LAGOS STATE MICROFINANCE LAW

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

LAGOS STATE MICRO FINANCE INSTITUTE LAW

ARRANGEMENT OF SECTIONS

1.       Establishment of the Lagos State Micro-Finance Institution

2.       Appointment of the Fund Manager

3.       Establishment and composition of the Governing Board

4.       Tenure of office and Removal of Members of the Board

5.       Functions of LASMI

6.       Secretary and other Staff of LASMI

7.       Take-Off Grant

8.       Establishment and Composition of the Lagos State Micro-Finance Fund

9.       Appointment of the Fund Manager

10.     Establishment of the Investment Committee

11.     Functions of the Committee

12.     Independence of the decisions of the Committee

13.     Meetings and other Proceedings of the Board

14.     Power to accept Gifts

15.     Annual Estimates and Accounts

16.     Annual Report

17.     Power to make regulations

18.     lnterpretation

19.     Citation and Commencement

LAGOS STATE MICRO FINANCE INSTITUTE LAW

A LAW TO ESTABLISH THE LAGOS STATE MICRO FINANCE INSTITUTE AND FOR CONNECTED PURPOSES

[Commencement]                              [5th February 2008]

1.      Establishment of the Lagos State Micro-Finance Institution

(1)     There is established under this Law the Lagos State Micro-Finance Institution (referred to in this Law as L.A.S.M.I.).

2.       L.A.S.M.I—

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

(b)     may sue or be sued in its corporate name; and

(c)     may acquire, hold and dispose of movable and immovable property for the  purpose of carrying out its functions under this Law.

2.      Establishment and Composition of the Governing Board

(1)     There is established the Governing Body of L.A.S.M.I. (referred to in this Law as “the Board”).

(2)     The members of the Board shall be appointed by the Governor and with the exception of the Fund manager hold office on a part-time basis.

(3)     The Board will consist of-

(a)     the Chairman;

(b)     the Fund Manager;

(c)     a representative of the Ministry of Finance;

(d)     a representative of the Ministry of women Affairs and Poverty  Alleviation; and

(e)     two (2) other members who, in the opinion of the Governor, are person of unquestionable integrity and sound judgment.

3.      Tenure of Office and Removal of Members of the Board

(1)     The members of the Board shall hold office for a period of four (4) years and may be re appointed for a further term of three or four (4) years.

(2)     A member may be removed from office-

(a)     by reason of ill health or incapacity to discharge the duties;

(b)     if convicted of an offence involving gross misconduct or dishonesty; or

(c)     if involved in any act considered inimical tothe interest of L.A.S.M.I. or the State.

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA