Treasury Bills Act 1914

Treasury Bills Act 1914

Act No. 33 of 1914 as amended

This compilation was prepared on 19 April 2011
taking into account amendments up to Act No. 5 of 2011

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

Contents

1 Short title [see Note 1]

2 Definition

3 Power to make out and issue Treasury Bills

4 Conditions of issue

5 Transferable by delivery

6 Payment

7 Sale of Treasury Bills

8 Interest to cease

9 Defaced Bills may be exchanged

10 Lost or destroyed Treasury Bills

11 Trustees may invest

12 Destruction of discharged and defaced Bills

15 Regulations

Notes

An Act to authorize the Issue of Treasury Bills

1  Short title [see Note 1]

  This Act may be cited as the Treasury Bills Act 1914.

2  Definition

  In this Act, unless the contrary intention appears:

Treasury Bill means a Treasury Bill under this Act and includes any coupon in connexion therewith.

3  Power to make out and issue Treasury Bills

  The Governor‑General may authorize the Treasurer from time to time to make out and issue Treasury Bills for:

 (a) raising by way of loan any money, authority to borrow which is granted by any Act; and

 (b) paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.

4  Conditions of issue

  Each Treasury Bill shall:

 (a) be numbered consecutively, beginning with the number one and progressing arithmetically by units;

 (b) be signed by the Treasurer or some other person in that behalf appointed by the Governor‑General;

 (c) be registered in the office of the Auditor‑General;

 (d) bear date as the Governor‑General directs;

 (e) bear interest payable at such intervals as are prescribed at a rate not exceeding five per centum per annum in respect of the principal money secured hereby; and

 (f) be redeemable at par on a date fixed by the Governor‑General before the issue of the Treasury Bill reserving to the Treasurer the right after a date fixed by the Governor‑General before the issue of the Treasury Bill to redeem the Treasury Bill at par upon such notice given in such time and manner as are prescribed.

5  Transferable by delivery

  Treasury Bills shall be transferable by delivery.

6  Payment

  The principal money secured by a Treasury Bill and the interest thereon:

 (a) shall be payable to bearer; and

 (b) shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated for the purpose.

7  Sale of Treasury Bills

  Treasury Bills may be issued and sold in such amounts and manner and at such prices and on such terms and conditions as the Governor‑General directs.

8  Interest to cease

  Interest on Treasury Bills shall cease on the date or dates fixed by the Governor‑General as the dates on which the Treasury Bills are redeemable.

9  Defaced Bills may be exchanged

 (1) Where a Treasury Bill has been defaced by accident the Treasurer may permit it to be cancelled and a new Bill to be made out and issued in lieu thereof.

 (2) 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 the cancelled Bill.

10  Lost or destroyed Treasury Bills

 (1) Where a Treasury Bill has been accidentally lost or destroyed before it has been paid off, the owner may make application to the Federal Court of Australia for a certificate under this section.

 (2) If on the application the Court is satisfied by evidence that the Treasury Bill has been accidentally lost or destroyed and that the applicant is the owner thereof, it may give to the applicant a certificate that it is so satisfied.

 (3) Upon such certificate and upon the applicant giving security to the satisfaction of the Treasurer to indemnify the Commonwealth against double payment of the Treasury Bill, the Treasurer may, if he thinks fit, cause a new Bill to be made out and issued in lieu thereof.

 (4) 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 the cancelled Bill.

11  Trustees may invest

  A trustee, executor, or administrator may invest any trust moneys in his hands in the purchase of Treasury Bills.

12  Destruction of discharged and defaced Bills

  Treasury Bills and coupons which are paid off and discharged and defaced Bills as aforesaid shall be burnt or otherwise destroyed in the presence of the Secretary of the Treasury and the Auditor‑General, who shall forthwith sign a certificate showing that the Bills and coupons have been destroyed.

15  Regulations

  The Governor‑General may make regulations, not inconsistent with this Act, prescribing all matters and forms which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed, for carrying out this Act or for the conduct of any business relating to the issue, sale, transfer and dealing with Treasury Bills.

Notes to the Treasury Bills Act 1914

Note 1

The Treasury Bills Act 1914 as shown in this compilation comprises Act No. 33, 1914 amended as indicated in the Tables below.

Table of Acts

(a) The Crimes (Currency) Act 1981 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 2) 1985, subsections 2(1) and (7) of which provide as follows:

 (1) Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.

 (7) The amendments of the Crimes (Currency) Act 1981 made by this Act (other than the amendment of section 2 of that Act) shall come into operation immediately after the amendment of section 2 of that Act made by this Act comes into operation.

Table of Amendments