Railway Loan (International Bank) Act

Arrangement of Sections

1. Short title

5. Payment of subsequent expenses, etc.

6. general revenues and assets of the Federation.

7. Power to issue instruments including bonds

8. Implementation of obligations under agreement

An Act to provide for the raising of a loan, from the International Bank for Reconstruction and Development by the Government of the Federation for the benefit

of the Nigerian Railway Corporation and for matters incidental thereto.

[1958 No. 10.]

[17 th April, 1958]

[Commencement.]

1. Short title

This Act may be cited as the Railway Loan (International Bank) Act.

Interpretation

In this Act, unless inconsistent with the context-

“ International Bank” means the International Bank for Reconstruction and Development;

“ Nigerian corporation” means a body incorporated by an Act enacted or deemed to have been enacted by the Federal legislature.

Borrowing from International Bank

ernment of the Federation, borrow from the International Bank a sum not exceeding N30,000,000 or its equivalent in other currencies.

is signed, notwithstanding any other date on which the loan or any part thereof

may be made available or may be drawn; and

the rate of exchange in force at the date of such signature, to the amount of the

loan as expressed in the currency in which the loan is denominated in or for the

purpose of such agreement.

[Schedule.]

Provided that where in the opinion of the President it is not possible in respect of any part of such money to apply it for the purposes so specified, such part may be applied

to such other purposes as may be approved by him and agreed by the Minister of Finance and the International Bank.