NATIONAL INSURANCE CORPORATION OF NIGERIA ACT

Section 12: Loan of two hundred thousand naira to the Corporation.

1969Section 12 of 38Federal Republic of Nigeria

(1)
The initial expenses and working capital of the Corporation shall be provided out of a loan to be granted to the Corporation by the Federal Government; and for that purpose, where the Minister of Finance is satisfied as to the amount he may authorise an advance by way of loan not exceeding N200,000 from the Contingency Fund of the Federation or such other fund as the Minister aforesaid may direct and the loan when so made, shall bear interest at such rate as the Minister aforesaid may approve or require.
(2)
The Accountant-General of the Federation shall, as directed by the Minister of Finance under this section, issue out of the relevant fund of the Federation sums necessary for making the loan of N200,000 to the Corporation under subsection (1) of this section.

Cite this section

Section 12, NATIONAL INSURANCE CORPORATION OF NIGERIA ACT (1969).

https://repo.podus.ai/laws/national-insurance-corporation-of-nigeria-act/section/12/