Mr. GUINNESSI beg to move, in page 9, line 13, after the word "sale," to insert the words "in respect of other agricultural assets."
This is really only a drafting Amendment. We have provided for the charging of other agricultural assets, and it will be necessary to provide that, when they are sold, the proceeds shall be paid into the bank with the proceeds of any other sale.
§ Mr. A. V. ALEXANDERI do not think that we can get too firm an assurance on this point. This matter was raised more than once in Committee, and I should like now to know definitely whether these words only apply to those assets which are defined as "other agricultural assets" in Sub-section (7) of Clause 5. Do I understand that the words now inserted will cover only these "other agricultural assets" which are there defined as meaning a tenant's right to compensation under the Agricultural Holdings Act, 1923, for improvements, damage by game, disturbance or otherwise, and any other tenant right?
Mr. GUINNESSYes, that is so. We provide specifically for the proceeds of sale under a policy of insurance or by way of compensation, and we also wish to provide in addition for the proceeds of "other agricultural assets" as defined in Sub-section (7) of Clause 5.
§ Amendment agreed to.
Mr. GUINNESSI beg to move, in page 9, line 14, at the end, to insert the words:
Provided that it shall not be necessary for a farmer to comply with such obligations if and so far as the amount so received is expended by him in the purchase of farming stock which on purchase becomes subject to the charge.9.0 p.m.This Amendment arises out of the suggestion of the hon. Member for Hills-borough (Mr. A. V. Alexander) that it ought to be possible for a farmer, when selling assets that are subject to a charge, to purchase other assets which would become the subject of the floating charge, so that the credit would be a revolving one. I think it is perfectly reasonable that it should be so chargeable in case both the bank and its customer thereto agree.
§ Mr. A. V. ALEXANDERI am obliged to the Minister for meeting us on this point. The Amendment will make the matter much clearer, but I hope it is understood that, while the Minister has met us on this one point, it is essential, in the interests of the farmer, if he is to get the right to arrange with the bank, that the memorandum should be issued which was referred to in Committee, and which will make it clear to the farmer that he has the right to make certain direct arrangements with the bank outside the general provisions of the Bill.
§ Amendment agreed to.