OIL MINERAL PRODUCING AREAS DEVELOPMENT COMMISSION ACT

Section 13: Fund of the Commission.

1998Section 13 of 25Federal Republic of Nigeria

(1) The Commission shall establish and maintain a fund from which shall be defrayed all expenditure incurred by the Commission.
(2) There shall be paid and credited to the fund established pursuant to subsection (1) of this section -
(a) any allocation to the Commission from the Federation Account;
(b) such moneys as may, from time to time, be granted or lent to the Commission by the Federal Government or a State Government or a Local Government Council;
(c) all moneys raised for the purposes of the Commission by way of gifts, loan, grants-in-aid, testamentary disposition or otherwise; and
(d) all other assets that may, from time to time, accrue to the Commission.
(3) The fund shall be managed in accordance with the rules made by the President, and without prejudice to the generality of the power to make rules under this subsection, the rules shall in particular contain provisions -
(a) specifying the manner in which the assets or the fund of the Commission are to be held, and regulating the making of payments into and out of the fund; and
(b) requiring the keeping of proper accounts and records for the purpose of the fund in such form as may be specified in the rules.

Cite this section

Section 13, OIL MINERAL PRODUCING AREAS DEVELOPMENT COMMISSION ACT (1998).

https://repo.podus.ai/laws/oil-mineral-producing-areas-development-commission-act/section/13/