FEDERAL SAVINGS BANK ACT

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LAWS OF THE FEDERATION OF NIGERIA 

FEDERAL SAVINGS BANK ACT

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ARRANGEMENT OF SECTIONS

1. Establishment of Federal Savings Bank.
2. Functions of the Bank.
3. Establishment, composition, etc., of the Board of the Bank.
4. Functions of the Board.
5. Managing director of the Bank.
6. Deposits and repayments.
7. Guarantee of assets of the Bank by Government.
8. Rate of interest.
9. Salaries and other expenses of the Bank.
10. Disposal of moneys of the Bank.
11. Annual accounts of the Bank.
12. Surpluses and deficits.
13. Power to make regulations.
14. Arrangements for transfer to and from other Government banks.
15. Details of accounts not to be disclosed.
16. Settlement of disputes by arbitration.
17. Non-availability of Government to third parties.
18. Repeal and saving of existing offices.
19. Transfer of assets and liabilities of the Savings Bank to the Bank.
20. Saving of existing arrangements for transfer of deposits to and from other countries.
21. Execution of documents by and on behalf of the Bank, etc.
22. Interpretation.
23. Short title.

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FEDERAL SAVINGS BANK ACT

An Act to establish the Federal Savings Bank to provide a ready means for the deposit of savings and so to encourage thrift.

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[Commencement.] [1st September, 1972]           

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1. Establishment of Federal Savings Bank

(1)     There shall be established a bank to be known as the Federal Savings Bank (in this Act referred to as “the Bank”).

(2)     The Bank shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its own name and may acquire or dispose of movable and immovable property for the purposes of its functions.

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)