BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020

Section 42: Sale of Business Tool.

2020Section 42 of 132Federal Republic of Nigeria

(1) The Bank shall have the power to transfer to a purchaser-
(a) shares or other instruments of ownership issued by the bank;
(b) all or any asset, right or liability of the bank.
(2) A transfer made under this section shall be made on commercial terms, and the Bank shall take all reasonable steps to obtain commercial terms for the transfer, having regard to the circumstances.

Cite this section

Section 42, BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020 (2020).

https://repo.podus.ai/laws/banks-and-other-financial-institutions-act-2020/section/42/