CHAPTER
23
MINISTRY OF FINANCE |
ARRANGEMENT OF
SECTIONS |
SECTION |
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|
|
Treasurer to be a corporation sole. |
Treasurer holding public land. |
CHAPTER 23 |
MINISTRY OF
FINANCE |
An Act to
make further provision for the administration of the finances of The Bahamas. | 38 of 1963
21 of 1973
E.L.A.O., 1974 |
[Assent 20th
December, 1963]
[Commencement 7th January, 1964] |
1. This Act may be cited as the Ministry of Finance Act. | Short title. |
2. In this Act, unless the context otherwise requires- | Interpretation. |
"Minister"
means the Minister of Finance. |
3. The Minister shall have such staff comprising a Permanent
Secretary, a Treasurer, a Comptroller of Customs and such other officers as may
from time to time be authorized by Parliament. | Minister's staff. |
4. (1) The Treasurer for the time being shall be a
corporation sole by the name of the Treasurer or such other style and title as
the Governor-General may from time to time assign to him with power to acquire,
hold and dispose of property, enter into contracts, to sue and be sued and do
all things necessary for the purposes of this or any other Act and all property
transferred to him by this or any other Act or which otherwise becomes vested
in him shall be held by him in trust for Her Majesty in right of Her Government
of The Bahamas for public purposes. | Treasurer to be a corporation sole. |
(2) Upon and by
virtue of the appointment of any person to be Treasurer, the benefit and burden
of all deeds, contracts bonds, securities and things in action vested in his
predecessor at the time of his predecessor ceasing to hold office shall be
transferred to and vested in and enure to the person so appointed in the same
manner as if he had been contracted with instead of his predecessor and as if
his name had been inserted in all such deeds, contracts, bonds or securities
instead of the name of his predecessor. |
(3) Upon the date
of the coming into operation of this Act, the Treasurer shall cease to be a
corporation sole under the provisions of the Treasurer Corporation Sole
Act and any mortgages or any other security for the repayment of sums of money advanced
by The Bahamas to other parties, or of money due and payable to The Bahamas by
other parties which at such date vested in the Treasurer under that Act shall
on and after that date vest in the Treasurer as a corporation sole by virtue of
this Act. |
5. (1) Where, by an Act or otherwise, any land is or
becomes vested in the Treasurer, he shall, subject to any express provision to
the contrary contained in any Act, hold the land in trust for Her Majesty in
right of Her Government of The Bahamas for the public purposes of The Bahamas. | Treasurer holding public land. |
(2) Where any land
vested in the Treasurer is occupied, used or administered by any department of
the Government and it is in the public interest that members of the public
should be granted leases of or licences to occupy that land or any portions
thereof, the Treasurer may, with the approval of the Minister, delegate the
power to lease or grant licences to occupy such land to the Minister for the
time being charged with the responsibility of administering such department or
to any officer thereof as such Minister may decide. |
(3) Notwithstanding
the other provisions of this section- |
(a) the
Treasurer shall not sell or make any other disposition of the fee simple of any
land vested in him without the prior approval of both Houses of Parliament
signified by resolution thereof; and |
(b) neither the
Treasurer nor any Minister or officer to whom the Treasurer may have delegated
powers under subsection (2) of this section shall lease any land vested in the
Treasurer or grant any licence to occupy any such land for a term exceeding
three years without the prior approval of the Governor-General. |