Section 9: Transfer of assets to the Fund

9. Transfer of assets to the Fund.___(1)The Supervisory Council shall have the power to transfer the ownership of any of the assets of the Federal Government or the ownership interests of the Federal Government in any entity to the Fund on the recommendation of the Board and subject to the approval of Federal Government. (2) From the date of commencement of this Act, the transfer assets listed in Schedule I shall stand transferred to the Fund as ultimate owner and their valuation in terms of Schedule II may be approved by the Federal Government subsequently. The transfer assets and any assets of the Federal Government which are transferred thereafter to the Fund in accordance with this section shall be recorded in the books and accounts of the Fund at their fair value. (3) The fair value of transfer assets listed in Schedule I and assets transferred thereafter to the Fund shall be determined in accordance with the methodologies as given in Schedule II, by an independent valuer appointed by Supervisory Council and such fair value of transfer assets shall also be approved by the Federal Government.

Effective date: 2023-08-04

Related sections