Common use of FORMATION AND REGISTRATION Clause in Contracts

FORMATION AND REGISTRATION. 3.1 The parties agree to use their Milk Production Rights, Entitlements under the Basic Payment Scheme and their Holdings and other agricultural assets (excluding those described in the Seventh Schedule hereto) and otherwise contribute resources in accordance herewith in order to establish a Registered Farm Partnership on the terms and conditions set out in This Agreement. The Lands, Resources, Activities and other matters specified in the Seventh Schedule (Part I) hereto shall be excluded from and not form part of the Partnership capital, lands, resources, assets, business, activities or enterprise in any way. The Family Home(s) of the Partners as set out in Parts II and III of the Seventh Schedule hereto are excluded from this agreement. This Agreement shall not come into effect until the Registered Farm Partnership shall have been registered by the Department of Agriculture, Food and the Marine, Partnership Registration Office. The Partnership shall on a five yearly basis apply to the Department of Agriculture, Food and the Marine Partnership Registration Office for a Certificate of Registration, effective from each anniversary of the Commencement Date. Any intended alteration to This Agreement shall be notified to the Department of Agriculture, Food and the Marine Partnership Registration Office as soon as possible, but in any event within 21 days of such a change. The Partners agree that no liability shall attach to the Department of Agriculture, Food and the Marine or Teagasc arising out of any provision contained in This Agreement.