Section 11: Direction and superintendence

11. Direction and superintendence.__ (1) The general direction and superintendence of the affairs and business of the Corporation shall vest in a Board of Directors constituted in accordance with section 12 which may exercise all such powers and do all such acts and things as may be exercised or done by the Corporation and are not, by this Ordinance, expressly directed or required to be done by the Corporation in general meeting. (2) The Board in discharging its functions shall act on commercial considerations with due regard to the investment climate and to the interests of the capital market and of its depositors and the public generally. (3) Where the 1[Federal Government] is satisfied that__ (a) in the public interest ; or (b) to prevent the affairs of the Corporation being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the Corporation ; or (c) to secure the proper management of the Corporation generally ; it is necessary to issue directions to the Corporation generally or in any particular case, it may, from time to time, issue such directions as it deems fit, and the Corporation shall be bound to comply with such directions. (4) The 1[Federal Government] may, on representation made to it or on its own motion, modify or cancel any direction issued under sub­section (3) and in so modifying or cancelling any direction may impose such conditions as it thinks fit, subject to which the modification or cancellation shall have effect. 1Subs. by F.A.O., 1975, Art. 2 and Table, for “Central Government”.

Effective date: 1966-01-01

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