2. (!) In this Act, unless the context otherwise requires- Interpretation "additional assets" means any tangible assets, excluding land and warehouse receipts, whether negotiable or non negotiable, that belong to a farmer, trader or related business, relating directly or indirectly to agricultural production, processing or trade, all accounts receivable, chattel paper and promissory notes, and includes savings accounts on deposit with any bank, credit union, savings institution or other similar organisation; "agricultural charge " means a charge, lien or assignment created under section eleven; " agricultural commodity" means anything derived directly or indirectly from cultivation; "approved agency " means any credit reference agency approved by the Board to supply information on the credit 476 No. 35 of2010] Agricultural Credits risk profile of any person for the purposes of this Act, and includes the authorised agency or any other agency approved under any written law to provide such infonnation; " authorised agency " means any person or institution designated by the Minister to carry out the functions of the Authority; " Authority " means the Warehouse Licensing Authority established under section three; " bailor" means the owner·ofthe agricultural commodities who, directly or through their nominee, delivers goods to a warehouse operator for the purpose of storage in their name or the nominee's name; "Board" means the Board of the Authority established under section seven; " Chairperson " means the person appointed as Chairperson of the Board under section seven; " commingle "means the binning and storage of agricultural commodities by class, under circumstances other than identity preserved; " conditioning" means the drying or cleaning of agricultural commodities; " cultivation" means crop production, animal husbandry, game ranching, aquaculture, horticulture or forestry; "delivery" means the voluntary physical transfer ofagricultural commodities from one person to another; "depositor" means a person who deposits agricultural commodities in a warehouse for storage, handling, shipment or processing, or who is the owner or holder of a warehouse receipt, or is otherwise entitled to possession of the agricultural commodities; "document of title" includes a negotiable and non-negotiable warehouse receipt or any other document which is issued in the regular course of a warehouse operators business, and which proves that the possessor is entitled to receive, hold and dispose of the agricultural commodities that it covers; "electronic warehouse receipt "means a warehouse receipt stored in electronic fonn; " farmer " means any person who, as owner or tenant of land, uses such land for cultivation, whether for profit or subsistence; Agricultural Credits [No. 35 of2010 477 "farming stock" �eans all agricultural commodities, excluding agricultural commodities which are the subject of a negotiable or non-negotiable warehouse receipt, whether future growing or severed from the land, and after severance whether subjected to any treatment or manufacture, and includes (a) livestock, poultiy and bees, and the produce and progeny thereof; (b) wild animals in captivity; (c) fish stock; (d) timber, both standing or cut; (e) seed and manure; (I) fertiliser, insecticide, oil and fuel; (g) agricultural vehicles, trucks and truck spares, machinery and other plant; and (h) any agricultural fixture that a tenant, or any person legally occupying land may, by law, be authorised to remove; "fungible agricultural commodities " means agricultural commodities of which any unit is, from its nature or by mercantile custom, treated as equivalent of any other unit; " holder"means a person in whose favour an agricultural charge is created, and includes an executor or administrator and an assignee of that person; " identity preserved" means the handling of an agricultural commodity in such a manner that guarantees the return of the actual quantity and quality of the agricultural commodity to the depositor; " inspector" means a person appointed as such under section ten; " insolvent " means - (a) an excess of liabilities over assets; or (b) the inability of a warehouse operator to meet the warehouse operator's financial obligations as they are due, and "insolvency" shall be construed accordingly; " negotiable receipt" means a warehouse receiP.t which states that the agricultural commodities received will be delivered to the bearer or to the order of a named person; "non-negotiable receipt " means a warehouse receipt issued to the bearer or to the order of a specified person; 478 No. 35"of 2010] Agricultural Credits Cap. 185 " other agricultural assets" means any right of a tenant, including any right to compensation for improvements; " producer" means an owner, tenant or operator of land who has an interest in and receives all, or any part of, the proceeds from the sale of agricultural commodities or farming stock produced on the land; " register" means- (a) in relation to Part III, the register of agricultural charges; and (b) in relation to Part V, the register of registered warehouses; " Registrar" means the person appointed as Registrar under the Lands and Deeds Registry Act; " related business " means an individual, a company, a cooperative, a partnership, an association and any group of persons acting in concert, whether or not incorporated, who or which, as the case may be, gives loans to farmers for the purchase of inputs or other items required for cultivation; " trader" means any person who, as a broker, dealer or otherwise, acquires any agricultural commodity from a farmer or any other person, through purchase or otherwise, for the purpose of re-sale or processing; " Vice-Chairperson" means the person appointed as Vice Chairperson of the Board under section seven; " warehouse"means any building, structure or enclosure in which agricultural commodities are or may be stored and through which agricultural commodities are or may be handled or shipped, and includes all facilities used in connection with the operation of the warehouse; "warehouse operator'' means any person who owns, controls, operates or manages a warehouse; and "warehouse receipt "means a receipt relating to agricultural commodities, whether negotiable or non-negotiable, issued under this Act. (2) In this Act, a person shall be taken to give value for any right if the person acquires it- (a) in return for a binding commitment to extend credit for the extension of immediately available credit, whether or not drawn; Agricultural Credits [No. 35 of 2010 479 (b) as security for, or in total or partial satisfaction of, a pre-existing claim; (c) by accepting delivery under a pre-existing contract for purchase; or (d) generally, in return for any consideration sufficient to support a simple contract. PART II THE WAREHOUSE LICENSING AUTHORITY