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Federal Savings Bank Act, 1974 🇳🇬

Coat of Arms

Federal Savings Bank Act, 1974

  • Published in Official Gazette supplement no. 56 on 14 November 1974
  • Commenced on 1 September 1972
  • [Up to date as at 14 November 1974]

1. Establishment of Federal Savings Bank

(1)There shall be established a Bank to be known as the Federal Establish Savings Bank (hereafter in this Act referred to as “the Bank”).
(2)The Bank shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its own name and may acquire or dispose of movable and immovable property for the purposes of its functions.

2. Functions of the Bank 1969 No. 1

Not withstanding the provisions of the Banking Decree 1969, the Bank shall be charged with the general duty, and it is hereby authorised without any other licence than this Act, to carry out the following functions-(a)to accept moneys from any person as deposits or savings and make repayment of any such moneys together with any interests thereon; and(b)to transact any banking or such other business as the …

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