AGRICULTURAL DEVELOPMENT CREDIT AND CO-OPERATIVE BANK ACT - 1965 (ACT 286)

    Section - 37 - Regulations.

    (1) The Member of the Council responsible for Finance; may, by legislative instrument, make regulations for any matter in respect of which regulations are required to be made under this Act and for carrying out the principles and provisions of this Act. [As amended by Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 16 (1)].

    (2) Without prejudice to the provisions of subsection (1), such regulations may provide for all or any of the following matters:-

    (a) the manner in which the conditions subject to which the shares of the Bank may be held and transferred, and generally all matters relating to the rights and duties of the shareholders;

    (b) the duties and powers of the Chairman;

    (c) the manner, conditions and terms of issue and redemption of funds and debentures;

    (d) the conditions on which advances, loans and credit may be granted to either or both the following description of persons-

    (i) any person discharging any function under this Act;

    (ii) the individuals, co-operative societies and other bodies corporate with whom such person or his relatives is or are connected as partners, directors, managers, servants, shareholders or otherwise;

    (e) the conduct of business at the meetings of the Board. [As amended by Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 16 (2)].

    (f) the procedure for the recovery of loans and other debts due to the Bank;

    (g) the disclosure of interest, direct or indirect, of a Director in any application for loans;

    (h) the recruitment of the employees of the Bank, the terms and conditions of their service, the constitution and management of Provident Funds for the employees of the Bank and all other matters connected with any of these matters;

    (i) the duties and conduct of employees and agents;

    (j) the form of returns and statements;

    (k) preparation of annual estimates of income and expenditure of the Bank and their submission to the Board and the Minister; and

    (l) the registration of farmers who have incurred debts to such other farmers or other persons, the repayment of such debts by loans from the Bank and for other matters connected with such repayment, save as otherwise expressly provided in this Act.