Local Loans (Registered Stock and Securities) Act

Arrangement of Sections

4. Loans to be charged upon revenue

5. Minister to direct mode of raising loans and other particulars

6. Central Bank to make necessary arrangements

7. Register of stock

8. Liability of Government in respect of issue of registered stock

9. Stockholder

10. Registration of first stockholders

11. Stock certificates

12. Transfer of registered stock

13. Registration of transfers of stock and liens on stock

14. Closing of register

15. Register to be conclusive evidence of facts entered therein

16. Bearer bonds

17. Interest coupons

18. Appropriation of revenue for payment of interest

19. Payment of interest

20. Cessation of liability to pay interest

21. Payments

22. Sinking funds

23. Separate sinking fund for each loan

24. Investment of sinking fund

25. Cessation of contributions to sinking fund

26. Expenses to be paid out of sinking fund

27. Deficiency in sinking fund to be a charge upon revenue

28. Power of Minister to authorise conversion of loan generally

29. Arrangements for conversion

30. Issue of duplicates and renewals

31. Right of Registrar to compel renewal of securities

32. Exchange of registered stock and securities

33. Consolidation and subdivision of stock and securities

34. Indemnity bonds

35. Immediate discharge in certain cases

36. Discharge in other cases

37. Summary procedure in special cases

38. Signature of director of operations of the Central Bank may be printed on stock or securi-

39. Notice of trust not receivable save as provided

40. Exemption from stamp duties

41. Inspection of register and documents

42. Power to make regulations

43. Savings

An Act to make provision for the creation and issue of registered stock, Government

promissory notes and bearer bonds for the purpose of raising loans in Nigeria.

[9 of 1946. 5 of 1949. Cap. 111 of 1958. 1959 No. 8. 1976 No. 32. 1979 No. 63.]

[4th July, 1946]

[Commencement.]

PART I

Preliminary

Short title

This Act may be cited as the Local Loans (Registered Stock and Securities) Act.

Interpretation

In this Act, unless the context otherwise requires-

“bearer bond” means a bearer bond issued under the provisions of this Act;

“Central Bank” means the Central Bank of Nigeria;

“register” means the register of stock kept by the Central Bank;