Section 60: Prohibition on payment of dividend and bonuses by defaulting eligible financial institutions (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)
2010Section 60 of 92•Federal Republic of Nigeria
An eligible financial institution that is in default of payment of the levy imposed under this Act or any part thereof is prohibited from paying dividends or other like distribution to its shareholders, and from paying any bonuses however to its directors or employees, while such payment default continues.
Cite this section
Section 60, 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/60-9/