GOVERNMENT PROMISSORY NOTES ACT

Section 15: Cessation of contributions to sinking fund.

1960Section 15 of 23Federal Republic of Nigeria

Notwithstanding anything to the contrary contained in this Act, if at any time the Governor of the Central Bank is satisfied that a sinking fund established under section 12 of this Act will be sufficient with further accumulations of interest, but without further payments of contributions, to enable the loan in respect of which it was established to be redeemed at the time fixed for its redemption, he shall inform the Minister accordingly, and the Minister may thereupon suspend further payments of contributions to that sinking fund:
Provided, however, that the contributions to that sinking fund shall be recommenced if the Governor of the Central Bank at any time thereafter informs the Minister that he is no longer satisfied that the sinking fund with further accumulations of interest, will be sufficient for the redemption of that loan.

Cite this section

Section 15, GOVERNMENT PROMISSORY NOTES ACT (1960).

https://repo.podus.ai/laws/government-promissory-notes-act/section/15/