 60 ment Act, 1968 Act 66 of 1970 Agricultural Credit The whole Amendment Act, 1970 Act 10 of 1971 Agricultural Credit The whole Amendment Act, 1971 20 Government Gazette 23 December 1991 No. 329 Act No. 27,1991 AGRICULTURAL BANK AMENDMENT ACT, 1991 Act 15 of 1972 Agricultural Credit The whole Amendment Act, 1972 Act 62 of 1973 General Law Amend- Section 32 ment Act, 1973 Act 81 of 1977 Agricultural Credit The whole Amendment Act, 1977 Proclamation AG. Agricultural Credit The whole 30 of 1978 Amendment Proclama tion. 1978 Act 4 of 1980 Agricultural Credit The whole Amendment Act, 1980 Act 9 of 1980 Second Agricultural The whole Credit Amendment Act, 1980 Proclamation AG. Agricultural Credit Act The whole 48 of 1980 (Whites) Amendment Proclamation, 1980 Proclamation AG. Agricultural Credit The whole 49 of 1980 Act (Coloureds) Amendment Procla mauon, 1980 Ordinance 3 of 1985 Agricultural Credit The whole of the Legislative Amendment Ordi Assembly of the nance, 1985 Hereros Printed by and obtainable from WINDHOEK PRINTERS & PUBLISHERS (PTY) LTD. P.O. Box 1707 - Windhoek 9000 - Namibia