Trustee Investments Act

Arrangement of Sections

1. Short title.

2. Securities to which the Act applies.

3. Securities in which trustee may invest.

4. Cessation of authorisation of investment.

5. Power to make regulations.

SCHEDULE

An Act to facilitate the investment of trust and other funds in Nigeria in locally issued securities, and for purposes connected therewith.

[23rd May, 1957] [Commencement.]

1. Short title

This Act may be cited as the Trustee Investments Act.

2. Securities to which the Act applies

(a) all securities hereafter created or issued by or on behalf of the Government of the Federation;

(b) securities hereafter created or issued by or on behalf of the Government of a State which are declared by the President by notice in the Federal Gazette to be securities to which this Act applies;

(c) securities which are declared by the President by notice in the Federal Gazette to be securities to which this Act applies, being securities created or issued by companies or corporations incorporated directly by an Act enacted by the National Assembly or by a Law enacted by the House of Assembly of a State or by an Act or Law having effect as if it were so enacted, which companies or corporations are specified in the Schedule hereto or which may be added to such Schedule by the President by notification in the Federal Gazette;

(d) debentures and fully paid-up shares of any company incorporated by and registered under the Companies and Allied Matters Act (other than a private company within the meaning of that Act).

(a) the nominal value of the fully paid-up shares issued by the company in question is not less than one million naira; and

(b) the price of the debentures or shares of the class in question is quoted on the Nigerian Stock Exchange; and