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30 October 1980

Nigeria Government Gazette supplement dated 1980-10-30 number 52 part B

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                    e                                                                                         B31
                 - Supplement. to’Official Gazette: No: 52, Vol. 67,30thOctober,.1980—Part B

                  SI.16 of 1980 -
                               LOCAL LOANS(REGISTERED STOCK AND
                                                . SECURITIES) ACT.
                                            :         (CAP. 111) -
                     coe Local Loans (Federal Republicof Nigeria Nineteenth
                               _ Development Loan 1987)Directions 1980
                                     |                      od
                                         Commencement : 22nd September 1980 -
                    Wuereas bysection1  (1) of theInternal Loans (Rehabilitat
                   tion and Development) Act 1972 the Minister of Finance-ision, Reconstruc- . -
                 _ any mannerauthorised by the Local Loans (Registered        empowered. in’
                                                                        Stock and Securities)
                   Act or the Gove  rnmentPromissory Notes. Act 1960 to raiseloans in Nigeria,
                   and it is deemedexpedient to raise aloan of thirty milli
                                                                              on naira(hereafter
                 - called “the loan”) by the creation and‘issue of registered stock
                   seven years for the purpose of the rehabilitation, reconstructionmaturing in
                  lopment programme: :                                                and deve-

                    Now, 'THerevore,in exercise of the powers confe
                  the Local Loans (Registered Stock and Securities) Actrred by section 5 () of
                                                                         andofall other powers
                  enabling meinthat behalf, I, the Minister ofFinance, hereb
                  directions -— .                                            y givethe following
                                       .                    Tm,                  ;
                     —(i) The sim of money to beraised by the loan
             "+ naira inthe form of registered stock to be issued in shall be thirty million Sum of
                                                                    denominations of twenty — “money to be
               “naira ortanymultiple thereo      f.         oo             af    oe                raised and
                                                                                                   mode of
                  (2) Thestockshalfbeissued at par,the sumof twenty naira
                 on application for each twenty naira of stock appliedfor.    being payable        raising the .
                                                                                            -      Joan,
                    (3) The stock so raised. shall be transferable in units of twenty _ i

               __ 2, Interest at therate of 7 per centum per annu
             _ first paymentshall be made on Ist December, 1980 m shall be payable, ‘The           Rate of

                                                                and therea
                                                                      fter the interest         * interest,
         _. Shall be payable half-yearly onist June and Ist Dece
            maturity. The                                        mber each year until
                                 last interest payment shall. be made on Ist June, 1987,
              -, 3. The half-yearly contributions out of the
             _ the Federal Republictoasinkingfund establishegener  al revenue andassets of Sinking
                                                             d for the purpose of redeeming fund,
                 is loan  shall be at the rate of 4.24 per centum ofth principal sum
     a           The first of such payments shall be made on- IsteDece               raised.
                                                                           mber, 1980.
                   4, The Government ofthe Federal Republicof ‘Nige
     ~. stock at par‘on Ist June, 1987.                             ria shall redeem the        Dateof
                                                                                                redemption, .

             -     5. Interest payable’ onthis stock shall
     _.. such exemption is permissible under anywnot be exempt from any taxunless
                                                 ritten lawin any part of Nigeria
                                                                                                “Taxation of
         _       but such taxshall not be deducted at Source. s                                 interest.
                                                                e                      ,
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