Enugu State Agricultural Loans Scheme Law

• < 110n 1 ' 6 7 l 0. l l. 12. t ., . 14. l •. I 6. 17. 1 . 19. 20. 2l. 22 :!3 24. 25. 26. 27. l II PI l..lt 40 ,ltlf't ll/ f l R J I o 'hon 11tk lnk rt I l' l.1t hHl • 1'(111: 111Jc>J1t of H'<'l/(}Jl\ I ,t.1hltshmcnl .tnd ohlt:d, (,f lilt ~l'l,~llH' l·~t,,blt. hm "Ol md ~ornpnsitinn nf till Bn ml \ ulidit , ,f pll,cl~t.·dings. · l c nur • of oltict'. R munc:ratiun of memh~r~. run ti ,rb ... ,f tht~ Board. Pc.)\h: r ,,f the 13():trd to t'nkr into ll)Jltract. kl·trngs. ()U()rtltll . '°'tJndin12, order, ... < perntion 01 loan .1ccount. .\ppomtmcnt of ~1anager. s~..:rctory nf the Board. Lmpk,) mcnt of stuff. Pm ment 0f pension benefits. Rcgulat ions. ... I'unds of the Board. pplication of funds. Borrowing powers. Annual estimates. Reports, accounts and auditing. Charge on property and priority. Proper application of loan. Order for repayment of misapplied loan after inspection. Order for repayment of misapplied or outstanding loan before inspection. 1568 CAP. 40) Enugu. Stale Agricultural Loan Schemt.' Section 28. 29. 30. 31. 32. 33 . 34. 35. 36. 37. 38. Power of Board's officials to enter premises ~md take m cm of chattels on borrower's death or dissolution. Protection of members, officers and agenb. Obstruction of Board 's officials pro hi bi tcd Interest on loans. Insurance. Offences by applicants. Corruption in connection with loans. Authentication of documents. Legal representation. Service of process. Exemption from registration fees . ., r· "- .. , 11 ,g t1 1 ~ ,1 1~f<~r1 :.:A:.c:o:...:r1:.::.c=.u:..:,l1~u1~al I,,) c· I c: ~an\ .>C 1 me CH PlI:R 40 'f j TE AGRI( lJLTURA Lf) . • SCHEl\i1F I \\ \ La to m ke pro, ·i. ion for the t stabli hment and m" n· . a sch~mc for agricultural loans. a ,,ge,n nt of [271 h August 1991j 1. This Luw n1ay be cited as the Enugu State Agricultural Loans : chen1e La\v 2 ln this La\v .. apphcanC 1neans person. partnership or co-operative society who or ,~\uch has applied for a loan under this Edict; Board" means Enugu State Agriculturla Loans Board established by section 4: ··borrower~· means person, partnership or co-operative society to v.hom or which a loan is granted under this Edict; ··Chaim1an" means Chairman of the Board; ··Commissioner'· means State Commissioner charged with responsibilit) for matters relating to agriculture; ~Go\'ernor .. means Governor of the State; ~1anager'' means Manager of the Board '"member'' means member of the Board and includes the Chairman: .. public service·· means public service of the State or of the Federation as defined by the Constitution of the Federal Republic of Nigeria. 1999: chen1e·· means Enugu State Agricultural Loans Scheme established by section 3: ··State"' means Enugu State of Nigeria. 3. (1) There is hereby established in the State a scheme to be knO\\TI as the Enugu State Agricultural Loan Scheme. (1) The objects of the Scheme are IN I \ ~h n rnle I nterpn: 1auon Est lishmcnt and <*Jects of the~ I ,11bll,h111 l Ill .11hl ' ' 11•1,,,,,111,1 11 ,11 tlh• I\, I If' I 4. (I) l'hc11.' is hL'rd,, L'!-. t,1bltshL'd It)!' thl' purpll~L' {.)r gl\ ing d t~·t to the Sdll'lllL'. ,1 h,l,1rd hl lk' 1-.. ml\\ ll dS the Fnugu Stttfl' \!1 ncultural l l>On B ), ri (.°:) 1 he H,l,1rd -.;h,111 hL' ,1 hlld~ nlrplHlllL' \\ 1lh pcrpl'tuaJ sUC\:t'S!>JOll una y \.'.Pllllllllll SL'.11 ,md \\ 1th plH\L'I' (() SUL' .tnd be . .' SllL'd lll its c:nrpl)f~lk n m .. If 1 to ,h.\lllll1.'. hPld ,llld d1spll"1.' tlf prlllk'rl). (.') I hl' nl,:l!'I.I ~h:tll l'l)llS ISt of {,I) .1 l ' h.111 m,m .ippnintcd nn part-tim~ basis b) tht..· Gon~rnl)f f!om :1mon~sl persons \\'hn arc not engaged in the puhlic s<:n ,c'° nd ,lrl' kmn, lcdgeablc in matters n:latmg to agriculture; ( h) thrL'L' or four persons appointed on part-t imc bas1 b) lht lhwernor from runong persons who arc not engaged m th public service. and one or whom shall he a pro~t1cin fam1 r, to represent the interests of farmers: (c} a representative of the Stntc Ministry d1arged \\ith th" rcspon ibility for matters relating to agricultur~; { d) a representative of the State Ministry charged \\ ith the responsibility for matters rcJating to fi nancl:: ( e) a representative of the banking institution to be non1in tted hy the bank designated in that behal f by the Commi!>sion r; (f) the Director of Co-operatives or his representative: and (g) the Manager. (4) Persons who are members by virtue of paragraphs (c) to (g) of sub ection (3) are ex officio members. (5) Th~ Board may co-opt any person who appears to it to h.i\c e penence m the development of agriculture or food produ t11.ln h.) be rt~ member for such meeting or meetings as it may determine. ,.,·,cut,ura/ L 0 ans .~1, -, ) p n co- pt d b) me ( J> d . I \ ' rflJ - t 0 rrnht Lm pnv1 ege ol 01 ... 0 subser-r· ~ lS7r .. . CTT) r '- l()I) I ) <.:•J... -. --=.:.. m \ ott: at uch rneet1ng or m '.) . · ~Ct:pt th t h ~ h, ~14H 1-tah 1l t.:et,n or to , all not h a t1 um or a,e the ri h .. The validit of th a 4u rum ... t Pre cee ,· b\ an, \ acanc\ among the rn Ging~ ot the B of a ~ember. . en1ber or anj irregu~ rd hall not be arr~ t d anr) tr1 th cc e 6 , I n1e1nb ·r of rhe n C Pl OJntrncnt ~ b. h ooard othe h su ~e t to t e plea ure of th G rt an an ex oj]i . a- nul\ be ~peci ficd in th c JO\ ernor. hold office fc tc10 mt:mber shall e 10\trument l oratern1ofrh . hn t and hall be eligible for re . or etter by v~h. h h ree) ears of the fir t term appointment for another teic e 1s appointed· · nn at th . · (-) 'ot\\ llhstanding an}1h · e e.\p1ration h. h h . tng contain d . , I . I appointed. a member ma . ree . in the instrument or letter b1 under his hand addressed t h ) sign his appointment b . . ... G f o t e Governor d Y \ tmg °' er~or o that member's letter of . an upon receipt bv the detenn1ne. resignation his appointm · h em s au 7. The Chairman and other memb officio members shall be paid su h 11 ers of the Board other than ex Go\ c n1or. c a owances as may be approved by the 8. The Board shal 1 (a) (b) (c) (d) subject to this Law, detennine and execute a policv for an effective and efficient operation of the cheme· r . ' receive, examine and approve applications for loans for any of the purposes for which the cheme is established ' on the approval of such applications. and subject to such conditions as it may impose, grant loans to the apphcants out of moneys drawn from the loan account of the Board, in line \-vith the policy on banking of the Federal Government for the time being in force, open and maintain with the Central Bank of Nigeria or any other commercraJ bank of firm financial standing a special account ( m th1s Law called --Joan account'') into which shall be paid all moneys borrowed or obtained from commerc1~f banks. agricultural institutions or other sources for lendmg, upon R"r.tmeration ot mmibc~ Function-" f lhe Board J 1572 C 4.P. 40 Enu u State A ricultural Loan Scheme Po,, t:r of the Board ro enter into contract. ~ketings. Quorum Standing orders. operation of loan account. ­. , such terms as the Board shall determin 1 .: · · t. 0 1an11e operative soc1et1es and other similar bodies· ~ ' ( e) use its best endeavours to encouraoe t: · .. . d . c- .irmt:r;,') tn f reg1stere co-operative societies or other '-imi1 , n-, d . . . 1a1 oodie . accor ance with one of the obJectives of the Sthemt; 11 , 9. ~I) The B?~rd may enter into su~h. contract as may be necc,s,irv expedient for g1\'lng effect to the prov1s10ns of this Law ~ 1 (2) Any contract or instrument which if entered into or execut <l L b . t: l'\ a person not emg a body corporate would not be required to be under --~al may be entered into or executed on behalf of the Board by anv p :, . ~ .. "m generally or specifically authorized by the Board for that purpose (3) Any member who has a personal interest in any contract or arrangement entered into or proposed to be considered by the Board shaiJ as soon as he becomes aware of the existence of such contract or arrangement forthwith disclose his interest to the Board and shall not \.ote on any question pertaining to such contract or arrangement. 1 O. (I) The Board shall meet as and when the need arises: pro\ ided that in any one year the Board shall hold at least five meetings: . (2) All meetings of the Board shall be summoned at the dITect1on of the chairman or at the request made to the Chairman in '"'Titing by three membe~. . (3) Every meeting of the Board shall be presided over b} the Chairman, . but in his absence or incapacity the members present shall elect from g their number a person to preside at the meetmg and the person so :~:d shall have all the powers and privileges of the Chamnan for that meeting. A t a meeting of the Board four members shalJ fonn the quorum. 11. 12 The Board may make standing orders providing for the prlop~ · d · f the Board and in particu ar conduct of the business an me~tm~ o tr ts ~d execution thereof: (a) the method of entering into con ac and . h d nts (b) the signing of cheques and ot er ocume ~ I I Ull ' \ 1rhd1t1\\.d ( I u, ht1P, HI •nt t lhf I ,ti ' f>t h tlw f!lttho11t\ nl I!, . Htl u,I I ( J) I h ~ Hi,,ud •11~ '. \.\11h lh ., Hpp1u\ 11 < I 11 ' 1' ; ,, h ,fli.:e, in the S1nte Puhhr ~r·r \ 1 ,. 1 1 1 • ' 11 ,ov, ,,,.,, tffJ Pl'J'UI\' l>tn·rtrn l'l ll•· tll ~, • lti t '" ' , ,,, ,dlt,, • tiof fi, 111 N (Ii, i ,i,I ,f • • ' " l I \ ,tr\llg •1 l~) t he f\1 llHWCI "h.,11 h . 11w \ l11l'f \' •.• tfll \. hi " ,, ll1l ,~,. lld 111J .h di f n~s JXlllSl .. t(lf thl:: l'XCt Hl h Hl of lit. I I , f l . • l'. IIIH \1 1,11111 ,11,dlf, I l I flU~lflt'~s pt th, Hu.1rd 1 1 ' ( ) In p .1111 ·ul.u ;md w11'1011t f>IL"llldrre I•, II . f f , ' It ~, ' IICl ,I lly l ,11 fa, I ( ... ). th~ ~tat)cl 1t'I ~h.ill 1 ( l) \'Xl'I is,: gl:'11 ·ral t'OfllJol a11d s11p ·t v , ,IPII II\'., tli, I iff ,t tl Btlard: .111d tl) dt:ploy thl· n1.itt 11111 .,nd htm1t1 11 rcs, 1111 c.; -~ ·,va il:ihl ,,, fh B(lard 111 su~h a m,11111 ·r .is to alf t1i111J1 • fHIIJH l . • of thi f I v 1~. ( I) ·1 hl· Board ~hall appo111t n pcrso11 c111ploy ·d 111 11,c State J'uhl,c ~"-·n l\.e ,lnd "hu i~ a qualified k·gul fHac111io11c, 1(1 he the Scc.:rc.:lary to tlac Hn.ud. ( 2) ·1 ·hL· Sc.:crctary shal I ( a) setve as the pub I ,city officer of tht.: Bo;1rd. (b) conduct all th<: correspondence of tl11; n,,mrJ· ( c) rt=cor<l alJ the procc<:dings o f the Board; (d) give, as may be necessary, JcgHI adv,,c t<> tfw Board, and ( t.') pcrfonn such other function~ as the Board or the Managt..--r may from time to time direct. 16. fhe Board n1ay, with the approval of the Governor, appoint t;tJch stafJ or agents as it may require for the discharge of the Board 's lunctions under this Law. 17. Service under the Board shall be public service for pension purposes within the meaning of the pensions Law. 18. ( 1) The Board may make regulations generally for purpo es of this Rc:2Ulat'.wrts. Law, and without prejudi.ce to the generality of the foregoing, may by regulations J 1574 ( AP. 401 Funds of the Board Apphcauon of funds. (,1) pre,(11h th I'"' 1 \hlh." "' l \ ti,1111,h d f,•t llh f'\ 'I" fond11'11s u11 lt.1 th1r,; I ,n, (h) k,tf'll,tll 1ll1)\ ,lhlc ,llhi lllllll\)\ 1bh.· 1111 11 ill ... )II I • p1,,d111. .. h. shdt~'- nf' l'llll ,lllll"S .tnd ,ttlh I l'll,.1ti. I (II H 111 ,ll .. ltplui .,~ ~C\ .. 'lllll\ IPt I t,,.111 ,Uhl 11 • .., \ 111 ,' flh 1.t) h t llfllkl' \\Ill ·h ,th..h M','111 11~ lll,1' h, ,l~l l'l''\ ,I {t') prcs~nht·tl1Lt,,1tntlhe.1dnphd1111,p, 111111 11, hf1111 t)fthl' Hci,ud d111in1 1 the l'll·,:cd1n11 \, ,11 . (d) the prncrdun.:' l~)I u,lk1.·t111~1 ll' j l. l\ mcnl" 1,f ln.H1, h, 1t ,,i 1~1 int1..·n·!-ts lhl'll',u1· (e) CllSllfl llhtt l(l,111 ' g1.111tcd h, tli1. lhl,Ud .111: (1) ::-.f1l'llt I nr .111,~ PI the jllll pch, · II H ,du.. h th SclH .. llh.' ,, l·,t.1hl1-.lil·d ,,1 (ii) in, l , tul 111 -.,nund ,ll!I n:u!lui.tl ,,,,r,, 1111 111.., 11111..k1 th ,11p.:n 1,1p11 nl tlw lln,ud , (0 p,c,uil,r the <.:.llq!t''~ nf l.11nn.'1~ L' lll1flrd 1,1 ht'llt·fit linm l,)<1' •1.111 tcd u11dc1 tills I ,t\\ (g) 111 u 1hc ruk, µencra ll) f Pt tlw bcth:1 ,ld11111H ,11.1111,n f'lf the I, 1, 111 ,l(Cl)Ullt. 19. I hl· I unds of the Bo:1rd lo, thl' put p{lSl' {)f its frnu:1 H.111s llfhkt 1111, Law shall consist of (a) such moneys as may Crom t11n~ tn llflll' bt· :ipptPpri lied h\ the Stale Oovcrnmcnt or th~ h .·dcrnl ( in, c111ml 111 t 11 .1m ,,1 their agencies for the purposes or till' lunt·t1otl:-i ot tlu.' lln,ud undt:r this Law: (b) moneys raised by lo~n under f lw bt,rro\, in[' p<n,i..·1 , c~tt·J in the Board by this r aw; (c) such interests as may accrue from m,·cstnh.'flh nm<k b, thl· Board: ( d) moneys accruing by way of repayment ()f lodll~ m:tJl' under this Law together with interests on such loans: (e) such other sums of money as nw) man~ nwnnci r~~omc­ payable to the Board in conn~ction with it" ft1t1d wns undt·r this Law. 20 The funds of the Board as specified in section 19 of thb I aw ~h!Jll he paid into the loan account and applied by the Board m pur,u,m,c of its fun u n under th1s La\\ .!1 ( I u~je , to this et ion. the Board nm) bornJ\\. from ource.s ,vit1un I en • mns of nh ne) requirt:d b~ 1l for di hargmg its funct, m~. ( ) ln pt \ ~ r lO horrO\\ is C'.\ ·rdsable \\ ith the prioi appn.n al in ,q It ng o 1h .10, mor a to (a) the amount of mom.·} ~ought to be oorruv.ed, (b) the ourcc of tht: borro\, ing; ( ) the krms on \\hich the borrowing ma> be etfected C' The pprova I oft he H , ernor rdcrrc<l to in subs ·ct,on ( ~) ma) (a) either general or limited to a particular borro\\ing: or (b) ubject to uch condnion~ as he may sp1:cit). ( ) person or bod} lending money to the Board shall not be bound to mquire \\ hether th<.! borrO\\ ing ofmone) is\\ nhm the power~ of the Board. 22. The Board shail not later than the 30th day of 'o, ember in each Annu-1 ~ear. prt:pare and submit to the Governor an estimate of the income and expenditure of the board for the next ensuing financial ~ ear. 23. (I) As soon as may be after the end of a financial year but not later than the.: 31 st day of March next fo llowing. the Board shall (a) prepare a general report of its proceedings and activitie during the preceding year; and ( b) transn11t to the Governor that report together \\ ith a certjfied copy of the audited accounts of the Board. (2) rhe Board shal I (a) keep proper books of accounts; (h) keep proper records relating to such accounts: and (c) prepare in respect of each financial 1ear. a statement of accounts in a fonn prescribed by the State Commissioner responsible for matters relating to finance. (3) The accounts of the Board shall be audited annually by such finn of auditors as the Board may, with the appro,.,aJ of the Governor. appoint in that behalf. (4) The accounts of the Board together with the auditor's report tl~reon shall in each year be laid before the State Public Accot.nt'> Committee .:sum:11e Report a-.~ounts and auditing 1576 CAP. 40 £nu u Stalt: Agru:ul1L1ra/ l.oan \'cheme Charge (lll pr(lpert~ a11d I flOfll) Proper application of loan. Order for repayment of misapplied Joan after inspection. Order for repayment of misapplied or outstanding loan 24. \Vhere n loan is g1antc<l by the Boa1d nu tlw ~tc 1 , 1nortgagc of any property. \\hcthcr with or without ,in, ,Ht l l property shall from the dale ot the mortgage be~ l!I ·r repa1ment of such loan and with interest thcteon in pr" ri n1a) beothervv15cspec1Jicdmthcmortga12.e.toe\ e1) ,thr1 dch 11 or charge \\·hatsocver affect111g the propert\ . 2~. (I) Where the Board ha~ granted a loan. the Board sh:.iil tn 1 , 11 to tune n1ake or cause to be made such extmirnatio11 an·1 J t. . . U 11 1 l 1nsp~ct1on as may be necessary to ensure that the Joan is ht:mg or lid I 1 applied to the purpose for which it was granted. (2) The Board may in writing authorize any other pcro;;on to mnkl: ,ud examination or periodic inspection, and the borrower -;hall produl:c lo tl. t person all the relevant books, documents or other matters and thrn, necessary for the purpose of the examination or inspection. (3) A person duly authorized by the Board under subsection (2> ma\ for the purposes of this section, at any reasonable time. cnler dl\ premises. building or land owned or occupied by the borrower 1Jr hi agents. (4) A person making examination or inspection by virtue of subsectwn (2) shall after the examination or inspection submit a full report to the Board. (5) In order to further ensure the proper application of a loan, that portion of the loan designated for supplies, services or equipment. ma~ be paid by the Board directly to a third party acceptable to the applicant (6) Payment made to a third party by virtue of subsection (5) shall be deemed to be a loan made to the applicant. 26. Where upon an examination or inspection made under section 25, it appears to the Board that a sum being the whole or part of a loan grant~d by the Board is not being or has not been applied to the purpose for which the loan was approved, the Board may by letter addressed to the­ borrower order that the sum be repaid to the Board within a time specified therein and the sum so ordered to be repaid shall thereupon become a debt due to the Board and payable within the time specified. 27.(l) Where no examination or inspection under section 25 is made. and the Board is of the opinion that a loan granted under this Law has been misapplied, or where the repayment of the who Jc or any part of a dun d th1 L.'l\\J 1s >\C1due. thi: Board mc1y m additi n t or m h u H ll) p1 c:c hng . ~ hethcr the lo n ha been secured l y m lrt ",i ·~ r t then\ 1 i: h, k~1te1 ddre~s~<l to the bor )\\ e1 11 lcr that th~ lo.m r that p rt 1 1hc rep.1~ nH-nt which 1s o,·crdth.: he tl'.paid tn the B,,,1r<l \\ttlun the umc pcc1fi d thctctn. n) \\'h re th b >rrov. er foils to comply \\ ith an order ,)f the Hom d mnde pursu,ml to uh ect10n ( l ). the Board ma~ foreclose.~ the llh)t tgagt' 1f the lo,m ,~ secured by mortgage. and shall i I the loan is un~ccured. have a lieu ('11 an) prl>peny purchased with any part of the loan until the loan or that p.1rt thereof. o, crduc for repayment is repaid. 2 . \Vhcrc a horrowcr who has not fully repaid the loan granted to him ... hcs. )r. not hcinu an individual. is dis~olvcd. the Board. its officl'.r or .., ttgcnts nrny. at any reasonable and convenient hour. entl!r any premt"iC"' \\here chattels purchased or deemed to have been purcha~ed v~ith th~ whole or an) part of the loan are kept. displayed. or stored and with the p rson who has custody thereof. take inventory of the chattels. 29.No member, of1icer or agent of the Board shall be liable for any act done m good faith while engaged in any duty under this Law 30. A person who will fully obstructs the Chairman or other officer or agent of. or any other person authorized by the Board in the due execution 1.)r enforcement of a provision of this Law, is guilty of an offence and liable, upon conviction, to a fine of two hundred naira or to imprisonment for one year, or to both such fine and imprisonment: Provided that where the offence involves entering of pren1ises by an officer of, or other person authorized by. the Board in that behalf, there shall be no liability under this section unless the officer or that other person presents to the owner or occupier of the premises, on demand by the latter. a written authority of the Board to the officer or that person to enter therein. 31. Every loan granted by the Board under this Law shall bear interest at a rate from time to time prescribed by the Board. 1m.'1111 and t 1~e 111 entof) of drnttcb nn horro\,e, s death L'r dbsolut10.n Protect ,on of and agent~ Ohstru~t,on of Roan.I's otT1c1als proh1b1t<d Interest on loans. 1578 C P. 40 lnsurnncc Offcncts by applicants Corruption in connect1on with loans. Authentication of documents /<,nu ,11 .,·w1c.· A 'rl'- ullw al Lo1.m S'cheme 32. (I) Where a loan is gr ante d on cond1t i?ns that the ho insure the farm in respect of \\ h1ch the loan r s pr<)\ 1ded t in lieu thereof insure that farm at the borrov. "r° s e pc 1 insurance corporation or company of firm financial standm damage by fire. flood or other mishap for an amount nt t le amount of the loan for the period in \\hich the loan i out lan m (2) The insurance policy shall be taken out in the Joint name 1 Board and the borrower. 33. An applicant who (a) with intent to defraud, makes to the Board a m .teruu statement which he knows to be false m doe · not lte, lo be true; (b) with intent to defraud, fails to disc1ose to the Bo rd a material information within his knov. ledge· is guilty of an offence and liable upon conviction to a fine of two hundred naira or to imprisonment for one )ear or to such fine and imprisonment. 34. (I) A member, servant or agent of the Board, v.ho corruptly demands, accepts or obtains or agrees to accept or obtain from a person any property or benefit of any kind for himself or for any other person m respect of or in connection with a loan or an application for a loan under this Law is guilty of an offence and liable upon conviction to a fine of tv.o hundred naira or to imprisonment for one year or to both such fine and imprisonment. (2) A person who corruptly gives or promises or offers to give any property or benefit of any kind to a member, servant or agent of the Board in respect of or in connection with a loan under this Law or applic.1t1on for such loan, is guilty of an offence and liable upon conviction to a fine of two hundred naira or to imprisonment for one year or to both uch fine and imprisonment. 35. The fixing of the common seal of the Board shall be authenticJted by the signatures of the Manager and the Secretary of the Board or .. my other persons authorized by the Board to act in their stead. Enu. !U St It 4g11t·u -.... ~ ,. ln n) 1 11 pr) ecd1ng b~ or ag m t th Board l n r · unt for loan granted und r thls La\\. th B r rcpn.: ntt-<l b) th Ch uman r an) other officer or m mber authonzed b~ the Cha1rman in \\ 1nng o r pre Ant th Bo u-d >r fficer or any other legal practitioner 1. . Cf\! ice upon the B ard of a notice. ordt!r or other d cum m or pr e may be effected b) ta) ddi,ering it. or t b) sending it hy registered post~ l the hairman or Manager at the principal office of the Board. 38. Registration fees under the provisions of the Land ln:,trumenL\ Re ,istration Law or of any law amending or replacing the ame shall not b payable in respect of a document for secunng a loan made h) the Board or a document discharging any document or security. Exe · pti r from reg1 uon Ice,