Section 38: Bail-in Certificate.

(1) Upon delivery of the report of assessment under section 37 (4)(b) of this Act, the Governor shall, as soon as practicable, issue a bail-in-certificate.
(2) The bail-in certificate comes into effect on such date as the Governor may determine by a written instrument or notice (in this section referred to as “the appointed date").
(3) The bail-in certificate may make provision for one or more of the following-
(a) the cancellation of one or more eligible instruments;
(b) the modification, conversion, or change in the form of one or more eligible instruments;
(c) that one or more eligible instruments is or have effect as if a right of modification, conversion or change of its or their form had been exercised under it or them;
(d) where provision under paragraph (c) is made, the details of the modification, conversion or change of the form of the eligible instrument or instruments; and
(e) incidental, consequential and supplementary matters, including a requirement that the bank or any other person shall comply with a general or specific direction set out in the bail-in certificate.
(4) The bail-in certificate shall specify-
(a) the name of the bank, specialised bank or other financial institution;
(b) where the certificate provides for the cancellation of one or more eligible instruments issued by the bank, specialised bank or other financial institution, or to which it is a party or is subject, details of the eligible instrument or instruments to be cancelled, including the types or classes of eligible instrument or instruments; and
(c) where the certificate provides for the modification, conversion, or change in form of one or more eligible instruments issued by the bank, specialised bank or other financial institution or to which it is a party or is subject, details of the eligible instrument or instruments to be modified, converted, or changed in form, including the types or classes of eligible instrument or instruments.
(5) The bail-in certificate may-
(a) make provisions generally or only for specified purposes, cases or circumstances; and
(b) make different provisions for different purposes, cases or circumstances.
(6) The Governor may, at any time before the appointed date, add to, vary or revoke any matter specified in the bail-in certificate.
(7) A provision in a bail-in certificate has effect despite any restriction arising by reason of written contract or any law in force before the appointed date of the bail-in certificate.
(8) Where a bail-in certificate provides for the cancellation, modification, conversion, or change in the form of an eligible instrument, or that an eligible instrument is to have effect as if a specified right had been exercised under it-
(a) the cancellation, modification, conversion, or change in form takes effect or the eligible instrument has effect as if the specified right had been exercised under it from (and including) the appointed date, without other or further act by the bank, specialised bank or other financial institution; and
(b) the certificate has effect according to its tenor and is binding on any person affected by it.
(9) A person that fails to comply with any direction in the bail-in certificate commits an offence and is liable, in the case of an individual, to imprisonment for a term of not less than six months or a fine of not less than N2,000,000 or both.