ASSET MANAGEMENT CORPORATION OF NIGERIA ACT
Section 19: Funds, Finances, Accounts, Audit, Etc. of the Corporation.
(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.
Cite this section
Section 19, ASSET MANAGEMENT CORPORATION OF NIGERIA ACT (2010).
https://repo.podus.ai/laws/asset-management-corporation-of-nigeria-act/section/19/