The Complete 2004 Laws of Nigeria

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SAVINGS BONDS AND CERTIFICATES ACT

ARRANGEMENT OF SECTIONS

SECTION

I. Power to raise loans in Nigeria by the issue of securities through the Post Office.
2. Short title.

An Act to authorise the raising of loans in Nigeria by the issue of certain securities
through the Post Office; and for purposes connected with the matter aforesaid.

[1962 No. 18.]

[5th June, 1962]

[Commencement.]

  1. Power to raise loans in Nigeria by the issue of securities through the Post Office

(1) With a view to providing further facilities for the investment of small savings, the
Minister of the government of the Federation responsible for finance may, subject to the
provisions of this Act, raise loans in Nigeria for the purposes of the development pro-
gramme, not exceeding in the aggregate the sum of N20,000,00 or such larger sum as
the Minister may by order specify.

(2) Any loan raised by virtue of this Act, and any payment falling to be made in re-
spect of such a loan, shall be secured on the revenues and assets of the Federation as re-
quired by the Constitution of the Federal Republic of Nigeria 1999.

[Cap. C23.)

(3) For the purpose of raising the loans aforesaid, the Minister may by regulations
provide for the creation and issue by the Postmaster-General of the Nigerian Postal
Service on such terms as may be specified by or under the regulations, of securities in the
form of bonds or certificates or in such other form as the Minister may by order specify;
and, notwithstanding anything in any other enactment, any loan raised by virtue of this
Act shall be raised only by the issue of securities created by virtue of this Act.

(4) Regulations under this section may make such provisions as the Minister consid-
ers expedient for the purposes of this section and, without prejudice to the generality of
the foregoing provisions of this subsection, may include provision with respect to-

      (a)        the issue, transfer, forfeiture and redemption of securities;

      (b)     the making of payments, by way of interest or otherwise, of such amounts as
may be determined by or under the regulations and either in respect of all secu-
rities of a particular class or in respect of such only of them as may, from time
to time, be determined in any manner provided by the regulations;

      (c)     the cases in which trust funds shall not be invested in securities in exercise of
any statutory power of investment;  

     (d)    the settlement of disputes arising in connection with securities; 

     (e)     the creation of offences connected with the securities and the imposition of
punishments for such offences, not exceeding in the case of any offence, im-
prisonment for a term of three months or a fine of NIOO or both such impris-
onment or fine, and regulations under this section may make different provisions for different circum-
stances.

(5) An order under this section shall not come into force unless it has been approved
by resolution of the National Assembly; and if the National Assembly on any of the
twenty days on which it sits next after the day on which any regulations under this Act
come into force, resolves that the regulations be annulled they shall, except in relation to
anything previously done by virtue of the regulations, cease to have effect on the day next
following the date of the resolution.

(6) In this section-
"development programme" has the same meaning as in the Internal Loans Act;

[Cap. lI8.]

"Minister" means the Minister responsible for finance;

"securities", unless the context otherwise requires, means securities issued by virtue
of this Act.

  1. Short title

This Act may be cited as the Saving Bonds and Certificates Act.

SUBSIDIARY LEGISLATION

No Subsidiary Legislation