TREASURY BILLS ORDINANCE, 1963

TREASURY BILLS ORDINANCE, 1963

An Ordinance to provide for the borrowing of money by the issue of Treasury Bills in North Borneo.

Date of commencement. [24th August, 1963]

ENACTED by the Legislature of North Borneo as follows: --

1. Short title.

This Ordinance may be cited as the Treasury Bills Ordinance, 1963.

2. Power to borrow by the issue of Treasury Bills.

The Financial Secretary may borrow moneys by the issue in North Borneo, from time to time as he may deem expedient, of Treasury Bills. The sums so borrowed shall be such that the amount of Treasury Bills issued and outstanding at any time shall not exceed five million dollars or such further sum as may be authorised by Resolution of the Legislative Council.

3. Charge upon general revenue and assets.

(1) The principal moneys represented by the Treasury Bills issued under this Ordinance are hereby charged upon and shall be payable out of the general revenue and assets of North Borneo.]

(2) The proceeds of such Bills shall be paid into the general revenue of North Borneo.

4. Amounts and period of currency of Treasury Bills.

Every Treasury Bill issued under the provisions of this Ordinance shall be for a sum of ten thousand dollars or a multiple of ten thousand dollars and shall be repayable at par at such time or times as the Financial Secretary shall, before each issue of treasury Bills, fix and determine, but not later than one year from the date of issue.

5. Repayment of Treasury Bills.

(1) The Financial Secretary shall appropriate out of the general revenue and the assets of North Borneo the necessary sum to pay the principal represented by the Treasury Bills when they fall due.

(2) Upon repayment of the principal moneys represented by the Treasury Bills, the Bills shall be delivered up to the Accountant-General for cancellation by him.

6. Exemption from Stamp Duty. Cap. 137.

Notwithstanding the provisions of the Stamp Duties Ordinance no stamp duty shall be payable on the transfer of any Treasury Bill.

7. Regulations.

The Financial Secretary may make regulations prescribing the form of Treasury Bills and generally for the purposes of carrying out the provisions of this Ordinance.

Passed this 8th day of August, 1963.

F. C. NEUBRONNER,

Clerk of Legislative Council.

THIS PRINTED IMPRESSION has been carefully compared by me with the Bill which has passed the Legislative Council and found by me to be a true and correct copy of the said Bill.

F. C. NEUBRONNER,

Clerk of Legislative. Council.