Agricultural Credit Corporation
Law of the Agricultural Credit Institution
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Law of the Agricultural Credit Institution in Jordan for the year 1963

 

Article (1)

 

This law is called (the Agricultural Credit Institution Act of 1963) and is effective from the date of its publication in the Official Gazette.

 

 

 

Article (2)

 

The following words and phrases wherever stated in this Law shall have the meanings assigned to them below unless the context indicates otherwise:

 

Institution: The Agricultural Credit Institution established under this law.

 

Board: Board of Directors

 

The President: The President of the Council

 

General Manager: General Manager of the Foundation

 

 

 

Article (3)

 

An agricultural credit institution is established in the Kingdom called "Agricultural Credit Institution" which has a moral personality and financial and administrative independence.

 

And may be prosecuted and prosecuted in this capacity, and to give it in the judicial proceedings related thereto, or any other purpose, the deputy

 

General or any other person designated for this purpose and exercising the powers provided for in this Law or in any regulations or instructions

 

Issued under it.

 

 

 

Article (4)

 

The center of the main institution shall be in Amman and may establish branches and offices in any place in the Kingdom whenever it deems fit.

 

 

 

Article (5)

 

The aim of the Foundation is to contribute to supporting agriculture, development and development in the Kingdom and raising productivity in the agricultural sector

 

And to increase and improve production. To achieve this, the Foundation shall:

 

Grant loans of various types and dates for various agricultural purposes within the general framework of development plans in the Kingdom.

 

Encouraging the establishment of agricultural projects and projects for the manufacture of agricultural products and the requirements of agricultural production, development and expansion by contributing to the capital of joint stock companies that aim at establishing such projects provided that the total value of the contributions of the Foundation in such projects and at any time 15% The authorized institution shall be entitled to be accompanied by the approval of the Council of Ministers.

 

C- Accepting deposits and borrowing from internal or external sources of finance and carrying out any other business carried out by specialized lending institutions or commercial banks in this field. It is also entitled to issue bonds, loans or any other type of borrowing with the approval of the Council of Ministers.

 

D) Purchase of loan issued by agricultural companies, public shareholding companies that have agricultural projects or projects for the manufacture of agricultural products or agricultural production requirements.

 

(E) Financing the marketing and export of Jordanian agricultural products, which are owned by the public official institutions or the public agricultural companies.

 

Preparation of feasibility studies and technical studies on agricultural projects and contributing to the preparation and evaluation of such studies.

 

(G) Providing technical advice and administrative assistance for agricultural projects financed by the Foundation and requiring such services.

 

(H) The disposition of movable and immovable property which is vested in it under this Law or any other law.

 

Grant housing loans to the employees of the Foundation in accordance with the relevant regulations.

 

 

 

Article (6)

 

1- The capital of the authorized institution shall be JD 7 million and shall consist of the paid up capital from the following sources:

 

A) What has been left or transferred from the funds and assets of the following lending institutions:

 

Agricultural Bank.

Balance and residues of loans and other assets recorded in the accounts of the Agricultural Credit Fund of the Council of Reconstruction or Agricultural Cooperative Societies of the Cooperative Construction Department or the agricultural advances granted by the United States Agency for International Development.

Any funds belonging to the Ministry of Agriculture or the Ministry of Finance, or any other governmental department or institution previously allocated to or obtained by the various agricultural lending institutions or projects.

Any money received by the Corporation from the installments or benefits of any of the lending institutions referred to in paragraphs (1), (2) and (3) of paragraph (a) of this Article.

(B) What the Government paid or paid to the Foundation;

 

(C) any other amounts received by the Corporation from any source which the Board decides to consider as capital of the Corporation;

 

2- The Corporation may, by a decision of the Council, increase or decrease its authorized capital to the extent it deems necessary.

 

 

 

Article (7)

 

The Foundation consists of:

 

Board of Directors.

 

General Manager.

 

C- Deputy General Manager.

 

An executive body.

 

 

 

Article (8)

 

1. The Council shall be composed of the Minister of Agriculture as President and the membership of three governmental members and five non-governmental members, as follows:

 

Government members:

 

Director-General as Vice-President

Representative of the Ministry of Finance Member

Representative of the Ministry of Planning Member

The members of the Government shall be appointed by a decision of the Council of Ministers upon the recommendation of the competent minister. Each of them shall be of the special rank in the first category at least, and if any of them is absent, the competent minister shall be appointed by his representative at the meetings of the Council during the period of his absence.

 

Non-governmental members:

 

Select non-governmental members with competence and experience in agricultural or banking affairs and appointed on a periodic basis and for the following periods:

 

When the Council was first formed

 

Appoints two members for two years

 

Two members are appointed for three years

 

Appoints a member for one year

 

The members shall then be appointed for a term of three years. No member may be reappointed unless he has passed the expiration of his previous membership for at least one year.

 

2. The members of the Council shall be appointed and accept resignations, terminate their membership and determine their remuneration by a decision of the Council of Ministers upon the recommendation of the President of the Council.

 

3. A member of the Board of Directors shall not be entitled to be a member of the National Assembly or of any official institution or commercial company that may benefit from the lending operations carried out by the Corporation directly or indirectly.

 

4. When appointing non-governmental board members, the various regions in the Kingdom shall be represented as much

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