This Act may be cited as the Rural Intermediate Credit Amendment Act 1931, and shall be read together with and deemed part of the Rural Intermediate Credit Act 1927 (hereinafter referred to as the principal Act).

(1) Where any person is carrying on farming operations as a trustee, he shall for the purposes of the principal Act be deemed to be engaged in such operations on his own account, and, unless expressly prohibited by the Act or instrument creating the trust or by any Act or instrument limiting his powers, he may apply for and be granted loans from an association pursuant to the provisions of the principal Act and, for the purposes of any such loan, may apply for and hold shares in an association, and may give such security (whether by a mortgage of property subject to the trust or otherwise) as may be required by the association in accordance with the provisions of the principal Act.

(2) The liability of a trustee in respect of any such loan or shares applied for by him pursuant to the last preceding subsection shall be limited to the property subject to the trust for the time being in his possession.

(3) For the purposes of this section the term trustee includes an executor or administrator, a committee or person authorised to administer the estate of a mentally disordered person under the Mental Health Act 1969, an administrator under Part 3 of the Prisons Act 1908, and a manager under the Aged and Infirm Persons Protection Act 1912.