ASSET MANAGEMENT CORPORATION ACT [AS AMENDED BY THE ASSET MANAGEMENT CORPORATION OF NIGERIA (AMENDMENT) ACT NO. 13, 2021]

Section 19: Funds, Finances, Accounts, Audit, Etc. of the Corporation. (amended by Section 4 of the Asset Management Corporation of Nigeria. Act, No. 2, 2019)

2010Section 19 of 92Federal Republic of Nigeria

(1) There shall be established for the Corporation a Fund which shall consist of-
(a) authorised capital provided by the subscribers to the capital of the Corporation ;
(b) income from the management and disposal of eligible bank assets acquired by the Corporation ;
(c) investment income of the Corporation ;
(d) moneys borrowed from any source in accordance with the provisions of this Act with the approval of the Board ; and
(e) moneys from any other sources as may be approved by the Board.
(2) There shall be chargeable to the Fund-
(a) amounts payable to the members of the Board;
(b) remunerations and other costs of employment of staff of the Corporation ;
(c) all expenses incurred on behalf of the Corporation ;
(d) interest on the payment of moneys borrowed on behalf of the Corporation ;
(e) amounts payable for the redemption of bonds and debt securities issued by the Corporation ;
(f) commission or fees payable to any agent or consultant engaged by the Corporation ; and
(g) any other payment for anything incidental to or in connection with the functions of the Corporation under this Act.
(3) No enforcement proceedings or execution respect of a money judgment shall be commenced or issued against the Corporation unless the prior written consent of the Attorney- General of the Federation has been obtained.
(4) All money standing to the credits of the Corporation in any bank account is deemed to be in the custody and control of the Corporation.
(5) Where any proceeding is pending in any court of competent jurisdiction by or against the Corporation, the grant of any interim, interlocutory or preservative order of attachment against the Corporation's funds in any bank is prohibited,

Cite this section

Section 19, ASSET MANAGEMENT CORPORATION ACT [AS AMENDED BY THE ASSET MANAGEMENT CORPORATION OF NIGERIA (AMENDMENT) ACT NO. 13, 2021] (2010).

https://repo.podus.ai/laws/asset-management-corporation-act-as-amended-by-the-asset-management-corporation-of-nigeria-amendment-act-no-13-2021/section/19/