Section 14 Nigerian Investment Promotion Commission Act

Section 14 Nigerian Investment Promotion Commission Act is about Borrowing power, etc. It provides as follows:

(1) The Council may, with the consent or in accordance with any specific authority given by the Minister, borrow by way of loan or overdraft from any source approved by the Minister, such specified amount of money as may be required by the Commission for meeting its obligations and discharging its functions under this Act.

(2) The Council may, subject to the provisions of this Act and the conditions of any trust created in respect of any property, invest all or any of its funds with the like consent or general authority of the Minister.

(3) The Council may invest any surplus funds of the Commission in securities prescribed by the Trustee Investments Act or such other securities as may, from time to time, be approved by the Minister.

(4) Subject to the provisions of the Land Use Act, and any special or general direction which the Minister may give in that behalf, the Council may acquire or lease any land required for its purpose under this Act.

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