PETROLEUM TRAINING INSTITUTE ACT

Section 11: Donations for particular purposes.

1972Section 11 of 16Federal Republic of Nigeria

(1) Donations of money to be applied for any particular purpose shall be placed to the credit of a special Reserve Account and may be invested in such securities or other investments as may be approved by the Minister until such time as they may be expended in fulfilment of such purposes:
Provided that the Institute shall not be obliged to accept a donation for a particular purpose unless it approves of the terms and conditions attaching to such donation.
(2) The interests derived from the investments referred to in subsection (1) of this section, unless the terms of the donation otherwise require, shall be deemed to be revenue of the Institute.

Cite this section

Section 11, PETROLEUM TRAINING INSTITUTE ACT (1972).

https://repo.podus.ai/laws/petroleum-training-institute-act/section/11/