Federal Mortgage Bank of Nigeria Act, 1993 🇳🇬

Nigeria

Federal Mortgage Bank of Nigeria Act, 1993

Commenced on 25 August 1993
[This is the version of this document at 31 December 2002.]

An Act to establish the Federal Mortgage Bank of Nigeria to provide long-term credit facilities to mortgage institutions in Nigeria and encourage and promote the development of mortgage institutions at the rural, local, State and Federal levels.

Part I – Establishment of the Federal Mortgage Bank of Nigeria and its Board of Directors

1. Establishment of the Federal Mortgage Bank of Nigeria

(1)There is hereby established a mortgage bank to be known as the Federal Mortgage Bank of Nigeria (in this Act referred to as "the Mortgage Bank").

(2)The Mortgage Bank-

(a)shall be a corporate body with perpetual succession and a common seal;

(b)may sue and be sued in its corporate name; and

(c)may for the purpose of its functions and subject to the Land Use Act, acquire, hold or dispose of property, whether movable or immovable.

2. Establishment of the Board of Directors

(1)There…

Read the Full Legislation on judy.legal

Access annotations, citing cases, and more legal research tools.

Open in judy.legal