Section 60: Vesting of certain Funds in the Resolution Cost Fund (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

On the commencement of this Act, all funds standing to the credit of the account maintained with the Central Bank of Nigeria for the receipt of contributions made by eligible financial institutions and the Central Bank of Nigeria to meet banking sector resolution costs under a memorandum of understanding dated 14 January 2010 among the eligible financial institutions and the Central Bank of Nigeria shall be transferred to, and be vested in the Resolution Cost Fund; and the said memorandum of understanding shall, without any other assurance other than this provision, be deemed terminated.