The Order’s purpose is to establish a fund available for cooperative purchase available to farmers owning max. 100 hectares or which land value is below DKK 2 800 000 (value as of 1 January 2004). The maximum amount granted is DKK 500 000 (for cooperative members). The Danish Agri-Fish Agency may borrow funds from a purchasing cooperative for dissemination of funds to a joint mechanization association. Should the Treasury have claim in the cooperative, the latter may only borrow with the following conditions indicated in the loan document: the bank undertakes liquidation of the association until the Treasury's debt is repaid (1); the bank waives any individual creditor proceedings against the borrower without prior permission from the Danish Agri-Fish Agency (2); and the loan term may not exceed 5 years and shall be terminable by the association with more than 3 months’ notice. In case of borrowing in foreign currency, the loan shall be converted in hedge guarantee (3).
الدانمرك · 2005-08-29