Interpretation

Current

(1)

In this Act, unless the contrary intention appears—

commencement day means the day on which this Act comes into operation;

Commission means the Small Business Commission established under section 3A of the Small

Business Commission Act 2011;

creditor means a person to whom a farm debt is for the time being owed by a farmer;

default, in relation to a farm mortgage, means a failure to perform an obligation that, under the terms of the mortgage, is a ground for enforcement action;

Examples—

1 Failure to pay the principal, interest or other money the payment of which is secured by a farm mortgage.

2 Failure to keep the property subject to the farm mortgage insured.

3 Failure to submit financial statements required by the creditor.

director of a body corporate includes—

(a)

a person occupying or acting in the position of director or member of the governing body of the body corporate, by whatever name called and whether or not validly appointed to occupy or duly authorised to act in the position; and

(b)

any person in accordance with whose directions or instructions the directors or members of the governing body of the body corporate are accustomed to act;

enforcement action, in relation to a farm mortgage, means the taking of possession of property under the mortgage or any other action to enforce the mortgage, including the continuation of any action to that end already commenced, but does not include—

(a)

the completion of the sale of property held under the mortgage in respect of which a contract has been executed before the commencement day; or

(b)

the enforcement of a judgment that was obtained before the commencement day;

exemption certificate means a certificate issued in respect of a farm mortgage under section 15;

farm means land on which a farmer engages in a farming operation;

farm debt means a debt incurred by a farmer for the purposes of the conduct of a farming operation that is secured wholly or partly by a farm mortgage;

farm machinery means any of the following goods or equipment acquired for the purposes of a farming operation:

(a)

a harvester, binder, tractor, plough or other agricultural implement;

(b)

any other goods or equipment of a class commonly used for the purposes of a farming operation;

farm mortgage includes an interest in, or power over, farm property securing obligations of the farmer (whether as a debtor or guarantor), including an interest in, or power arising from, a hire purchase agreement relating to farm machinery, but does not include—

(a)

a stock mortgage or a crop or wool lien; or

(b)

the interest of the lessor of any farm machinery that is leased; or

(c)

a security interest (within the meaning of section 12 of the Personal

Property Securities Act 2009 of the Commonwealth) in stock, crops or wool;

farm property means—

(a)

a farm or part of a farm; or

(b)

farm machinery used by a farmer in connection with a farming operation;

(c)

an irrigation right within the meaning of the Irrigation

Act 2009 issued to a farmer for the purposes of a farming operation; or

(d)

an authority to take water under the Landscape

South Australia Act 2019 issued to a farmer for the purposes of a farming operation; or

(e)

property of a prescribed kind;

farmer means a person or body solely or principally engaged in a farming operation, and includes—

(a)

a person who owns land cultivated under a share-farming agreement; and

(b)

the personal representative of a deceased farmer;

farming operation means any of the following activities undertaken for commercial gain:

(a)

agricultural, pastoral, horticultural, viticultural, forestry or apicultural activities;

(b)

poultry farming, dairy farming or any business that consists of the cultivation of soils, the gathering of crops or the rearing of livestock;

(c)

aquaculture or the propagation or harvesting of fish or other aquatic organisms for the purposes of aquaculture;

(d)

an activity prescribed by regulation;

function includes a power, authority or duty;

mediator means a person engaged by the Commission under this Act to mediate farm debt disputes between creditors and farmers;

prohibition certificate means a certificate in respect of a farm mortgage issued under section 13;

satisfactory mediation means any of the following:

(a)

a mediation that has achieved a resolution of a farm debt dispute;

(b)

a mediation that has proceeded as far as it reasonably can in an attempt to achieve resolution of a farm debt dispute but has failed to resolve the dispute;

(c)

a mediation of a prescribed class;

statutory enforcement notice means—

(a)

a notice under section 55A of the Law of Property Act 1936;

(b)

any notice designated by the Minister as a statutory enforcement notice.

(2)

The

Minister may by notice in the Gazette designate a notice under an

Act to be a statutory enforcement notice.

(3)

The

Minister may by further notice in the Gazette vary or revoke a notice under subsection (2).

This Act’s bill:Second reading speech

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4 Interpretation