1922. \ 



AGRICULTURAL CREDIT SOCIETIES. 



47 



{d) All loans shall, bear interest at such rate, payable 

 half-yearly, as the Governor may from time to time 

 decide ; 



(c) All loans shall be made on the joint and several 

 liability of the Trustees and every member of the 

 ■ Credit Society ; 



(/) The Trustees on behalf of all the members of the 

 Credit Society shall enter into an agreement for the 

 repayment of the loan and the payment of the 

 interest thereon in the form seb out in Schedule IV 

 to this Ordinance. 



fi Section 14 of the Principal Ordinance is hereby repealed, and in Loans from 

 "• '~"='^"'-^ J . private 



private 

 sources. 



lieu thereof shall be read the following:— 



14_(1) It shall be unlawful for any registered Credit Society which 

 has contracted a loan under section 12 of this Ordinance to 

 borrow from private sources without the consent of the 

 Governor. 



Any member of the Committee of any Credit Society 

 knowingly contravening this section shall be Hable to a fine not 

 exceeding £20. 



(2) The provisions of clauses (e) and (/) of section 13 of this 

 Ordinance shall apply to all loans from private sources. 



6 Section 15 of the Principal Ordinance is hereby repealed, and in Loans to be 

 u. w^v^uiv^ T , n ,, • applied to 



lieu thereof shall be read the follovvmg :— agricultural 



15. It shall be unlawful for the Committee of any registered purposes only. 

 Credit Society which has contracted a loan under section 12 

 of this Ordinance to allow any part of such loan to be applied 

 to any purposes but those incidental to agriculture. Likewise 

 it shall be unlawful for any member of any registerec" Credit 

 Society who has obtained a loan from such Society to apply 

 any part of such loan to any purposes other than those 

 incidental to agriculture and the providing of a residence for 

 the applicant for such loan. Any member of the Committee 

 of any Credit Society and any member of any Credit Society 

 knowingly contravening this section shall be liable to a fine 

 not exceeding j620. 



7. The following section shall be inserted as section 16a of the gtifrgs'ana 

 Principal Ordinance : crops as 



16a. A charge in the form in Schedule YI hereto and executed as ^ecuri^tj- for 

 hereinafter provided shall when filed with the Registrar-General j^ember. 

 constitute a good and effectual charge and security in favour 

 of a Credit Society making a loan, on all canes, rice, cocoa and 

 other crops which shall be grown and become ready to be 

 reaped on the land described in such charge, and also upon all 

 movable buildings occupied by a member as a residence or for 

 agricultural purposes and which are described in such charge, 

 whether erected or to be erected and wherever situate, and 

 upon all live and dead stock of such member used for 

 agricultural purposes, but subject to any rent which may then 



