PART: Supplementary (ss 15-17)

CHAPTER: 35:01


15.     Statement by a farmer of his assets and liabilities


            (1) No farmer shall, in connection with the negotiation of an agreement, make a statement of his assets or liabilities which is false or misleading in any material particular.

            (2)        The bank may, where any movable assets of a farmer are hypothecated to it under the provisions of section 11, at any time, and from time to time, serve notice upon a farmer calling upon him to make inventory of his hypothecated assets and of all his liabilities and to deliver to the bank the inventory within such reasonable time as may be specified in the notice.

            (3) The farmer shall, in his inventory, declare any charges or encumbrances which may exist in relation to any of the assets listed and any rights which third parties may possess in relation to such assets whether under an agreement of loan or otherwise.

            (4)        Any farmer who contravenes the provisions of subsection (1) or who fails to make an inventory for the purposes of subsection (2) within the time specified, or who makes an inventory which is false or misleading in any material particular, shall be guilty of an offence and shall be liable to a fine not exceeding P200.


16.     Security other than under the Act


            An agreement may provide for security collateral, additional or as an alternative to any security which may be afforded by this Act, for the payment of any moneys owing, or which may become owing, to the bank.


17.     Regulations


The Minister may make regulations-

     (a)     prescribing anything which in this Act is required or permitted to be prescribed;

     (b)     prescribing the form of any document referred to in this Act and, subject to the provisions of this Act, the particulars it shall contain;

     (c)     prescribing the fees of office to be charged in respect of any act, matter, or thing required or permitted to be done by the Registrar of Deeds;

     (d)     making provision for the issue of copies of documents referred to in this Act in the event of loss;

     (e)     generally for the better carrying out of the provisions of this Act.