Section 16: Creation of sinking fund for redemption of debentures payable on a fixed date.

In the case of debentures redeemable on a fixed date, the Nigerian High Commission shall place at interest or invest in the purchase of such securities as may be approved by the Minister so much of the money so remitted to them as aforesaid as shall not be required for the payment of interest for the current half year, as a sinking fund for the final extinction of the debt, and the Nigeria High Commission shall also place at interest or invest in the purchase of like securities, the accumulations of interests or the dividends, interest or produce of such investments and may, from time to time, with the approval of the Minister, change any such investments and shall hold such fund in trust for the repayment of the principal moneys for the time being represented by the debentures.
[1951 No. 33.]