NIGERIAN COAL CORPORATION ACT

Section 22: Application of revenue and general reserve fund.

1950Section 22 of 33Federal Republic of Nigeria

(1) The revenues of the Corporation shall be applied in defraying the following charges-
(a) the salaries, allowances, pensions and gratuities of or in respect of the services of members of the Corporation; and
(b) the salaries, fees, remuneration, superannuation allowances and gratuities of servants, agents and technical or other advisers of the Corporation; and
(c) expenditure incurred by the Corporation in connection with the discharge of any of their functions properly chargeable to revenue account; and
(d) any interest on any stock issued or temporary loan raised by the Corporation; and
(e) such minor works of a capital nature as the Corporation may deem necessary from time to time.
(2) The Corporation shall create a general reserve fund, and the Minister may from time to time determine the maximum amount which may, at any one time, stand to the credit of such fund.

Cite this section

Section 22, NIGERIAN COAL CORPORATION ACT (1950).

https://repo.podus.ai/laws/nigerian-coal-corporation-act/section/22/