Section 9: Establishment of the Nigerian National Merit Award Endowment Fund

(1) There is hereby established a fund to be known as the Nigerian National Merit Award Endowment Fund (in this Act referred to as "the Fund") for the purpose of the award annually of prizes known as the Nigerian National Merit Awards to citizens of Nigeria.
(2) The fund shall comprise-
(a) moneys, from time to time, granted to the Board by the Federal, States or Local government in Nigeria or by any statutory body (corporate or unincorporated) set up by any such government;
(b) subject to subsection (3) of this section, all sums accruing to the Board by way of gifts, testamentary disposition, contributions from persons or philanthropic organisations or otherwise howsoever; and
(c) interest on investments made by the Board.
(3) The Board may accept gifts of property (including interests in land), money or other assets upon such trusts and conditions (if any) as may be specified by the person or organisation making the gift; but the Board shall not accept any gift if-
(a) the conditions attached by the person or organisation making the gift to the acceptance thereof are inconsistent with the objectives of this Act; or
(b) such gifts are made by any person or organisation not being a citizen of Nigeria or an organisation established by or pursuant to any law not in force in Nigeria.
(4) For the purpose of the Companies Income Tax Act, any donation made by any company in Nigeria to the Board under this section shall be a deductible donation within the meaning of that Act.
[Cap. C21.]