PUBLIC ENTERPRISES (PRIVATISATION AND COMMERCIALISATION) ACT

Section 20: Fund of the Bureau

1998Section 20 of 34Federal Republic of Nigeria

(1) The Bureau shall establish and maintain a fund, to be approved by the Council, from which shall be defrayed all expenditures incurred by it.
(2) There shall be paid and credited to the fund established pursuant to subsection (1) of this section-
(a) the annual subvention received from the Government of the Federation;
(b) such money as may, from time to time, be lent, deposited with or granted to the Bureau by the Government of the Federation, or of a State, or a local government;
(c) all subventions, fees, and charges for services, rendered or publications made by the Bureau; and
(d) all other assets which may, from time to time, accrue to the Bureau.
(3) The fund shall be managed in accordance with rules made by the Council 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 Bureau 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 purposes of the fund in such form as may be specified in the rules.
(4) The Bureau may, from time to time, apply the proceeds of the fund established in pursuance of subsection (2) of this section for the following purposes-
(a) the cost of administration of the Bureau;
(b) the reimbursement of members of the Council or any committee set up by the Council for such expenses as may be authorised by the Council, and where they exist, in accordance with the rates approved by the Government of the Federation;
(c) the payments of salaries, fees and other remuneration, allowances, pensions and gratuities payable to members of the Council, employees of the Bureau or experts or professionals appointed by the Bureau;
(d) the maintenance of any property acquired or vested in the Bureau; and
(e) any matter connected with all or any of the functions of the Bureau under this Act.

Cite this section

Section 20, PUBLIC ENTERPRISES (PRIVATISATION AND COMMERCIALISATION) ACT (1998).

https://repo.podus.ai/laws/public-enterprises-privatisation-and-commercialisation-act/section/20/