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29 September 1966

Nigeria Government Gazette supplement dated 1966-09-29 number 93 part A

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                                                                                                  A 249   é


  Supplement to Official Gazette No. 93, Vol. 53, 29th September, 1966—Part A



         THE NIGERIAN INDUSTRIAL DEVELOPMENT BANK
                          (GUARANTEE) DECREE 1966




                                 Decree No.63
                                                              [28¢th: Seplember 1966]   Commence-
                                                                                        ment.
      THE FEDERAL MILITARY GOVERNMENT hereby decrees as
 follows :—           ‘
      1.—(1) The Féderal Executive Council may, subject to this- section,
                                                                                        Powerto
 guarantee in such manner and on such conditions as it thinksfit the repay-             give
 mentof, and the paymentof any interest on or other charges in respect of,              guarantee In
 the loan.of an amountequivalentto six million dollars proposedto be made               respect of
                                                                          by            proposed
 the International Bank for Reconstruction and Development to the Nigeria
                                                                           n            loan to
 Industrial Development Bank Limited (that is to say the companyof that                 N.I.D.B.
name formed and registered under the Companies Act).
                                                                                        Cap, 37.
     (2) Subsections (2), (5) and (7) of section 3 of the Borrowing by Public
Bodies Act 1965 shall apply in relation to a guarantee under this section
                                                                           as           1965 No. 35.
they apply in relation to a guarantee underthesaid section 3.
                                                                                        :
     2. ‘I'his Decree maybe cited as the Nigerian Industrial Development                Citation
Bank (Guarantee) Decree 1966 and shall apply throughout Nigeria.                        and
                                                                                        extent.

     Datep at Lagos this 28th day of September 1966.

                                                        4


                                           LIEUTENANT-COLONEL. Y. Gowon,
                                       Headof the Federal Military Government,
                                       Supreme Commander of the <Irmed Forces,
                                            Federal Republic of Nigeria


                             EXPLANATORY NOTE
           (This note does not form part of the aboveDecree, but is
                          intended to explain its purposes)
    ‘This Decree authorises the Federal Executive Council to give a guarant
                                                                          ee
in respect of the loan of some £2 million which the World Bank is
                                                                  to make to
the Nigerian Industrial Development Bank. Section 1 (2) applies various
provisions of the Borrowing by Public Bodies Act 1965, and in particu
                                                                      lar
section 3 (5) of that Act—thereby charging on the Consolidated Revenu
                                                                       e
Fundof the Federation any sums required for fulfilling the guarant
                                                                   ee.
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