Government Promissory Notes Act

Arrangement of Sections

1. Pre l iminary

4. rescheduling or restructuring such obligations.

5. The principal sums and interest represented or secured by any Government promis-

7. shall, when issued, bind the Federal Government to pay the principal sum mentioned in

8. in the note.

PART I

Preliminary

SECTION

Short title.

Interpretation.

PART II

Issue

Issue of promissory notes for the purpose of raising authorised loans.

Loans to be charged upon revenue.

Particulars to be published in the Federal Gaze t te .

Issue and effect of promissory notes.

Transferability.

Appropriation of revenue for payment of principal sum and interest.

Payment of principal sum and interest.

Cessation of liability to pay interest.

Place of payment.

PART III

Sinking funds

Establishment of sinking funds.

Appropriation of revenue for sinking fund.

Investment of sinking fund.

Cessation of contributions to sinking fund.

Expenses to be paid out of sinking fund.

Deficiency in sinking fund to be a charge upon revenue.

PART IV

General

Issue of duplicates and renewals.

Liability after renewal.

Discharge of liability.

Exemption from stamp duties.

Power to make regulations.

23. Saving

GOVERNMENT PROMISSORY NOTES ACT

An Act to make provision for the creation a nd issue of Government Promissory

Notes for the purpose of raising loans.

[1960 No.6.]

[12th May, 1960]

[Commencement.]

PART I

Pre l iminary

Pre l iminary

1. Short title

This Act may be cited as the Government Promissory Notes Act.

Interpretation

In this Act, unless the context otherwise requires-

“ Central Bank” means the Central Bank of Nigeria;

“ Government promissory note” means a promissory note issued under section 3 of

this Act;

“ Minister” means the Minister for the time being charged with responsibility for

matters relating to finance.

PART III

Issue

Issue of promissory notes for the purpose of raising authorised loans

of this Act, authority has been or is given to raise any sum of money by way of loan for

any purpose mentioned in that Act, or whenever it is necessary to raise any sum of money

for the purpose of repaying any loan raised by the Federal Government under this or any