The Complete 2004 Laws of Nigeria

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REVOLVING LOANS FUND FOR INDUSTRY ACT

ARRANGEMENT OF SECTIONS

SECTION

  1. Short title.
  2. Establishment of Revolving Loans Fund for Industry.
  3. Purposes of the fund.
  4. Disbursements from the fund.
  5. Amendment of First Schedule to Cap. F26.

 

An Act to establish a fund to be known as the Revolving Loans Fund for Industry. 
[1959 No. 16.]

[31st August, 1959]

[ Commencement.]

1. Short title

This Act may be cited as the Revolving Loans Fund for Industry Act.

  1. Establishment of Revolving Loans Fund for Industry

(1) There shall be established a fund (hereinafter referred to as "the fund") to be
known as the Revolving Loans Fund for Industry.

(2) There shall be paid into the fund-

      (a)       the sum of N400,000 being moneys made available for the purpose of estab-
lishing the fund from funds originally made available by the Government of
the United States of America to the government of the United Kingdom for the
purpose of promoting productivity in industry in the United Kingdom;

       (b)       such further sums as may from time to time be made available as aforesaid for
the purposes of the fund; and

       (c)        such sums as may from time to time be paid to the fund by way of repayment
of the principal of or payment of the interest on or other charge in respect of
any loan made out of the fund.

  1. Purpose of the fund

The fund may be utilised for providing loans to assist in the establishment, expansion
or modernisation of industrial enterprises of a productive character, including the provi-
sion of services, within Nigeria.

4. Disbursements from the fund

Disbursements from the fund shall be made in accordance with rules made under sec-
tion 23 of the Finance (Control and Management) Act.

[Cap. F26.]

  1. Amendment of First Schedule to Cap. F26

(1) The First Schedule to the Finance (Control and Management) Act, is amended by
the insertion in Part Il of the following item-

(2) "Revolving Loans Fund for Industry: The Fund established by section 2 of the
Revolving Loans Fund for Industry Act, for the purposes specified in section 3 of that
Act".

SUBSIDIARY LEGISLATION

                                                 No Subsidiary Legislation