LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT

Section 25: Cessation of contributions to sinking fund.

1946Section 25 of 43Federal Republic of Nigeria

Notwithstanding anything to the contrary contained in this Act, if at any time the Central Bank is satisfied that the sinking fund of any loan raised under the provisions of this Act will be sufficient with further accumulations of interest, but without further payments of contributions, to enable the loan to be redeemed at the time fixed for its redemption, it shall inform the Minister accordingly, and the Minister is hereby authorised in such event to suspend further payments of half-yearly contributions to that sinking fund:
[1976 No. 32.]
Provided, however, that the contributions to that sinking fund shall be recommenced if the Central Bank at any time thereafter informs the Minister that it 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 25, LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT (1946).

https://repo.podus.ai/laws/local-loans-registered-stock-and-securities-act/section/25/