Section 2: Power to give guarantee in respect of proposed loan of ten million dollars to N.I.D.B.

(1)
The President may, subject to this section, guarantee in such a manner and on such conditions as it thinks fit the repayment of, and the payment of any interest on or other charges in respect of, the loan of an amount equivalent to ten million dollars proposed to be made by the International Bank for Reconstruction and Development to the Nigerian Industrial Development Bank Limited (that is to say, the company of that name formed and registered in Nigeria under the Companies and Allied Matters Act).
(Cap. C20.]
(2)
Subsections (2), (4) and (6) of section 3 of the Borrowing by Public Bodies Act shall apply in relation to a guarantee under this section as they apply in relation to a guarantee given under the said section 3.
[Cap. B10.]