INCORPORATION (MINISTRY OF FINANCE) LAW
A Law to create the Ministry of Finance a corporation sole for the purpose of executing instruments, enforcing and defending claims and for all other matters incidental to or connected therewith.
(16th June, 1960)
(1) On and from the date of commencement of this Law the Ministry of Finance shall be deemed to be a corporation sole having perpetual succession and power to sue and be sued in its corporate name.
(2) The Corporation shall have a corporate seal which may from time to time be broken, changed, altered and made anew in any manner deemed fit by the Corporation and until a seal is provided under this subsection a stamp bearing the inscription “Ministry of Finance, Cross River State of Nigeria ”may be used as such corporate seal.
The Corporation may enter into contract and acquire, purchase, take, hold and enjoy movable and immovable property of every description, and may convey, assign, surrender and yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with any movable or immovable property vested in the Corporation upon such terms as to the corporation seems fit.
(1) The Corporation may enter into, sign, seal, execute and perfect any contract, instrument, mortgage, deed, surrender or assurance for securing the repayment of money, together with interest thereon if any, lent by the Accountant-General or by any person appointed by the Commissioner to other parties or of money due and payable to the Government of the State by other parties, and may sign and execute in the same manner receipts, release, re-conveyances and acquittances and other assurances of the lands and property which shall have been mortgaged as security there-for, and may consent to any such alteration of the conditions of the said securities or any of them as the Commissioner shall think fit.
(2) Without prejudice to the generality of the provisions of subsection (1) of section 3 of this Law the Corporation may commence any action or other proceeding in any court for the recovery of any sum of money, right, title, interest, property or thing whatsoever due or payable or for the enforcement of any covenant under any of the securities referred to in subsection (1) of this section and also may take such other lawful means for recovering any such sum of money as occasion may require.
(1) All deeds and other instruments requiring the seal of the Corporation shall be sealed with the seal of the Corporation in the presence of the Permanent Secretary and signed by the Permanent Secretary on the written authority of the Commissioner and such signing shall be sufficient evidence that the said seal was duly and properly affixed and that the same is the lawful seal of the Corporation.
(2) Any other document requiring the signature of the Corporation shall be signed by the Permanent Secretary or by any officer authorised by him in that behalf.
The Commissioner after consultation with the Executive Council may, by order, vest in any public officer or authority any property, movable or immovable, for the time being vested in the Corporation and, upon the coming into operation of any such order, the property to which such order relates shall, without any conveyance, assignment or transfer whatever, vest in such officer or authority for the purposes as the same was vested or held immediately before the coming into operation of the order.
(1) Any contract, instrument, mortgage, deed, surrender or assurance for securing the repayment of money entered into, signed, sealed, executed or perfected by, any receipt, release, Re-conveyance or acquittances or other assurance of lands or property which shall have been mortgaged as security signed or executed by, and any consent given to an alteration of the conditions of any security by the Financial Secretary of the Eastern Region of Nigeria prior to the 1st day of October, 1954, or after that date by the Ministry of Finance or any other Ministry or person acting on behalf of the Government of Eastern Nigeria shall continue to be valid and shall be deemed to have been entered into, signed, sealed, executed, perfected or given as the case may be by the corporation under and in accordance with the provision of this Law: Provided that nothing in this subsection shall operate to validate or cure any defect in any of the said instruments which were invalid or defective immediately prior to the coming into operation of this Law.
(2) All contracts, instruments, mortgages, deeds, surrenders or assurances executed by the former Financial Secretary of Eastern Nigeria or any of his predecessors in office or the Permanent Secretary, Ministry of Finance, or in any other official representative capacity to secure the repayment of money lent or by or on behalf of the Government of Eastern Nigeria vested in the Corporation and ensuring for the benefit of the Consolidated Revenue Fund or any other public fund immediately prior to the coming into operation of this Law shall continue to vest in the Corporation and enure for the benefit of the Consolidated Revenue Fund or such other public fund as may be specified by or under any written law and all receipts, releases, re-conveyances and acquittances and other assurances of lands and property which shall have been mortgaged as security for money lent as aforesaid, executed by the Permanent Secretary on behalf of the corporation whether before or after the coming into operation of this Law or executed by any previous holder of the office of the Financial Secretary of Eastern Nigeria, are hereby declared to be effectual discharges of such sums repaid.
(3) The foregoing provisions of this section shall have effect in the State only so far as the interest formerly vested in the Ministry of Finance of Eastern Nigeria in any contract, instrument, mortgage, deed, surrender or assurance is, by virtue of of any Law, vested in the Ministry of Finance of the State.
Any investment, share or stock made or held by any officer or person or group of persons acting on the behalf of the Government of the State shall continue to be valid and shall be deemed to have been made or held by or vested in the Corporation under and in accordance with the provisions of this Law, without any further assurance.
In this Law—
“the Corporation” means the Ministry of Finance referred to in section 3 of this Law;
“the Commissioner” means the Commissioner charged with responsibility for matters relating to Finance;
“the Ministry” means the Ministry of Finance, of the State;
“the Permanent Secretary” means the Permanent Secretary of the Ministry or an officer for the time being having control over the Departments of Government within that Ministry;
“property” includes all estates, interest, easements and rights, whether equitable or legal in to or out of property, and things in action.
This Law may be cited as the Incorporation (Ministry of Finance) Law.
INCORPORATION (MINISTRY OF FINANCE) LAW
No Subsidiary Legislation