NIGERIA REINSURANCE CORPORATION ACT

Section 5: Directions by the Minister.

1976Section 5 of 21Federal Republic of Nigeria

(1) The Minister may give to the Board directions of a general or of a special nature with regard to the exercise of the functions of the Corporation; and, as the case may require, it shall be the duty of the Chairman, the Board and the Managing Director to comply with the directions unless matters of policy are in dispute.
(2) In the application of subsection (1) of this section, where the Minister intends to initiate a policy affecting the exercise of the functions of the Corporation, he shall consult with the Board and in the event of disagreement between the Minister and the Board over the implementation of that policy, the policy and any directive issued in that respect shall stand suspended, so however that if any part of the policy so in dispute is severable from any other aspects of the policy not in dispute, the policy or the directive issued shall be suspended only in respect of the part in dispute; and thereafter the policy or the part in dispute, so suspended shall, upon its being referred by the Minister to the National Council of Ministers, be affirmed, modified, or rejected by that Council, and the Council may give such direction thereon as he thinks fit.

Cite this section

Section 5, NIGERIA REINSURANCE CORPORATION ACT (1976).

https://repo.podus.ai/laws/nigeria-reinsurance-corporation-act/section/5/