Treasury Bills Deficiency Act of 1889 (NSW)

No. IX.

An Act to authorize the issue of '^Freasury trkasuiu b,u.s

Ihlls to cover tlie Deficiency Debt of 188()	'
and ]irevious Years. [216*̂ September, 1889.]

'X'TTIIEllEAS it is expedient to autliorize the issue, as occasion may i>n'an;bie.

y V reqiiire, of Trcasiiiy Eills to the amount of Two millions six

hundred thousand pounds, to cover tlû Eeficicncy Debt of the Colony for the year one thousand eight hundred and eighty-six, and previous years ;— Be it tlierefore enacted l)v llie (,)ueen’s Most Excellent Majesty, by and with the advice and cons(mt of the Legislative Council and Legislative Assembly of New South AVales j]i Barliament assembled, and by the authority of tin' same, as follows :—^

1. The Governor in Council may cause Treasury ]hlls for any Govei-nrrent may

amounts of money not exceeding in tlie whole the sum of Two millions	£2,(!oo,ooo by
six hundred thousand pounds to b(̂ made out and issued by the Colonial Treasurer in the manner and sid)ject to tlie provisions Ina’einafter expressed.

2. All such Treasury Bills shall he made out at the Treasury in irowiiiiistoiiemade

such method and form and Avith such cheques, indents, and counterfoils

Ugm-a.

as the Colonial Treasurer shall deem most safe and convi'iiient. And such Bills may he for one common sum or for different sums as principal moneys ; and shall he signed by the Colonial Treasurer, the Auditor-General, and by such other jicrson or persons as the Governor in Council shall authorize and direct. And the names of snch otlu'r persons so to he authorized to sign such Bills shall he registered in the Treasury, and puhlished in the Government Gazette before any Treasury Bills so signed shall he issued.

;i. All such Treasury Bills shall he numhei’cd consecutively, heginning with numher one and progressing arithmetically by units.	to bo numbered,
4. All princqial moneys for Aidiich any such Treasury Bills may he made out shall he chargeahle upon, and paid out of, the to >>c	priueiiiai sums

Consolidated llevenue Eund, and shall hear interest payable pateof uiihand

yearly, at a rate not exceeding four pounds ]ier centum per annum in rate of luterest.

respect of such principal moneys. Such interest shall he chargeable

upon, and he paid out of the said Consolidated llevenue Eund.

5. All such Treasury Bills may he issued on suchjdates and for Treasury Bills may

such amounts and periods of currency as the GoA'crnor in Conneil

may direct, and may he riniewed from time to time until the said '

Deficiency Debt he extinguished.

No. 9. 53̂ ̂ VIC. 1889.

Treasury B ills Deficiency.

Annual amount to 6. On tliG tliirty-first day of December, one thonsand eight

be paid to extinguish hundred and ninety, the snm of One liundred and fifty thonsand

Ticabury Bills. pounds shall he paid from the Consolidated Kevenne Pnnd to the

credit of a Special Trust Eund Account in a Bank doing the Govern­ ment business, and the like snm shall he paid to the said Special Trust Eund Account annually thereafter, for the purpose of paying off the said Treasury Bills, until such bills are finally extinguished; and the Colonial Treasurer shall, from time to time, out of such Special Trust Eund pay off and redeem such Treasury Bills to the extent to which there may he moneys to the credit of such Special Trust Eund Account.

UefacfdBills may be

7. In casc any sucli Treasury Bill shall he defaced by accident the Colonial Treasurer may cancel the same, and cause a new Bill to he made in the Treasury in lieu thereof, and such cancelled Bill shall be filed in the Treasury. And snch new Bill shall have the like currency, and be in all respects subject to the same rules, methods, and continuance, and hear the same numher, date, and principal sum, and rate of interest as such cancelled Bill.

exchanged.

Application of	8. The Colonial Treasurer may from time to time issue and
moneys raised by

Treasury Bills.

apply towards the extinction of the said Deficiency Debt any sum or

sums of money produced by any such Treasuiw Bills.

Provision for Bills 9. Upon proof being made on oath before a Judge of the

lost, &c. Supreme Court by any credible person that any Treasury Bill issued under this Act and held by him, the number and sum whereof shall be specified by him in his evidence, has been lost or accidentally burnt or otherwise destroyed 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 be made in the Treasury bearing 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 Treasiu’cr to indemnify the Treasury against any double payment if the missing Bill shall thereafter be presented for payment.

Cancelling of 10. All Treasury Bills issued under the authority of this Act

discharged Bills.	wliich shall be paid off and discharged, and all defaced Bills as afore­ said, shall be cancelled. And after being so cancelled, and the accounts thereof audited and allowed, and the cheques, indents, and counterfoils delivered back into the Treasury, all such Bills, together with such cheques, indents, and counterfoils, shall be burned or otherwise destroyed nnd('r the authority of the Colonial Treasurer.
Power to Trustees to
inreat.	11. All Treasury Bills made out or issued under the authority of this Act shall be “ Government Securities” Avithin the meaning of the Act tAventy-six Victoria number twelve (the “ Trust Property Act of 1862”)?and of the Act scA^enteen Victoria number twenty-six or any Act in force for the fhue being relating to Eriendly Societies ; and all corporations, companies, or co-partnerships, and all trustees, executors, and administrators, Avhether incorporated, established, or appointed before or after the passing of this Act not expressly for­ bidden to invest their funds in the purchase of Government Stock or securities by their charter Act of Incorporatioji, deed of settlement, or of partnership, trust, deed, settlement, testamentary or other instru­ ment AA’hatsocA êr respectively, are hereby authorized and em])0Avcred to invest such funds in the purchase of and to hold Treasury Bills issued under or for the purposes of this Act Avithout incurring or committing any breach of trust or of any condition, restriction, or provision con­ tained in any siudi Act, charter, or other instrument Avhatsoe er as aforesaid.

Moneys raised (o form 12. All sucli suiiis of moucy as shall 1)0 raisod by Troasuiy Bills

part of Consolidated to bo issued Under the authority of this Act shall be carried to and

form part of the Consolidated Bevenire Eund.

1889. 53̂ VIC. ~No. 10. 45

TVomeii’a College Unioersilg Endoicment.

1.').. Tliis Act may l)e cited as tlie “ Treasury Bills Beiicieucy Coiiimi'menioni,

Act of 1880,” and in its coiistmetion the expression “ Governor	m'd
Council ” sliall mean the Governor ■with the advice of the Executive Council. And n lien any Government oliieer is mentioned, tlie jii'rson for the time being dnly anihorized to act for such oliieer sliall he taken to he included.