Section 26: Interpretation

In this Act, unless the context otherwise requires-
"bank" means the Federal Mortgage Bank of Nigeria;
"contributions" means deductions made from the basic monthly salaries of workers in accordance with the provisions of this Act;
"contributor" means a worker from whose basic salary or income deductions are made and paid into the Fund in accordance with the provisions of this Act;
"Minister" means the Minister charged with responsibility for housing;
"mortgage institution" means a mortgage institution licensed under the Mortgage Institutions Act;
[Cap. M19.]
"retail mortgage lending" means the system of lending money to contributors by mortgage institutions under this Act or under any regulations made thereunder;
"wholesale mortgage lending" means the system of lending money to mortgage institutions under this Act, or regulations made thereunder;
"worker" means an employee to whom salaries are paid and includes a self-employed person who derives income from his employment.