Farm Loans Act. | Land Portal

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LEX-FAOC071027
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This Act makes provision for the guaranteeing by the State of farm loans, i.e. a loan made by a bank to a farmer for the purpose of financing any project specified in the First Schedule to this Act and related to the farm of which the borrower is in possession.The Government shall be liable to pay to a bank losses sustained by a bank as a result of the granting of a guaranteed farm loan, i.e. a loan certified by the bank manager as such to comply with requirements as set out in the Second Schedule to this Act. Upon payment of the guaranteed amount to the bank, the Crown shall be subrogated in and to all rights of the bank in respect of the loan. A loan shall not be a guaranteed farm loan if not established upon some specified security including land or crops. The Act further grants regulation-making powers to the Minister and prescribes offences.

Implemented by: Farm Loans Regulations, 1965. (1976)

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The island - discovered by Christopher COLUMBUS in 1494 - was settled by the Spanish early in the 16th century. The native Taino, who had inhabited Jamaica for centuries, were gradually exterminated and replaced by African slaves. England seized the island in 1655 and established a plantation economy based on sugar, cocoa, and coffee. The abolition of slavery in 1834 freed a quarter million slaves, many of whom became small farmers. Jamaica gradually increased its independence from Britain. In 1958 it joined other British Caribbean colonies in forming the Federation of the West Indies.

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