Section 696: Separate accounts of particular estates

(1) The Commission shall keep an account of the receipts and payments in the winding-up of each company, and, when the cash balance standing to the credit of the account of any company is in excess of the amount which, in the opinion of the Committee of Inspection, is required for the time being to answer demands in respect of that company’s estate, the Commission shall, on the request of the committee, invest the amount not so required in Government securities, to be placed to the credit of the said account for the benefit of the company.
(2) If any part of the money so invested is, in the opinion of the Committee of Inspection, required to answer any demands in respect of the estate of the company, the Commission shall, on the request of that committee, raise such sum as may be required by the sale of such part of the said securities as may be necessary.
(3) The dividends on investments under this section shall be paid to the credit of the company.
(4) Where the balance at the credit of any company’s account in the hands of the Commission exceeds N1,000,000 and the liquidator gives notice to the Commission that the excess is not required for the purposes of the liquidation, the company is entitled to interest on the excess at the current bank rate.