LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT

Section 18: Appropriation of revenue for payment of interest.

1946Section 18 of 43Federal Republic of Nigeria

So long as any interest is payable under this Act in respect of any stock or securities, the Minister shall, in each half-year ending with the date on which the interest on such stock or securities falls due, appropriate out of the general revenue and assets of Nigeria a sum sufficient to meet all interest payable on that date and shall authorise the Central Bank to pay such interest out of the sum so appropriated.

Cite this section

Section 18, LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT (1946).

https://repo.podus.ai/laws/local-loans-registered-stock-and-securities-act/section/18/