GENERAL LOAN AND STOCK ACT

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LAWS OF THE FEDERATION OF NIGERIA   

GENERAL LOAN AND STOCK ACT

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ARRANGEMENT OF SECTIONS

1. Short title.
2. Interpretation.
3. Loans to be raised by debentures or stock.
4. Loans to be a charge upon general revenue.
5. Borrowing upon debentures.
6. Amount of each debenture.
7. Redemption of debentures.
8. Interest coupons.
9. Form of debenture and coupons.
10. Debentures and coupons transferable.
11. Registry of debentures.
12. Payment of interest.
13. Mode of providing for payment of interest on debentures.
14. Further sums to be remitted for the redemption of the debentures.
15. Application of sinking fund.
16. Creation of sinking fund for redemption of debentures payable on a fixed date.
17. Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings.
18. Appointment of day for drawing of debentures.
19. Notice of time and place appointed for drawing.
20. Mode of drawing.
21. Notice of debentures drawn for redemption.
22. Payment of drawn debentures.
23. Cesser of interest from day appointed for payment of principal.
24. Redeemed debentures to be cancelled.
25. Borrowing upon stock.
26. When the principal is to be repaid.
27. Mode of providing for payment of interest on stock.
28. Mode of providing for payment of principal of stock.
29. Creation of sinking fund.
30. Charge upon general revenue.
31. Expenses to be paid out of sinking fund.
32. Powers of the President.

(a)   Conversion of debentures into stock.

(b)   Conversion of loans generally.

(c)    Issue of stock in exchange for other securities

(d)    Sale of stock or debentures to raise moneys.

(e)    Arrangement for conversion.

33. Exchange of securities for stock.
34. Converted securities to be cancelled.
35. Trustees to apportion amount of sinking fund released by conversion.
36. Sinking funds released, how to be disposed of.
37. Sinking fund contributions.
38. Creation, inscription, registration, issue, conversion and transfer of stock.
39. Raising of loans in Nigeria.
40. Regulations for transfer of stock by instrument in writing.
41. Effect of amendment of short title.

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GENERAL LOAN AND STOCK ACT

An Act to declare the terms and conditions applicable to loans authorised to be
raised by the Government of the Federal Republic of Nigeria in the United
Kingdom and to provide for the creation of stock.

[1916 No. 24.]

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[Commencement.] [30th May, 1916]

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