GOVERNMENT PROMISSORY NOTES ACT

Section 14: Investment of sinking fund.

1960Section 14 of 23Federal Republic of Nigeria

(1) All moneys appropriated under section 13 of this Act as contributions to a sinking fund established under section 12 of this Act, shall be paid to the Central Bank and may then be invested in such stock or securities or in such other investments or classes of investments as may be approved by the Minister.
(2) The Central Bank may, from time to time, with the approval of the Minister, vary any investment made under subsection (1) of this section or may realise and re-invest any moneys invested under that subsection.
(3) The dividends, interest, bonus and other profits of any investment of any part of any such sinking fund shall be invested by the Central Bank so as to form part of that sinking fund in like manner as moneys appropriated under section 13 of this Act as contributions to that sinking fund.

Cite this section

Section 14, GOVERNMENT PROMISSORY NOTES ACT (1960).

https://repo.podus.ai/laws/government-promissory-notes-act/section/14/