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Be sides pro vid ing food, the driv ing force be- hind in creased live stock pro duc tion, live stock have other valu able uses. Live stock re main the most im- por tant if not the sole form of non hu man power avail able to poor farm ers in much of the de vel op ing world. The poor, in par ticu lar, use fer til izer from live stock op era tions, es pe cially when ris ing pe tro- leum prices make chemi cal fer til iz ers un af ford able. Live stock also store value and pro vide in sur. | THE INVESTMENTS AND SECURITIES ACT 2007 EXPLANATORY MEMORANDUM The Act amongst other things provides for- a the establishment of Securities and Exchange Commission b the repeal of the Investments and Securities Act 1999 c the enlarged powers and functions of the Commission over the capital market and d a set of new market infrastructures and wide-ranging system of regulation of investment and securities business in Nigeria especially in the area of Mergers Acquisitions and Take-Over and collective Investment Schemes where new provisions were made. Section 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 THE INVESTMENTS AND SECURITIES ACT 2007 Arrangement of Sections Part I Establishment and Management of the Securities and Exchange Commission Establishment of the securities and exchange Commission. Head office of the Commission. Composition of the board of the Commission. Duties of the board. Appointment and tenure of office of members of the board. Director-General and full time Commissioners to be fully devoted to the service of the Commission. Management of the Commission. Disqualification and cessation of appointment. Remuneration and allowances of members of the Board. Meetings of the board of the Commission. Disclosure of interest. Code of ethics for members of the board. Part II FUNCTIONS AND Powers of the Commission Functions and powers of the Commission. Powers to establish departments. Part III STAFF OF THE Commission Appointment of the Secretary and other staff of the Commission. Remuneration of the Secretary and other staff of the Commission. Duties of the Secretary. Service in the Commission to be pensionable. Part IV Financial Provisions Funds of the Commission. Application of the funds of the Commission. Reserve account. Power to accept gifts. Penalties fees etc. to be retained and utilized by the Commission. Borrowing by the Commission. Investment by the Commission. Annual estimates account and audit. Annual
