LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT

Section 22: Appropriation of revenue for sinking fund.

1946Section 22 of 43Federal Republic of Nigeria

After the date specified in the directions of the Minister under section 5 of this Act as the date from which contributions to the sinking fund for any loan shall commence, the Minister shall, in each half-year ending with the date specified in those directions for the payment of the half-yearly interest on any stock or securities issued in respect of that loan, appropriate out of the general revenue and assets of Nigeria a sum determined in accordance with the rate specified in those directions as the contribution to the sinking fund established for the purpose of redeeming that loan.

Cite this section

Section 22, LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT (1946).

https://repo.podus.ai/laws/local-loans-registered-stock-and-securities-act/section/22/