Section 3: Financial provisions

3. Financial provisions.—(1) There shall be paid out of the 2[Federal Consolidated Fund] all such sums as may, from time to time, be required for the purpose of paying— (a) the subscriptions payable by the 3[Federal Government] to the Bank under paragraphs 1, 2 and 3 of Article 5 of the Agreement; and (b) any sums payable by the 3[Federal Government] to the Bank under paragraph 1 of Article 25 of the Agreement. (2) The 3[Federal Government] may, if it thinks fit so to do, create and issue to the Bank, in such form as it thinks fit, any such non-interest Bearing and non-negotiable notes or other obligations as are provided for by paragraph 3 of Article 6 of the Agreement., 1Validated by the Validation of Laws Act, 1975 (63 of 1975), s. 2 and Sch., 2Subs' by the F.A.O., 1975 (P.O. No. 4 of 1975) Art. 2 and Table, for “Central Consolidated Fund”. 3See foot-note 1, on page 558, supra. (3) Any sums received by or on behalf of the 1[Federal Government] from the Bank shall be paid into the 2[Federal Consolidated Fund.]

Effective date: 1971-01-01

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