NIGERIAN INDUSTRIAL DEVELOPMENT BANK (GUARANTEE) ACT
CENTER FOR LAWS OF NIGERIA: FEDERAL LAWS
DOWNLOAD OF A COPY OF THIS LAW IS AVAILABLE [N1,500 (PDF)] CLICK HERE FOR ONLINE PAYMENT. PDF COMPENDIUMS OF ALL THE LAWS OF NIGERIA, LAGOS AND OTHER STATES ARE ALSO AVAILABLE. EMAIL: lawnigeria@gmail.com or info@lawnigeria or Text/WhatsApp +23407067102097
Laws of the Nigerian Federation
NIGERIAN INDUSTRIAL DEVELOPMENT BANK (GUARANTEE) ACT
ARRANGEMENT OF SECTIONS
- Power to give guarantee in respect of proposed loan of six million dollars to the Nigerian Industrial Development Bank.
- Power to give guarantee in respect of proposed loan of ten million dollars to the Nigerian Industrial Development Bank.
- Short title.
NIGERIAN INDUSTRIAL DEVELOPMENT BANK (GUARANTEE) ACT
An Act to authorize the Federal Government to give guarantees in respect of proposed loans to the Nigerian Industrial Development Bank.
[Commencement.] [Section 1: 28th September, 1966. Section 2: 1st June 1970]
- Power to give guarantee in respect of proposed loan of six million dollars to N.I.D.B.
(1) The President may, subject to this section, guarantee in such manner and on such conditions as it thinks fit, the repayment of, and the payment of any interest on or other charges in respect of, the loan of an amount equivalent to six million dollars, proposed to be made by the International Bank for Reconstruction and Development to the Nigerian Industrial Development Bank Limited (that is to say, the company of that name formed and registered under the Companies and Allied Matters Act).
(2) Subsections (2), (4) and (6) of section 3 of the Borrowing by Public Bodies Act shall apply in relation to a guarantee under this section as they apply in relation to a guarantee under the said section 3.
- Power to give guarantee in respect of proposed loan of ten million dollars to N.I.D.B.
(1) The President may, subject to this section, guarantee in such a manner and on such conditions as it thinks fit, the repayment of, and the payment of any interest on or other charges in respect of, the loan of an amount equivalent to ten million dollars, proposed to be made by the International Bank for Reconstruction and Development, to the Nigerian Industrial Development Bank Limited (that is to say, the company of the name formed and registered in Nigeria under the Companies and Allied Matters Act).
(2) Subsections (2), (4) and (6) of section 3 of the Borrowing by Public Bodies Act, shall apply in relation to a guarantee under this section as they apply in relation to guarantee given under the said section 3.
- Short title
This Act may be cited as the Nigerian Industrial Development Bank (Guarantee) Act.
NIGERIAN INDUSTRIAL DEVELOPMENT BANK (GUARANTEE) ACT
SUBSIDIARY LEGISLATION
No Subsidiary Legislation
