CHAPTER
361
PUBLIC TREASURY BILLS |
ARRANGEMENT OF
SECTIONS |
SECTION |
|
|
Minister may borrow money by issue of Treasury
bills. |
Principal moneys charged upon Consolidated Fund. |
Proceedings as to proceeds of issue of bills. |
Value and time of issue of Treasury bills. |
Payment of principal and interest. |
Procedure upon repayment of principal moneys. |
|
CHAPTER 361 |
PUBLIC TREASURY
BILLS |
An Act to
authorise the issue of Public Treasury bills. | 50 of 1959
43 of 1964
23 of 1965
27 of 1968
21 of 1973
2 of 1982
11 of 1984 |
[Commencement 3rd
September, 1959] |
1. This Act may be cited as the Public Treasury Bills
Act. | Short title. |
2. In this Act- | Interpretation. |
"Minister"
means the Minister of Finance. |
3. (1) The Minister may borrow, either at one time or
by such instalments as he may deem necessary, by the issue in The Bahamas of
Public Treasury bills, sums not exceeding in total twenty per centum of the
average ordinary revenue of the Government; 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. | Minister may borrow money by issue of Treasury bills. |
(2)
It shall be lawful for Treasury bills issued under the provisions of this Act
to be issued at such rate of discount as the Minister may from time to time
direct. |
(3)
For the purposes of this section- |
"ordinary
revenue" means all income or contributions to the revenue of the
Government as are classified for the respective financial year in the audited
accounts laid before Parliament under the Headings Tax and Non-Tax Revenue and
not being loans, capital grants or other receipts of a capital nature; |
"average
ordinary revenue" means the annual average of the ordinary revenue over
the last three years (for which audited accounts of revenue and expenditure of
the Government have been laid before Parliament) preceding the year in which
the Treasury Bills are to be issued. |
4. The principal moneys represented by the Treasury
bills issued under the provisions of this Act and the interest thereon, are
hereby charged upon and shall be payable out of the Consolidated Fund. | Principal moneys charged upon Consolidated Fund. |
5. The proceeds of the issue of the Treasury bills
shall be paid into the Consolidated Fund. | Procedure as to proceeds of issue of bills. |
6. Every Treasury bill issued under this Act shall be
in such sums expressed in terms of some national sterling or dollar currency as
may be prescribed by regulations under this Act, 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. | Value and time of issue of Treasury bills. |
7. The principal represented by the Treasury bills and
interest thereon when they fall due may be paid in the currency in which such
Treasury bills are expressed to be issued and the Minister shall, if necessary,
appropriate out of the Consolidated Fund the necessary sum to pay such
principal and interest. | Payment of principal and interest. |
8. Upon repayment of the principal moneys represented
by the Treasury bills the bills shall be delivered up to the Minister to be by
him cancelled. | Procedure upon repayment of principal moneys. |
9. The Minister may from time to time make regulations
for carrying into effect this Act and in particular- | Regulations. |
(a) for
regulating (subject to the provisions of this Act) the preparation, form, mode
of issue, mode of payment, and cancellation of Treasury bills; |
(b) for
regulating the issue of a new bill in lieu of one defaced, lost or destroyed; |
(c) for
preventing by the use of counterfoils or of a special description of paper or
otherwise fraud in relation to Treasury bills; and |
(d) for
regulating the cancellation of Treasury bills upon payment thereof and interest
thereon. |