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small-and-medium-scale-industries-development-agency-amendment-act-2016.md

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EXPLANATORY MEMORANDUM

ThisAct amends the provisions of the Small and Medium Scale Industries Development Agency Act No. 16, 2003 to increase the prescribed penalties.

ARRANGEMENTOF SECTIONS

Section:

  1. Amendment of Act no. 16, 2003.

  2. Amendment of section 25.

  3. Citation.

SMALLAND MEDIUM SCALE INDUSTRIES DEVELOPMENT AGENCY (AMENDMENT) ACT, 2016

Anact to amend the provisions of the Small and Medium Scale Industries Development Agency Act No. 16, 2003 to increase the prescribed penalties; and for related matters

{20TH DECEMBER, 2016}                                      commencement

ENACTEDby the National Assembly of the Federal Republic of Nigeria-

Amendmentof Act No. 16, 2003

  1. The Small and Medium Scale industries Development Agency Act no. 16, 2003 (in this Act referred to as “the Principal Act”) is amended as set out in this Act.

Amendmentof section 25

  1. Section 25 (2) of the Principal Act is amended by substituting for –

(a) the expression, “N50,000”, in line 3, the expression, “N500,000”; and

(b) the words, not exceeding”, in line 3, the word, “of”.

Citation

  1. This Act may be cited as the Small and Medium Scale Industries Development Agency (Amendment) Act 2016.

Reference

This document was obtained from this Law Nigeria web page