GOVERNMENT PROMISSORY NOTES ACT

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LAWS OF THE FEDERATION OF NIGERIA   

GOVERNMENT PROMISSORY NOTES ACT

ARRANGEMENT OF SECTIONS

PART I – Preliminary

1. Short title.
2. Interpretation.

PART II – Issue

3. Issue of promissory notes for the purpose of raising authorised loans.
4. Loans to be charged upon revenue.
5. Particulars to be published in the Federal Gazette.
6. Issue and effect of promissory notes.
7. Transferability.
8. Appropriation of revenue for payment of principal sum and interest.
9. Payment of principal sum and interest.
10. Cessation of liability to pay interest.
11. Place of payment.

PART III – Sinking funds

12. Establishment of sinking funds.
13. Appropriation of revenue for sinking fund.
14. Investment of sinking fund.
15. Cessation of contributions to sinking fund.
16. Expenses to be paid out of sinking fund.
17. Deficiency in sinking fund to be a charge upon revenue.

PART IV – General

18. Issue of duplicates and renewals.
19. Liability after renewal.
20. Discharge of liability.
21. Exemption from stamp duties.
22. Power to make regulations.
23. Saving

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GOVERNMENT PROMISSORY NOTES ACT

An Act to make provision for the creation and issue of Government Promissory Notes for the purpose of raising loans.

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[Commencement.] [12th May, 1960]   

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