Paragraph 8 F1

Paragraph 15 is modified so as to read as follows—

“15.

(1)

A person may not appoint an administrator under paragraph 14 unless—

(a)

he has given at least two business days' written notice to the holder of any prior agricultural floating charge which satisfies paragraph 14(2); or

(b)

the holder of any prior agricultural floating charge which satisfies paragraph 14(2) has consented in writing to the making of the appointment.

(F22)

For the purposes of this paragraph, one agricultural floating charge is prior to another in accordance with the provisions of section 8(2) of the Agricultural Credits Act 1928”.