TREASURY BILLS ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Principal moneys charged upon Consolidated Fund

   3   Minister may when authorised borrow money by issue of Treasury bills in the Island

   4   Value of bills and when payable

   5   Procedure as to proceeds of issue of bills

   6   Payment of principal

   7   Procedure upon repayment of principal moneys

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THE TREASURY BILLS ACT

[Date of Commencement: 5th July, 1922]

Cap 391.

Acts
42 of 1969,
15 of 1977.

1   Short title

   This Act may be cited as the Treasury Bills Act.

2   Principal moneys charged upon Consolidated Fund

   The principal moneys represented by the Treasury bills issued under the provisions of this Act are hereby charged upon and shall be payable the Consolidated Fund and assets of the Island.

3   Minister may when authorised borrow money by issue of Treasury bills in the Island

   The Minister whenever authorised thereto by a resolution of the House of Representatives may borrow, either at one time or by such instalments as he may deem necessary, by the issue in this Island of Government Treasury bills, sums not exceeding the amount specified in such resolution; and the Minister may also borrow from time to time by the issue of such Treasury bills, such sums as may be required to pay off at maturity bills already lawfully issued and outstanding. All Treasury bills issued under the provisions of this Act shall be in such form as the Minister may direct and approve.

4   Value of bills and when payable

   Every Treasury bill issued under this Act shall be for the sum of one hundred dollars or a multiple of one hundred dollars, and shall be payable at par at such time or times as the Minister shall before the issue of such Treasury bills fix and determine, but not later than one year from the date of issue.

[15/1977 s 2.]

5   Procedure as to proceeds of issue of bills

   The proceeds of the issue of the Treasury bills issued under this Act shall be paid into the Treasury to be utilised for the purposes specified in the resolution.

6   Payment of principal

   The Minister shall if necessary, appropriate out of the Consolidated Fund the necessary sum to pay the principal represented by the Treasury bills issued under this Act when they fall due.

7   Procedure upon repayment of principal moneys

   Upon repayment of the principal moneys represented by the Treasury bills issued under this Act the bills shall be delivered up to the Accountant-General to be by him cancelled.

 

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