Section 14: Remittance of premiums by lending institutions, etc.

(1) A lending institution shall, subject to the provisions of this Act and other directives that may be given by the Board, deduct the insurance premium due from the loan or credit at source and remit same to the Corporation not later than 30 days from the date of disbursement of part or the whole of the loan or credit.
(2) A lending institution which fails to comply with the provisions of subsection (1) of this section shall pay the premium which is due from and payable by the farmer under that subsection and the amount of the premium so unpaid shall
(a) notwithstanding any other enactment, be a first charge on the property of the lending institution; and
(b) be a debt due to the Corporation and the Corporation may sue for and recover from the lending institution the amount in any court of competent jurisdiction.
(3) In an action brought under subsection (2) (b) of this section, the production by the Corporation of a certificate signed by the Managing Director setting out the name of the defendant and the amount of the premium due shall be sufficient evidence of the amount so due and sufficient authority for the court to give judgment for the said amount.