CENTRE FOR AUTOMOTIVE DESIGN AND DEVELOPMENT ACT

Section 11: Funds of the Centre

1992Section 11 of 18Federal Republic of Nigeria

(1) The Centre shall establish a fund which shall consist of-
(a) such sums as may be provided to it by the Government of the Federation for running the affairs of the Centre;
(b) such sums as may be collected or received by the Centre for services rendered by the Centre;
(c) such sums as may, from time to time, be lent to the Centre by any person; and
(d) such other sums as may be received by the Centre from any other source.
(2) The other resources of the Centre shall consist of all other assets which may, from time to time, be vested in or accrue to the Centre in the course of discharging its functions under or pursuant to this Act.
(3) The Centre may, from time to time, apply the proceeds of the fund established in pursuance of subsection (1) of this section for the following purposes, that is-
(a) to the cost of administration of the Centre and any research work carried on by or on behalf of the Centre;
(b) to the provision of such training for employees of the Centre as the Board may deem necessary;
(c) to reimburse members of the Board and the committees of the Centre for such expenses as may be expressly authorised by the Board; and
(d) in connection with all or any of its functions under this Act or under any other enactment.

Cite this section

Section 11, CENTRE FOR AUTOMOTIVE DESIGN AND DEVELOPMENT ACT (1992).

https://repo.podus.ai/laws/centre-for-automotive-design-and-development-act/section/11/