LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT

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LAWS OF THE FEDERATION OF NIGERIA 

LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT

ARRANGEMENT OF SECTIONS

PART I – Preliminary

1. Short title.
2. Interpretation.

PART II – Power to raise loans

3. Issue of registered stock, promissory notes and bearer bonds for the purpose of raising authorised loans.
4. Loans to be charged upon revenue.
5. Minister to direct mode of raising loans and other particulars.
6. Central Bank to make necessary arrangements.

PART III – Registered stock

7. Register of stock.
8. Liability of Government in respect of issue of registered stock.
9. Stockholder.
10. Registration of first stockholders.
11. Stock certificates.
12. Transfer of registered stock.
13. Registration of transfers of stock and liens on stock.
14. Closing of register.
15. Register to be conclusive evidence of facts entered therein.

PART IV – Bearer bonds

16. Bearer bonds.
17. Interest coupons.

PART V – Payment of interest and redemption of stock and securities

18. Appropriation of revenue for payment of interest.
19. Payment of interest.
20. Cessation of liability to pay interest.
21. Payments.

PART VI – Sinking funds

22. Appropriation of revenue for sinking fund.
23. Separate sinking fund for each loan.
24. Investment of sinking fund.
25. Cessation of contributions to sinking fund.
26. Expenses to be paid out of sinking fund.
27. Deficiency in sinking fund to be a charge upon revenue.

PART VII – Conversion of loans

28. Power of Minister to authorise conversion of loan generally.
29. Arrangements for conversion.

PARTVIII – Issue of duplicates and renewals of stock certificates and securities and  exchange and consolidation

30. Issue of duplicates and renewals.
31. Right of Registrar to compel renewal of securities.
32. Exchange of registered stock and securities.
33. Consolidation and subdivision of stock and securities.
34. Indemnity bonds.
35. Immediate discharge in certain cases.
36. Discharge in other cases.
37. Summary procedure in special cases.

PART IX – Miscellaneous

38. Signature of director of operations of the Central Bank may be printed on stock or securities.
39. Notice of trust not receivable save as provided.
40. Exemption from stamp duties.
41. Inspection of register and documents.
42. Power to make regulations.
43. Savings.

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LOCAL LOANS (REGISTERED STOCK AND SECURITIES) ACT

An Act to make provision for the creation and issue of registered stock, Government
promissory notes and bearer bonds for the purpose of raising loans in Nigeria.

[9 of 1946. 5 of 1949. Cap. 111 of 1958. 1959 No. 8. 1976 No. 32. 1979 No. 63.]

[Commencement.]                 [4th July, 1946]                                        

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