|Previous (SECOND SCHEDULE. FORM OF AGREEMENT FOR PURCHASE OF MILK SUPPLY.)
CREAMERY ACT, 1928
FORM OF AGREEMENT FOR LOAN BY THE DEPARTMENT.
THIS AGREEMENT made the day of 19
BETWEEN The Co-operative Limited, having its registered office at in the County of (hereinafter called the Society which expression where the context so admits or requires shall also include its successors and assigns) of the one part and THE DEPARTMENT OF AGRICULTURE AND TECHNICAL INSTRUCTION FOR IRELAND (hereinafter called the Department which expression where the context so admits or requires shall also include the successors and assigns) of the other part: WHEREAS the Society being desirous to extend its business has applied to the Department for an advance of the sum of £ to enable it to erect and equip at in the County of AND WHEREAS the Department have agreed to advance the said sum upon the terms and in the manner following NOW IT IS HEREBY DECLARED AND AGREED by and between the parties as follows:—
1. The Department shall advance to the Society the sum of £ in such instalments and at such times as the Department shall determine, which sum the Society hereby covenants and undertakes shall be expended upon the erection and equipment of at in accordance with the requirements of and subject to the satisfaction of the Department.
2. The Society hereby covenants that it will repay to the Department the said sum by seven equal annual instalments together with simple interest upon the amount which shall be for the time being due at the rate of 5½% per annum, the said instalments to be paid on the day of in each year commencing in the year until the whole shall have been repaid.
3. As security for the said repayment, the Society doth hereby covenant as follows:—
(a) That it shall forthwith execute to the Department a valid first mortgage of the said premises so as aforesaid to be acquired by it, the said mortgage to be prepared by the Department at the expense of the Society and to contain all such powers provisions and clauses as the Department may deem fit, and the Society doth hereby covenant that it will show good and valid title to the said premises so as aforesaid to be mortgaged by it.
(b) That in addition to the said mortgage it shall as and when so called upon to do by the Department raise additional share capital either from its existing members or from such new members as may be available for it through the erection of the said and that the amount of the said new share capital shall not be less than the sum of £ Divided into Ordinary shares of One Pound each, and that all moneys to be derived by the Society from such new share capital shall be allocated to and forthwith paid over to the Department in reduction of the said advance. Such new share capital shall be issued at the option of the Society either subject to calls by instalments to be approved of by the Department or in the alternative subject to payment by deduction from the price of milk supplies by the new members such deductions not to exceed pence in the pound. All moneys received by the Department in respect of such additional share capital shall be credited to the amount of the principal debt then due and outstanding and the remaining annual payments shall be reduced proportionately.
(c) That it will execute such binding deed of covenant as the Department may consider necessary to secure to the Department the moneys to be derived from such new share capital, and that it will insert in its rules any additional rules or clauses which may be necessary to validate the hypothecation of the said share capital to the repayment of the said advance in manner aforesaid.
4. The Society doth hereby agree that it shall forthwith have a General Resolution passed by its members embodying and ratifying the terms of this Agreement.
IN WITNESS whereof the seal of the said Society attested according to the rules thereof has been affixed the day and year first herein written.