Savings Bonds and Certificates Act

An Act to authorise the raising of loans in Nigeria by the issue of certain securities

through the Post Office; and for purposes connected with the matter aforesaid.

[1962 No. 18.]

[5 th June, 1962]

[Commencement.]

Power to raise loans in Nigeria by the issue of securities through the Post Office

Minister of the government of the Federation responsible for finance may, subject to the

provisions of this Act, raise loans in Nigeria for the purposes of the development pro-

gramme, not exceeding in the aggregate the sum of N20,000,00 or such larger sum as

the Minister may by order specify.

spect of such a loan, shall be secured on the revenues and assets of the Federation as re-

quired by the Constitution of the Federal Republic of Nigeria 1999.

[Cap. C23.)

provide for the creation and issue by the Postmaster-General of the Nigerian Postal

Service on such terms as may be specified by or under the regulations, of securities in the

form of bonds or certificates or in such other form as the Minister may by order specify;

and, notwithstanding anything in any other enactment, any loan raised by virtue of this

Act shall be raised only by the issue of securities created by virtue of this Act.

ers expedient for the purposes of this section and, without prejudice to the generality of

the foregoing provisions of this subsection, may include provision with respect to-

may be determined by or under the regulations and either in respect of all secu-

rities of a particular class or in respect of such only of them as may, from time

to time, be determined in any manner provided by the regulations;

any statutory power of investment;