Section 14 Provisions as to agricultural societies.C1

(1)

A debenture issued by a society registered under the Industrial and Provident Societies Acts, 1893 to 1928, creating in favour of a bank a floating charge on property which is farming stock within the meaning of this Part of this Act, may be registered in like manner as an agricultural charge, and section nine of this Act shall apply to such a charge in like manner as it applies to an agricultural charge, and the charge if so registered shall as respects such property be valid notwithstanding anything in the M1Bills of Sale Acts, 1878 and M21882, and shall not be deemed to be a bill of sale within the meaning of those Acts:

Provided that, where any such charge is so registered, notice thereof signed by the secretary of the society shall be sent to the central office established under the M3Friendly Societies Act, 1896, and registered there.

(2)

Any such debenture may create a floating charge on any farming stock the property in which is vested in the society.

Annotations

Marginal citations

M1: 1878 c. 31.
M2: 1882 c.43.
M3: 1896 c. 25.

Modifications

C1: S. 14 excluded by Industrial and Provident Societies Act 1967 (c. 48),s. 2 (2)