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Senate approves Agricultural Credit Bill

Saturday, October 07, 2017

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KINGSTON, Jamaica —The Senate passed the Agricultural Loan Societies and Approved Organizations Act, 2017 late yesterday, paving the way for the dissolution of the Agricultural Credit Board (ACB).

The Bill is aimed at streamlining the functions of the ACB, and merging its monitoring and inspection functions with the Registrar of Co-operative Societies.

It will effect the transfer of the functions of the ACB, in relation to the management of agricultural loan societies, to the Registrar of Co-operative Societies.

It also includes provisions for the establishment of an appeal tribunal, as well as the registration and regulation of agricultural loan societies, by order or under the registrar, and the certification of approved organisations by the registrar and related matters.

The Bill was passed in the Senate with 69 amendments.

Balford Henry

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