Section 35: Power to lend money
consolidated text (as at 2005). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
35. Power to lend money
(1) Subject to the approval of the Minister, the Board may lend to a producer such amount as he may require in connection with the production, sale
and marketing of tobacco on such terms as to repayment and security and
on such other conditions as the Board thinks fit.
(2) Where a loan made under subsection (1) is, according to the terms of
the contract witnessing it, secured by a charge or privilege on the current
season’s crop belonging to the borrower, the loan together with interest and
any commission on it shall, notwithstanding any other enactment, become a
charge or privilege in preference to all other charges or privileges on the
crop, and shall be paid out of the crop in the first place and in priority to all
other claims privileged or otherwise which affect the crop or its produce.
[S. 35 amended by Act 48 of 1991; Act 4 of 1995.]
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T10 – 17 [Issue 1]
Tobacco Production and Marketing Act