Statistics Act, 1999
R 385
Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)Part III : Funds and Business of Bank30. Statutory pledges |
| (1) | While any person owes the Bank any money by virtue of an advance in terms of this Act— |
| (a) | all agricultural produce and all products manufactured by that person from any agricultural produce with money so advanced to him or her; and |
| (b) | any agricultural produce purchased by that person with money so advanced to which is in the possession of or in transit to that person or an agent of that person, is deemed to have been pledged to the Bank as effectually as if it had been expressly pledged and delivered to the Bank, and any disposal thereof by or on behalf of that person, without the consent in writing of the Bank, is void. |
| (2) | While any person owes the Bank any money by virtue of an advance in terms of this Act, in respect of agricultural produce held by that person in terms of a silo certificate, the products held by virtue of the silo certificate are deemed to had been pledged to the Bank as effectually as if the products have been delivered to the Bank despite the fact that the silo certificate or any other required registration is not registered in the name of the Bank. |
