Treasury Bills Deficiency Act 1905 (NSW)

A ct No. P)0, 1005.

All A ct to m itliorisc tlic issue of T reasu ry Hills to cover tlie D clicieucy ou tlie C onsolidated Iteve im e A ecouut up to tlie BOtli Ju n e , 1005 ; to jiroAude for th e reneAval aud redeupitio ii of siudi Hills : aud for ])ur])oses eoiistajiieut th e reo n or iiie ideu tal th e re to . [8/A DcanuJnn', 1005.] T i M i A s r u v

D l l . I S

1 > K I ' i r l K N C V .

inmi'^AS it is c.\]';('(li(‘iit to autliorise tlie issue of Treasury eiu'ht liuudred aud ninety pounds, to cover tlic Delicdency on tlie. Consolidated Revenue Account of Xew South AVales u]) to the thirtieth day of duu(‘, one thousand nine hundred and live, and to make provision for extinguish,in" that dclieieucy : R(' it therefore enacted hy the King’s Alost hixcellent Al.ajesty, hy and with the advice, and i y Jiills to till! aiuouut oi Three liuudrcvl and thirty-six thousand

consent

122  A ct No. 30, 1905.

Treasury Hills Deficiency.

consent of tlic Legi.' l̂at ive Council and Le^nslath c Assemlily of New South Wales in Parliament asseinlilcd, and by the authority of tlie same, as follows:—

Vrelim nary.

Short title, and 1. This Act may he cited as the ‘■ Treasury Pills Deiicicncy

int(‘r})retat Act, 190'),” and any reterence therein to any Covi'rnmont oHicer shall ho dei'ined to inelmh' the person for the tilin' hi'in '̂ duly authorised to act for such officer.

Issue o f Treasury Bills.

G overnment may

niisie £;i;tO,SOO hy	2. The Governor may cans(' Treasury Pills for any amounts of money not exceeding in the whole the sum of Three hundred and thirty-six thousand eiyht hundred and ninety pounds to he made out and issued hy the Colonial Treasuri'r in the manner and suliject to tlii' provisions lu'reinafter expressed.
Treasury Hills.
Jtow Hills to he ntade	3. All such Pills shall lu' made out at the 'I'ri'.'isury in such manner and form and A v i t l i such cheques, indents, and counterfoils as the Colonial Treasuri'r may deem most sate and ('onvenient. And such Pills may hi' for one common sum or for dilferent sums as principal moneys, and sliall he sinned hy tlii' Colonial Treasurer oi' hy ids deputy duly authorised and the Auditor-General, and hy such other persons as the (iovernor ma\ authorisi' and direct. And thi' names of such deputy and such other persons shall hi' ri'nistered in the Treasury, and jtuhlished in the Gazette before any Treasury Jfills signed hy them are issued.
out }md signed.
How to be numbered.	4. -Vll such Pills shall he numbered consecutively, heg’innim^ with number one and proqTcssiny arithmetically hy units.
I ’rineipal sum and	5. All prineijial moneys for wldcli any such Pills are made out TTind, and shall hear interest which shall he payable half-yearly at a rate not exceeding three and one half per centum per annum in respect of such princijial moneys, and shall he charge;il)le upon, and paid out of the Consolidated Pevenue Fund.
interest elmrged on	shall he chargeable ujion, and paid out of, the Consolidated Tiovenue

the Oonsolidat(Ml

Revenue.

Treasury Hills may

be issued on cerl ain 6. Such Pills may he issued on such dates and for .such amounts

dates.

aud periods of currency not exe('oding ten yc'ars as the (iovernor may

direct, and with like authority may he renew('d from time to time.

Hefaeed Hills may

7. If any such Treasury Pill is defaced hy aceidc'iit the Colonial Treasurer may cancel tin' same, and cause a new Pill to he made in the Treasury in lieu tlieri'of, and such cancelled Pill shall he tiled in the Treasury, and tlu' n(",v Pill shall have tlu' like curn'ncy, and he in all respects subject to tlu' same conditions, and Ix'ar the same number, date, and principal sum, and rate of interest as the cancc'lh'd Pill.

be exeliamied.

Act No. 80, 1005.	128
Treasurjj Bills Deficiency.

8 . Tr any ])('rsou hy ('vidniuv, upon oath, or aHidavit, or solemn I’mvKion niu'n Bills

di'claiation (wliich may he taken or made helbre any Commissioner for Allidavits), satislu's a Jud^i* of tlie Supreme Court tliat lie was the holder of a Treasury Eill hearing a numher, date*, ]irineipal sum, and rate of interest sjieeiru'd hy him in his evidmiee, and that such Bill has not heen paid oil hut has heen lost or accidmitally hurnt or otherwise' destroyed, such .liidg'e shall cei'tify to that etfeet; aud tliereupoii the Colonial Trc'asure'r may cause a new Jlill to he made in the Treasury hearing the same nninher, date, jirincipal sum, and rate of interest as the Bill so lost or di'stroyed, and to he di'livered to such person upon his giving sutlieient security to the Colonial Treasuri'r to indemuiry the Tri'asnry against any douhh' ])ayni('nt if the missing Bill should theri'aCtei' he presi'iited for jiayment.

9. All such Treasury Hills which have hi'i'ii paid oil' and n n c i i a i ' ^ o a B iin t o

discharged, and all ih'faced Bills as aforesaid, shall hi' cancelled.	raiuTii<'<i.
after they have hi'cn cancelled, and the accounts thereof have hi'en audited and allowed, and thi' ehei|ues, inih'iits, and countei'foils delivered hack into the Treasury, all such Bills, together with such chcqui's, indents, and counterfoils, shall hi' hurned or otherwise destroyed under the authority ol' the Colonial Treasuri'r.

10. 'rrcasury Bills issued under this Aet are hi'i-ehy declared to I'oui'i-a. inisiws

he for all purposes (io\'crnment Securities, and all coi'porations and i'"'*	i n	H i l l s .
other ];ersons whatsoever shall have. ])0\ver to invest in the purchase of such 'freasury Hills any ])ro|)erty held hy them, whether as trustees or otlu'n\is(', which tucy are not expressly forhidden to invest in Covernment Stock or Securities, without on that account heing liahle as for a hreach of trust or incurring any liahility whatsoever, provided that such invest mi'ut is in other lesjiects reasouahle and ])roper.

Paymcnl o f [irurreils o f Hills to ConsoVuldted Hecenue Faml.

11.               All sums of money I’aised hy 'fi'easury Bills issued unih'r Monoya i:iis,u to

tlu; authority of this Act shall Ik; carried to and form })art of t ho the thirtieth day of dune, one thousand nine hundred and live.

Consolidati'd Kevenue Bund, for the purpose' of tlu' I'xtinction of the Hcvonue.

lledeniption ( f B ills cuieriny Deficiency.

12. hen at th.e close of a llnancial yi'ar there is a surplus on to lie

till' Consolidati'd Hi'vt'iiue the Treasurer shall pay from tlu; Consolidati'd Ih'vt'iuu; Bund to tlu' State Deht. Commissioners such surplus uj) to the sum of (iftv t housand pounds for the jmrpose of paying oil' Treasure

' ' Bills'

124  A ct No. 31, 1905.

Taxation ^iDioaJiia/.

Bills issued uiult'f the aiithoi'ity of this Act, and a like amount shall he so paid ov('i' each year, pi'ovidc'd the surplus on the Consolidated Revenue in any .‘«uch year is suflicient for tliat purpose, until the whole of such Bills are liually (‘.vtinguislied.

Slal.o Debt.

Commis:<ion('rs to	The State Deht Conimissioneis sliall from time to time pay olf and redeem such Bills to the extent cf moneys which may have been paid to them for that jiurpose. aud until such payment or redemjition is required to he made shall invc-st the said momws in GovernuKuit securities, or on (hqiosit with tlu- Colonial Tri'asun'r, or Avith some hank doing the Government busiui''.;s.
riMlecni IblD.