IBILE OIL AND GAS CORPORATION LAW OF LAGOS STATE

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

IBILE OIL AND GAS CORPORATION LAW

ARRANGEMENT OF SECTIONS

1.       Establishment of IBILE Oil and Gas Corporation

2.       Powers of the Corporation

3.       Establishment and Composition of the Governing Board of the Corporation

4.       Powers of the Board

5.       Tenure of Office of Members

6.       Remuneration and Allowances of Members of the Board

7.       Cessation of Office of Board Members

8.       Filling of Vacancy

9.       Proceedings

10.     Meetings

11.     Quorum

12.     Voting

13.     Appointment and Tenure of Managing Director

14.     Functions of the Managing Director

15.     The Secretary/Legal Adviser

16.     Departments of the Corporation

17.     Staff of the Corporation

18.     Power to Co-opt

19.     Remuneration of Officers

20.     Pension Rights

21.     Funds of the Corporation

22.     Power to Borrow Money

23.     Financial Provisions

24.     Seal of the Corporation

25.     Indemnity of Members of the Board and Employees of the Corporation

26.     Power to make Regulations

27.     Interpretation

28.     Citation and Commencement

IBILE OIL AND GAS CORPORATION LAW

[Commencement]                  

THE LAGOS STATE HOUSE OF ASSEMBLY enacts as follows:

1.       Establishment of IBILE Oil and Gas Corporation

(1)     There is established the IBILE Oil and Gas Corporation (referred to in this Law as “„the Corporation”„).

(2)     The Corporation shall-

(a)     be a body corporate with perpetual succession and a common seal;

(b)     have power to sue and be sued in its corporate name; and (c)     be capable of acquiring, holding and disposing of properties, movable or immovable for the purpose of carrying out its functions under this Law.

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA