Treasury Bills Act of 1902 (NSW)

Act No. 94, 1902.

An Act to authorise the issue of Treasury Bills tukasirv kiua

for the purpose of carrying out certain Public

Works, December, 1902.]

T ^ r ilE R E A S for the purpose of carrying out certain Puhlic Works rreambic.

V V it is expedient to authorise tlie raising of a sum not exceeding

Eour millions sterling hy the issue, in the manner hereinafter

mentioned, of Treasury Bills : ite it tlierefore enacted hy the King’s

Most Excellent Majesty, hy and ■with the advice and consent of the

Legislative Council and Legislative Assembly of New South Wales in

Parliament assembled, and hy the authority of the same, as follows:— ̂ .

1. The Governor, with the advice of the Executive Council, Government mny

mav cause Treasury Bills for any amounts ot‘ money not exceeding in	£-1.000 00 0 i>y
the whole the sum of Eour million ]>ounds sterling, to he made out and issued hy the Colonial Treasurer in the manner and subject to the provisions hereinafter cxpri'ssed.

2. All such Treasury Bills shall he made out at the Treasury in iro«-Bills to i.c made

such method and form and witli sueli cheques, indents, coupons, and	sitmed.
counterfoils as the Colonial Treasurer shall deem most safe and

. convenient,

622   Act No. 94, 1902.

Treasury Bills.

convenient, and shall he signed hy the Colonial Treasurer, the Auditor- General or his deputy, and hy such other person or persons as the Governor in Council shall authorise and direct. And the names of such other persons so to he authorised to sign such Bills shall be registered in the Treasury, and published in the Government Gazette before any Treasury Bills so signed shall be issued.

How to be num bered.	3, All sucli Treasury Bills shall he numbered consecutively, beginning with number one and progressing arithmetically by units.
How principal sums	4. All principal moncys for which any such Treasury Bills may be made out shall be chargeable upon, and paid out of, the General Loan Account. And so far as funds for the payment of any such principal sum shall, on the maturing of any such Treasury Bill, not have been provided by or not have become available under the General Loan Account, every such sum shall he chargeable upon, and paid out of, the Consolidated Bevenue Account.
to be paid.

Issue and payment fi. All such Treasury Bills shall hear such dates, have such

of interest. currency, not in any case to exceed seven years, and he for such amounts as the Governor with the advice aforesaid may direct, and shall hear interest payable half-yearly at a rate not exceeding four pounds per centum per annum. And such interest shall be chargeable upon and he paid out of the Consolidated Bevenue Account.

Defaced Bills may 6. In case any such Treasury Bill shall he defaced hy accident

be exchanged. the Colonial Treasurer may cancel the same, and cause a new Bill to be made in the Treasury in lieu thereof, and such cancelled Bill shall he tiled in the Treasury. And such new Bill shall have the like currency, and be in all respects subject to the same rules, methods, and continuance, and bear the same number, date, and principal sum, and rate of interest as such cancelled Bill.

Provision for Bills 7. Upon proof being made on oath before a Judge of the

lost, &c. Supreme Court hy any credible person that any Treasury Bill issued under this Act and held by him, the number and sum whereof shall he specified by him in his evidence, has been lost or accidently burnt or otherwise destr®yed before the same shall have been paid off, and upon such Judge certifying that he is satisfied with such proof the Colonial Treasurer may cause a new Bill to he made in the Treasury hearing the same number, date, principal sum, and rate of interest as the Bill so lost or destroyed, and to be delivered to such person upon his giving sufficient security to the Colonial Treasurer to indemnify the Treasury against any double payment if the missing Bill shall thereafter he presented for payment.

Cancelling of 8 . All Treasury Bills issued under the authority of this Act

discharged Bills. which shall be paid off and discharged, and all defaced Bills as afore­ said, shall he cancelled. And after being so cancelled, and the accounts thereof audited and allowed, and the cheques, indents, and counterfoils

delivered

Act No. 95, 1902. 023

Public Roads.

delivered hack into the Treasury, all such Bills, together with such cheques, indents, and counterfoils, shall he burned or otherwise destroyed under the authority of the Colonial Treasurer.

9. Treasury Bills sold or issued under this Act are herehy Power tx) Trustees to

declared to he for all purposes Government Securities; and all corporations and other persons whatsoever shall have power to invest in tlic purchase of such Bills any property held hy them, whether as trustees or otherwise, Avhich tiiey are not expressly forhiddtm to invest in Government Stock or Securities, without on that account heing liable as for a hreach of trust or ineurring any liability Avhatsocver, provided that such investment is in otlicr respects reasonable and proper.

10. All such sums of money as shall he raised hy Treasury Application oe

Bills issued under the authority of this Act shall he carried to the General Loan Account hy the Colonial Treasurer, and he appropriated and applied, as required, towards the purpose of any Loan Service specified in any Loan Act, in terms of section thirty-five of the Audit Act, 1902.

11. This Act may he cited as the “ Treasury Bills Act of 1902.” short title.