Section 13: Mode of providing for payment of interest on debentures.

So long as any of the debentures remain outstanding, the President shall, in each half-year ending with the day on which the interest on the debentures falls due, appropriate out of the general revenues and assets of the Federation a sum equal to one half-year's interest on the whole of the debentures issued, including any which may have been redeemed, but exclusive of any which may have been at any time exchanged for stock, and shall remit that sum to the Nigeria High Commission at such time as will enable them to pay thereout the then current half-year's interest on the day on which it falls due. Debentures shall not be deemed to be outstanding for the purposes of this Act by reason only that one or more of the debentures have not been presented for payment on the day appointed for payment and have, in consequence, not been paid.
[1951 No. 33.]