The Agricultural Marketing (Northern Ireland) Order 1982

Financial powers and duties of boards N.I.

Schemes to provide for establishment of a fund, investment, accounting, etc. N.I.

39.  Every scheme shall provide—

(a) for the establishment of a fund (in this Article referred to as “the fund”) to be administered and controlled by the board, for the payment into the fund of all moneys received by the board, and for the payment out of the fund of any moneys required by the board for the operation of the scheme or otherwise for the purposes of this Part;

(b) for the distribution, in such manner as may be provided by the scheme, of all moneys standing to the credit of the fund which are not required for the operation of the scheme or otherwise for the purposes of this Part;

(c) for the manner in which the moneys of the board may be invested;

(d) for the accounts to be kept by the board and for the audit of those accounts;

(e) for the furnishing by the board to the Department and to enrolled producers of accounts, returns and other information, including (without prejudice to the generality of the foregoing)—

(i) an annual balance sheet and either an annual profit and loss account or, in the case of a board which does not trade for profit, an annual income and expenditure account;

(ii) an annual statement in accordance with Schedule 3;

(iii) a statement of the manner in which any moneys of the board are invested;

(f) for the furnishing by the board, on payment of such reasonable fee (if any) as the board may determine, of a copy of the balance sheet of the board to any person requiring it.

Power of boards to make loans to enrolled producers N.I.

40.  A scheme may provide for empowering the board to pay on account or lend to any enrolled producer a portion in the amount which the board estimates that he will receive from the sale of any quantity of the specified product produced or in course of production of held in store by him.

Borrowing power of boards and provisions as to loans and grants made to boards N.I.

41.—(1) Every scheme shall provide for empowering the board to borrow money for the purpose of exercising its functions under the scheme.

(2) A board shall have power to accept from any other person any grant to be applied for any of the purposes for which the board is empowered to expend money.

(3) A scheme may provide for empowering the board, in any case where a loan or grant is proposed to be made to it, to agree with the person proposing to make the loan or grant, as the case may be, and, in the case of a loan, with any person proposing to guarantee the repayment thereof, that if the loan or grant is duly made or the guarantee duly given, the board will apply the money obtained by it by means of the loan or grant subject to such conditions (including conditions as to the persons on whose advice the board is to act in applying the said money) as may be specified in the agreement.

(4) Where a scheme provides for empowering the board to make any such agreement as aforesaid, the shceme shall impose upon the board the duty of carrying into effect any such agreement entered into by it.