| Local Treasury Bills Act |
| (CHAPTER 167) |
(Original Enactment: Ordinance 4 of 1923)
| REVISED EDITION 1985 |
| (30th March 1987) |
| An Act to provide for the borrowing of money by the issue of Treasury Bills in Singapore. |
| [11th May 1923] |
| Short title |
1. This Act may be cited as the Local Treasury Bills Act.
|
| Power to borrow by the issue of Treasury Bills |
| 2. The Minister whenever authorised thereto by a resolution of Parliament may borrow, by the issue of Treasury Bills in Singapore, sums not exceeding the amount specified in the resolution; and the Minister may also borrow from time to time, by the issue of such Treasury Bills, such sums as may be required to pay off at maturity Bills already lawfully issued and outstanding. |
| Principal of Bills |
| 3. The principal moneys represented by the Treasury Bills issued under this Act are hereby charged upon and shall be payable out of the Consolidated Fund. |
| Proceeds of Bills |
| 4. The proceeds of the issue of such Treasury Bills shall be paid into the Consolidated Fund. |
| Amounts and period of currency of Bills |
| 5. Every Treasury Bill issued under this Act shall be for the sum of $10,000 or a multiple of $10,000, and shall be payable at par at such time or times as the Minister shall, before the issue of such Treasury Bills, fix and determine, but not later than one year from the date of issue. |
| Repayment of Bills |
| 6. The Minister shall appropriate out of the Consolidated Fund the necessary sum to pay the principal represented by the Treasury Bills when they fall due. |
| Cancellation of repaid Bills |
| 7. Upon repayment of the principal moneys represented by the Treasury Bills, the Bills shall be delivered up to the Accountant-General to be cancelled by him. |