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[F.A.Q.]
Fiji Consolidated Legislation |
LAWS OF FIJI
Rev. 1985
CHAPTER 69
FINANCE
TABLE OF PROVISIONS
PART I-PRELIMINARY
SECTION
1.
Short title and commencement
2.
Interpretation
PART II-ADMINISTRATION
3. Functions of the
Minister, officers, etc.
4. No
officers to open official accounts without authority
PART III-MANAGEMENT AND CONTROL OF PUBLIC FINANCE
5. Responsibilities of the
Minister
6. Estimates and
virements
7.
Authorisation of expenditure in advance of
appropriation
8. Annual statements of
account
PART IV-THE CONSOLIDATED FUND
9. Withdrawals from the
Consolidated Fund
10. Component
accounts of the Consolidated Fund
11.
Custody of public moneys
12.
Investment of moneys standing to credit of the
Government
13. Erroneous
receipts
14. Refunds, rebates and
drawbacks
15. Operating Fund
Account
16. Borrowing Fund
Account
17. Lending Fund
Account
18. Revolving Fund
Account
19. Special Fund
Account
20. Contingencies Fund
Account
PART V-BORROWINGS BY THE GOVERNMENT
21. Authority to raise
loans
22. Methods of raising
loans
23. Advance subscriptions for
loans
24. Issue of
debentures
25. Redemption of
debentures
26. Interest on
debentures
27. Form of debentures and
coupons
28. Debentures and coupons
transferable by delivery
29. Register
of debentures
30. Redeemed debentures
to be cancelled
31. Stock to be issued
on direction of Minister
32. Register
of stock to be kept
33. Stock
certificates
34. Transfer and
transmission of stock
35. List of
holders of stock with unclaimed
interest
36. Closing of register in
respect of Fiji stock
37. Interest on
stock
38. Redemption of
stock
39. Estate duty
stock
40. Sinking fund for redemption
of stock
41. No notice of trust to be
received or registered
42. Exemption
from stamp duty
PART VI-TREASURY BILLS
43. Issue of Treasury
Bills
44. Principal moneys charged
upon Borrowing Fund Account
45. Par
value of bills to be payable
46.
Reserve Bank as agent
47. Repayment of
Treasury Bills
48. Part V not to apply
to Treasury Bills
PART VII-GOVERNMENT GUARANTEES AND GOVERNMENT LENDING
49. Government empowered
to give guarantees
50. Guarantee to be
evidenced by instrument signed by
Minister
51. Sums charged on
Consolidated Fund deemed to be
loans
52. Security in respect of
guarantees
53. Government empowered to
lend
54. Loans to be
appropriated
55. Loan to be evidenced
by instrument signed by Minister
56.
Security in respect of loans
PART
VIII-SPECIAL PROVISIONS AS TO CERTAIN
ACCOUNTS
AND
CONTINGENCIES FUND
57. Revolving
accounts
58. Special
accounts
59. Contingencies
Fund
PART IX-ANNUAL VALUATION AND WRITE-OFF
60. Fluctuations in value
of investments
61. Write-off of
losses, etc.
62. Disposal of
serviceable public stores
PART X-SURCHARGES
63. Power of the Minister
to impose surcharges
64. Notification
of surcharge
65. Withdrawal of
surcharge
66. Review of
surcharge
67. Recovery of
surcharge
PART XI-MISCELLANEOUS
68. Payments without
probate, etc.
69. Trust moneys not
belonging to the Government
70. Power
to make regulations
71. Repeal and
savings
Schedule-Enactments
repealed
-----------------------------------
CHAPTER 69
Act
No. 8 of 1981
AN ACT
TO MAKE PROVISION FOR THE ADMINISTRATION, MANAGEMENT AND CONTROL OF THE PUBLIC
FINANCES AND FOR OTHER MATTERS CONNECTED THEREWITH
[1st January 1982]
PART I-PRELIMINARY
Short title
1. This Act may be cited
as the Finance Act.
Interpretation
2. In this Act, unless the
context otherwise requires-
"accounting officer" includes every officer who-
(a) is charged under this or any other Act with the duty of collecting, receiving or accounting for, or who collects, receives or accounts for, any public moneys;
(b) is charged as aforesaid with the duty of disbursing, or who disburses, any public moneys; or
(c) is charged as aforesaid with the receipt, custody or disposal of, or accounting for, public stores or who receives, holds, disposes of or accounts for public stores;
"Appropriation Act" means the Act appropriating revenue in relation to any financial year for such expenditure as is specified in that Act, and any other Act authorising the issue of moneys from the Consolidated Fund;
"the Borrowing Fund Account" means the account established by paragraph (b) of subsection (1) of section 10;
"the Contingencies Fund Account" means the account established by paragraph (f) of subsection (1) of section 10;
"debenture" means any debenture issued under section 24;
"estate duty stock" means any stock issued under section 39;
"Fiji stock" means stock created and issued under paragraph (a) of section 22;
"the Lending Fund Account" means the account established by paragraph (c) of subsection (1) of section 10;
"Minister" means the Minister to whom responsibility for finance is from time to time assigned;
"officer" means a person holding or acting in any public office as defined in the Constitution, other than a wage earner;
(Cap. 1.)
"the Operating Fund Account" means the account established by paragraph (a) of subsection (1) of section 10;
"public moneys" includes revenue and all moneys, other than moneys not belonging to the Government, held by the Government, whether temporarily or otherwise, or by an officer in his official capacity, alone or jointly with another person, whether an officer or not;
"the public service" means the service of the Crown, whether in a civil or military capacity, in respect of the Government;
"public stores" means property of any description, other than public moneys, belonging to, or in the possession or under the control of, the Government;
"register" includes any book kept by any registering authority in accordance with this Act;
"registering authority" means the Reserve Bank or any agent appointed by the Minister under paragraph (b) of subsection (4) of section 32;
"the Reserve Bank" means the Reserve Bank of Fiji*;
* See Act No. 14 of 1983, section 3(4).
"revenue" includes all tolls, taxes, imposts, rates, duties, fees, penalties, forfeitures, rents, dues, proceeds of sale and other receipts of the Government from whatever source arising, which may be appropriated in accordance with the Constitution, and the proceeds of all loans raised in accordance with this Act;
"the Revolving Fund Account" means the account established by paragraph (d) of subsection (1) of section 10;
"the Sinking Fund" means the sinking fund created under section 40;
"the Special Fund Account" means the account established by paragraph (e) of subsection (1) of section 10;
"stock" means stock issued in accordance with the provisions of this Act;
"stockholder" means any person holding stock and entered as proprietor thereof in a register; and
"wage earner" means a person employed by reference to any rate of remuneration or payment other than an annual one.
PART II-ADMINISTRATION
Functions of the Minister, officers, etc.
3.-(1) Every officer
concerned with, or responsible for, public moneys, public stores or moneys
entrusted to the Government or to
any officer in his official capacity, alone or
jointly with any officer or any other person, shall perform such duties, keep
such
books or other records and render such accounts as may be prescribed or as
the Minister may by instructions
direct.
(2) Subject to such
imitations as he may think fit, the Minister may authorise any officer or other
person to perform or exercise
any of the functions of the Minister under this
Act, other than any power to make regulations.
No officers to open official accounts without authority
4. No officer shall open
any public or official account in any bank or other financial institution
without the authority in writing
of the Minister.
PART III-MANAGEMENT AND CONTROL OF PUBLIC FINANCE
Responsibilities of the Minister
5. Subject to the
provisions of this and any other Act, the Minister shall manage, supervise,
direct and control the expenditure and
finances of the Government so as to
ensure that a full account thereof is made to Parliament and that financial
control is maintained.
Estimates and virements
6.-(1) The estimates of
expenditure required to be laid before the House of Representatives and the
Senate in accordance with section
121 of the Constitution shall be prepared in
such form as shall clearly identify by divisions and subdivisions of heads of
expenditure
the nature and purpose of the expenditure
proposed.
(Cap.
1.)
(2) Each head of expenditure
shall, where appropriate, show the number of posts for officers under that head
and the salaries and
other payments estimated to be paid in respect of such
officers.
(3) The total number of
posts for officers under any head shall not be increased except with the prior
approval of the House of Representatives,
whether or not additional expenditure
for the financial year is thereby
incurred.
(4) If in any financial
year the exigencies of the public service render it necessary to alter the
proportion of expenditure assigned
to the different divisions and subdivisions
of any head of expenditure shown in the estimates referred to in subsection (1)
or to
create a new subdivision of such head of expenditure, the Minister may
direct, by means of a
virement
warrant, that there shall be applied in
aid of any division or subdivision which may be deficient, or any new
subdivision, as the
case may be, a further sum out of any surplus arising on any
other division or subdivision of the same head of
expenditure:
Provided
that-
(a) the amount appropriated under any head of expenditure by an Appropriation Act relating to that year is not thereby exceeded; and
(b) the nature and purpose of any new subdivision shall be within the ambit of the division of which it is a subdivision.
Authorisation
of expenditure in advance of
appropriation
7. If the
Appropriation Act in respect of any financial year has not come into operation
by the beginning of that financial year,
the Minister may issue a warrant
authorising the withdrawal out of the Consolidated Fund of such moneys as he may
consider necessary
to carry on the services of the Government until the
expiration of four months from the beginning of that financial year or the
coming
into operation of the Appropriation Act, whichever is the earlier; and in
that event a statement of the moneys so authorised shall,
as soon as
practicable, be laid before and voted on by the House of Representatives, and
the aggregate sum so voted shall be included
under the appropriate heads of
expenditure in the next Appropriation
Bill.
Annual
statements of account
8. The Minister
shall, within a period of six months after the end of each financial year or
such longer period thereafter as the
House of Representatives may by resolution
approve, cause to be prepared, signed and transmitted to the Auditor-General the
following
statements of account-
(a) a statement of the balances of the total Consolidated Fund and of each of its component accounts, showing receipts and expenditure in each case for that financial year;
(b) a statement of the financial assets and liabilities of the Government at the end of that financial year; and
(c) such other statements as the House of Representatives may, from time to time, require or the Minister may consider necessary.
PART IV-THE CONSOLIDATED FUND
Withdrawals from the Consolidated Fund
9.-(1) The Minister shall,
by warrant, authorise the withdrawal from the Consolidated Fund of such sums as
may be withdrawn therefrom
in accordance with section 120 of the
Constitution.
(Cap.
1.)
(2) Notwithstanding the issue
of a warrant under subsection (1), the Minister may limit or suspend any
expenditure authorised to be
so withdrawn by the warrant which is not
expenditure charged on the Consolidated Fund by the Constitution or by any other
written
law.
(3) The transfer of
funds between the component accounts of the Consolidated Fund established by
section 10 shall not be made otherwise
than in accordance with this
Act.
Component accounts of the Consolidated Fund
10.-(1) The Consolidated
Fund shall consist of six separate accounts as follows-
(a) an account to be called the Operating Fund Account in which an account shall be kept of all moneys paid into or paid out of the Consolidated Fund, other than such moneys as are specified in paragraphs (b), (c), (d), (e) and (f);
(b) an account to be called the Borrowing Fund Account in which an account shall be kept of all moneys borrowed by the Government, the payment of interest and other charges and the repayment of principal in respect of such borrowings;
(c) an account to be called the Lending Fund Account in which an account shall be kept of all moneys lent by the Government and the receipt of the repayment of principal and the payment of interest and other charges in respect of such loans;
(d) an account to be called the Revolving Fund Account in which an account shall be kept of any payments made from or into any revolving account established under section 57;
(e) an account to be called the Special Fund Account in which an account shall be kept of any payments made from or into any special account referred to in section 58; and
(f) an account to be called the Contingencies Fund Account in which an account shall be kept of all advances made from that Account and the replenishment of that account.
(2)
The reference in paragraph
(e)
of subsection (1) to any payments shall not include moneys received by the
Public Trustee or the Official Receiver.
Custody of public moneys
11. Subject to the
provisions of this and any other Act, moneys paid into the Consolidated Fund may
be kept with such bank or banks
as the Minister may direct.
Investment of money s standing to credit of the Government
12. Subject to the
provisions of this and any other Act, moneys standing to the credit of the
Government with any bank, or otherwise
held by the Government, may be invested
by the Minister-
(a) on fixed deposit with any bank;
(b) in any securities in which trustees are authorised to invest under the Trustee Act;
(Cap. 65.)
(c) in any security issued by any statutory body in Fiji; or
(d) as advances authorised by this or any other Act or by resolution of the House of Representatives.
Erroneous receipts
13. The repayment of any
moneys paid in error into the Consolidated Fund shall be charged on the Fund and
the Minister may, by warrant,
authorise an issue to effect such
repayment.
Refunds, rebates and drawbacks
14. Where any Act provides
for the payment of any refund, rebate or drawback in respect of any moneys paid
into the Consolidated Fund,
the amount of such refund, rebate or drawback shall
be charged on the Consolidated Fund.
Operating Fund Account
15.-(1)
There shall be paid into the Operating
Fund Account all moneys received or raised for the purposes of the Government,
not being-
(a) moneys that are payable under any other Act into some fund established for a specific purpose or that may, under any other Act, be retained by the authority that received them for the purposes of defraying the expenses of that authority; or
(b) moneys which are required to be paid into one of the other component accounts of the Consolidated Fund under sections 16, 17, 18, 19 or 20.
(2)
There shall be paid from the Operating Fund Account all moneys charged upon the
Consolidated Fund by the Constitution or by this
or any other Act and all moneys
appropriated in accordance with the provisions of the Constitution, other than
those moneys which
are required to be paid from one of the other component
accounts of the Consolidated Fund under sections 16, 17, 18, 19 or
20.
Borrowing Fund Account
16.-(1) All moneys raised
for the purposes of the Government by way of loans, overdrafts or short term
advances shall be paid into
the Borrowing Fund
Account.
(2) All funds received by
way of any borrowings referred to in subsection (1) may, subject to the
authority of the Minister, be transferred
to the Operating Fund
Account.
(3) Repayments in respect
of principal and payments of interest and other charges, including contributions
to the Sinking Fund in
respect of any borrowings referred to in subsection (1),
shall be paid from the Operating Fund Account to the Borrowing Fund Account,
and
all repayments to lenders in respect of principal and payments of interest and
other charges on such borrowings shall be made
from the Borrowing Fund
Account.
(4) All interest and
other charges received in respect of the investment of the Sinking Fund under
subsection (3) or (6) of section
40 shall be credited to the Borrowing Fund
Account.
(5) Where the value of
the Sinking Fund at any time exceeds the amount required for the redemption of
all loans for which the Sinking
Fund has been created, the balance of the
Sinking Fund shall be transferred to the Operating Fund Account.
Lending Fund Account
17.-(1) All moneys to be
lent by the Government to any borrower under this or any other Act shall be
transferred from the Operating
Fund Account to the Lending Fund Account and
subsequently lent to the
borrower.
(2) All amounts received
in respect of principal or of interest and other charges in respect of moneys
lent by the Government shall
be credited to the Lending Fund Account and may
subsequently be transferred to the Operating Fund Account.
Revolving Fund Account
18.-(1) There shall be
transferred from the Operating Fund Account to the Revolving Fund Account such
sums as the Minister shall set
aside under section 57 for the purpose of
creating revolving accounts.
(2)
Whenever the amount standing to the credit of the Revolving Fund Account exceeds
the sum of eighteen million dollars in the aggregate,
the surplus shall be
transferred to the Operating Fund Account; and whenever such amount falls below
that sum, the deficiency shall
be made good out of the Operating Fund
Account.
Special Fund Account
19.-(1) There shall be
transferred from the Operating Fund Account to the Special Fund Account such
moneys as the Minister shall set
aside under section
58.
(2) All interest and all other
charges received in respect of the investment of such moneys under section 12
shall be paid into the
Special Fund
Account.
(3) There shall be paid
from the Special Fund Account all moneys appropriated in accordance with the
provisions of the Constitution
in relation to any of the special accounts
referred to in section 58.
Contingencies Fund Account
20.-(1) There shall be
transferred from the Operating Fund Account to the Contingencies Fund Account
the sum of two million dollars
set aside under subsection (1) of section 59 for
the purposes of the Contingencies
Fund.
(2) There shall be paid out
of the Contingencies Fund Account such sum as is required for the purpose of any
advance made by the Minister
under subsection (2) of section
59.
(3) Where an advance has been
made by the Minister under subsection (2) of section 59 and the replacement of
the amount advanced has
been authorised in pursuance of subsection (2) of
section 123 of the Constitution, the charges debited to the Contingencies Fund
Account by reason of such advance shall be transferred to the Operating Fund
Account and a corresponding credit transferred to the
Contingencies Fund Account
from the Operating Fund
Account.
(Cap.
1)
PART V-BORROWINGS BY THE GOVERNMENT
Authority to raise loans
21.-(1) Subject to the
provisions of this Act, the Minister may raise, in Fiji or elsewhere, loans of
such sums of money as the House
of Representatives may authorise by resolution,
together with such further sums as may be required to defray the expenses of
such
borrowings.
(2) All moneys
borrowed in accordance with this section shall be applied for such purposes as
shall be specified by the resolution
authorising the borrowing of those
moneys.
(3) The Minister may at
any time borrow by means of overdrafts or advances an amount not exceeding the
sum ten million dollars or
such other sum as may be provided for in any other
Act.
Methods of raising loans
22. Loans may be raised
under section 21 in any of the following ways-
(a) by the creation and issue of registered or inscribed stock, which shall be known as Fiji stock;
(b) by the issue of securities in the form of debentures payable to bearer; and
(c) in such other manner as the Minister may decide.
Advance subscriptions for loans
23. Whenever a loan has
been authorised as mentioned in section 21, the Minister may, at any time prior
to the opening of subscriptions
for the loan, accept advance subscriptions up to
the full authorised amount of the loan upon such terms and conditions as he may
specify at the time of the invitation for advance subscriptions.
Issue of debentures
24.-(1)
Where the Minister deems it expedient to
raise money by debentures, he may authorise the issue of debentures by the
Reserve Bank*
or, outside Fiji, by agents approved by the Minister, upon the
best and most favourable terms that can be obtained and in such amounts
and on
such conditions as, subject to the provisions of this Act, the Minister may
direct.
* See
Act No. 14 of 1983, section
3(4).
(2) Debentures shall be of
such denominations as the Minister may determine.
Redemption of debentures
25.-(1) Subject to
subsection (2), debentures shall be redeemable-
(a) at par on a fixed date to be declared on the issue of the debentures;
(b) by annual drawings at par; or
(c) at the option of the Minister, by purchase.
(2)
The Minister may reserve the option to redeem debentures prior to the date
referred to in paragraph
(a)
of subsection (1) on such conditions as may be declared at the time of the issue
of the debentures.
Interest on debentures
26.-(1) The interest upon
the principal represented by each debenture shall run from the date of issue
specified in that behalf in
the debenture, and shall be paid half-yearly on the
dates specified in that behalf in the
debenture.
(2) There may be
attached to any debenture coupons for the payment of the interest due in each
half year upon the principal represented
by the debenture; and the coupons shall
be sufficient in number to provide for the payment of interest during the whole
period for
which the debenture has to run or for such limited period as the
Minister may determine.
Form of debentures and coupons
27. Every debenture and
the coupons attached thereto shall be in such form as shall be approved by the
Minister.
Debentures and coupons transferable by delivery
28. Every debenture and
coupon, and the right to receive the principal and interest respectively
represented thereby, shall be transferable
by delivery.
Register of debentures
29. Every debenture shall,
before being issued, be registered in a register to be kept for that purpose by
the Reserve Bank* or such
agents as the Minister may
approve.
*See
Act No. 14 of 1983, section
3(4).
Redeemed debentures to be cancelled
30. Upon the repayment of
the principal moneys secured by any debenture, or on the redemption by purchase
of any debenture, the debenture
shall be delivered to the issuing authority for
cancellation together with all outstanding coupons.
Stock to be issued on direction of Minister
31. Fiji stock may be
issued, upon the direction of the Minister upon the best and most favourable
terms that can be obtained, in
such amounts and on such conditions as, subject
to the provisions of this Act, the Minister may direct before the issue
thereof.
Register of stock to be kept
32.-(1) Subject to section
39, a register shall be kept in which-
(a) all stock issued under this Act shall be registered, or, in the case of inscribed stock, inscribed;
(b) all transfers, transmissions and other dealings in such stock shall be registered; and
(c) all other matters which by this Act are required to be entered therein shall be so entered.
(2)
Inscribed stock shall be inscribed in the register by entering therein the name
of the stockholder, the amount of such stock and
such other particulars as the
Minister may direct.
(3) The
register shall be
prima facie
evidence of the title of any person to
any stock in respect of which he is registered as the
stockholder.
(4) The register
shall be kept-
(a) in the case of Fiji stock, by the Reserve Bank*; and
* See Act No. 14 of 1983, section 3(4).
(b) in the case of stock issued outside Fiji, by such agents as the Minister may appoint.
Stock certificates
33. The registering
authority shall send to the holder of any stock, other than estate duty
stock-
(a) in the case of registered stock, within thirty days of the receipt of the final instalment payable on the stock; and
(b) in the case of inscribed stock, at the request of the stockholder,
a
certificate, to be known as a stock certificate, showing that stock to the value
specified therein has been registered or inscribed
in the name of the
stockholder in the register in which the stock is registered or
inscribed.
Transfer and transmission of stock
34.-(1) Stock, other than
estate duty stock, shall be transferable by an instrument in such form as shall
be approved by the Minister,
and a certificate issued at the request of the
transferee by the registering authority in pursuance of such transfer and in
respect
of the stock so transferred shall be
prima facie
evidence of the title of the holder of
the certificate to the stock specified
therein.
(2) Any person to whom
any stock, other than estate duty stock, is transferred or is transmitted by
operation of law may apply to
the registering authority keeping the register in
which such stock is registered or inscribed to be registered as the proprietor
of such stock.
(3) Every
application under subsection (2) shall be-
(a) in such form as shall be approved by the Minister;
(b) verified by statutory declaration, or in such other manner as may be approved by the Minister; and
(c) supported by the production to the registering authority of the original or certified true copies of all documents under which the applicant claims to be entitled to be registered as the proprietor of the stock.
(4)
If the registering authority is satisfied that a person applying under
subsection (2) to be registered as the proprietor of any
stock is entitled to be
registered as such, it shall enter the name of that person in the register as
the proprietor of such stock.
(5)
No person shall have any claim against the Government, the Reserve Bank* or the
Minister in respect of any registration under
subsection (4), so, however, that
nothing in this subsection shall relieve the person to whom the stock is
transferred or transmitted
from any liability to account for, or deal with, the
stock.
* See
Act No. 14 of 1983, section
3(4).
List of holders of stock with unclaimed interest
35. The registering
authority shall keep, in a separate register, a list of the stockholders on
whose stock interest has been unclaimed
for five years or more, together with
their registered addresses, and such list shall be open for inspection without
payment of a
fee.
Closing of register in respect of Fiji stock
36.-(1) The registering
authority may, as respects Fiji stock, for a period not exceeding fourteen days
prior to each payment of interest
on any stock registered or inscribed under
section 32, close the register of that stock as regards transfers upon giving
not less
than seven days' notice of such closing by a notice published in the
Gazette.
(2) The persons who on
the day of such closing are registered as stockholders shall, as between them
and their respective transferees,
be entitled to the interest then next payable
on the stock.
Interest on. stock
37. Interest shall be
payable on stock half-yearly by the registering authority at the rate fixed by
the Minister at the time of the
issue of the stock.
Redemption of stock
38.-(1) Subject to
subsection (2), stock shall be redeemable at par on a date to be fixed by the
Minister when issuing the
stock.
(2) The Minister may
reserve the option to redeem stock, in whole or in part, by drawings or
otherwise at any time prior to the date
fixed for redemption on such conditions
as may be declared at the date of
issue.
(3) From and after the date
fixed for the redemption of stock or any part thereof, all the interest on the
principal moneys secured
thereby, or the part thereof to be redeemed, shall
cease to be payable, whether payment of the principal shall have been demanded
or not.
Estate duty stock
39.-(1) Of the moneys
which the Minister is authorised by this Act to borrow in Fiji, he may borrow
such amount as he thinks fit by
the issue of estate duty
stock.
(2) The executor or
administrator of the estate of any deceased person, or any other person by whom
estate duty may be payable in
respect of that estate, may pay the whole or any
part of the estate duty payable by him in respect of that estate by means of
estate
duty stock issued to the deceased; and the Commissioner of Estate and
Gift Duties shall accept any such stock accordingly in satisfaction
of the
estate duty.
(3) If provision in
that behalf has been made in the prospectus or terms of issue of the stock, the
Minister may issue estate duty
stock that is available for the payment of income
tax as well as estate duty, and in the event of such issue being
made-
(a) the executor or administrator of the estate of any deceased person may pay the whole or any part of the income tax payable in respect of the income of the deceased by means of any such stock issued to the deceased; and
(b) the Commissioner of Inland Revenue shall accept any such stock accordingly in satisfaction, in whole or in part, as the case may be, of the amount of income tax payable as aforesaid.
(4)
All estate duty stock transferred to the Commissioner of Estate and Gift Duties
or the Commissioner of Inland Revenue under this
section shall be deemed to
mature for payment, and to be accepted in satisfaction of estate duty or income
tax, as the case may be,
on the date of execution of the memorandum of transfer
by the transferor; and all such stock shall, for the purposes of this section,
be deemed to be of the nominal value of the stock and shall carry interest until
that date.
(5) The transfer of any
estate duty stock shall not be registered, and a stock certificate shall not be
issued in respect of any estate
duty
stock.
(6) If provision in that
behalf has been made in the prospectus or terms of issue of any estate duty
stock, it may be surrendered
in exchange for Fiji stock, other than estate duty
stock, in accordance with the terms so provided for such
exchange.
(7) Subject to
subsection (8), if on the death of the registered holder of any estate duty
stock the whole or any part of that stock
is not used for the payment of estate
duty in respect of the estate of the deceased or in the payment of income tax
payable by the
deceased at the time of his death, the stock so remaining unused
shall cease to be estate duty stock and this section shall accordingly
cease to
apply thereto.
(8) Stock which has
ceased to be estate duty stock under subsection (7) may be surrendered in
exchange for Fiji stock, other than
estate duty stock.
Sinking fund for redemption of stock
40.-(1) The Minister may,
in respect of any loan raised under section 21, create a sinking fund, to be
called the Sinking Fund, for
the repayment of the loan at par at the time of the
maturity of the loan or any part
thereof.
(2) The Minister shall,
in each half-year ending with the day on which the interest on any loan for
which the Sinking Fund has been
created under subsection (1) falls due, transfer
from the Operating Fund Account to the Borrowing Fund Account for the formation
of the Sinking Fund for repayment of that loan at par a sum equal to one-half of
the annual contribution, which contribution shall
not exceed such sum as shall
be sufficient, together with the interest accruing thereto, to redeem that
loan:
Provided that such
contribution shall, in respect of any loan, commence not later than three years
after the date from which the interest
on that loan shall commence to be
payable.
(3) Subject to the
provisions of this and any other Act, any sum transferred under subsection (2),
less any amount utilised in accordance
with subsection (6), may be invested by
the Minister in such manner as mentioned in paragraph
(a),
(b)
or
(c)
of section 12.
Provided that such
investments shall be such as to enable any loan for which the Sinking Fund has
been created, or any part of such
loan to be repaid at the date of the maturity
of the loan or such part thereof, as the case may
be.
(4) Any dividends, interest or
other yield from any such investments may be invested in any investment
authorised by subsection (3)
or in such manner as is authorised under subsection
(6); and any such investment may at any time be changed by the Minister to any
other investment authorised by or under subsection (3) or subsection
(6).
(5) In case the Sinking Fund
shall be insufficient for the repayment of the principal of any loan raised
under section 21 at the time
the same shall become due, the Minister shall make
good the deficiency out of the Operating Fund Account or by a loan raised under
that section.
(6) The Minister may
at any time authorise the utilisation of any amount transferred from the
Operating Fund Account under subsection
(2) for contribution to the Sinking Fund
for the purchase of stock in the loan for which the Sinking Fund has been
created.
(7) The Minister may at
any time authorise the utilisation of the whole or any part of the Sinking Fund
for the repayment, in whole
or in part, of any loan for which the Sinking Fund
has been created, whether or not such loan has become due for
repayment.
No notice of trust to be received or registered
41. Notice of any trust,
expressed, implied or constructive, in respect of any stock, shall not be
entered on a register and shall
not be received by the registering authority,
the Minister or any other person on behalf of the Government.
Exemption from stamp duty
42. Notwithstanding the
provisions of the Stamp Duties Act, stamp duty shall not be payable on the
transfer of any debenture or stock
issued by the Government under this or any
other Act.
(Cap.
205)
PART VI-TREASURY BILLS
Issue of Treasury Bills
43.-(1) The Minister may
borrow by the issue in Fiji of Government Treasury Bills, upon such terms as he
may think fit and at any
one time or by such instalments as he may think
necessary, such sum as shall not at any time exceed twenty five million dollars
or
such other amount as may be authorised by a resolution of the House of
Representatives.
(2) The proceeds
of the issue of Treasury Bills shall be paid into the Borrowing Fund
Account.
Principal moneys charged upon Borrowing Fund Account
44. The principal moneys
represented by Treasury Bills issued under section 43 shall be charged on the
Consolidated Fund and repayable
out of the Borrowing Fund
Account.
Par value of bills to be payable
45. Notwithstanding the
provisions of any other Act, every Treasury Bill issued under section 43 shall
be payable at par at such time
or times, not being later than one year from the
date of the issue of the Bill, as the Minister shall determine before that
date.
Reserve Bank as agent
46. The Minister may
appoint the Reserve Bank* as agent for the Government for any of the purposes of
this Part.
*See
Act No. 14 of 1983, section
3(4).
Repayment of Treasury Bills
47. The principal moneys
represented by Treasury Bills issued under section
43
shall be repaid by the Reserve Bank* on
behalf of the Government, and upon such repayment the Bills shall be cancelled
by the
Authority.
* See
Act No. 14 of 1983, section
3(4).
Part V not to apply to Treasury Bills
48. The provisions of Part
V shall not apply to Treasury Bills issued under section 43.
PART VII-GOVERNMENT GUARANTEES AND GOVERNMENT LENDING
Government empowered to give guarantees
49. Subject to the
provisions of any other Act, the Government may, under the authority of a
resolution of the House of Representatives,
guarantee the financial liability of
any person in respect of a loan or otherwise.
Guarantee to be evidenced by instrument signed by Minister
50. Any guarantee given
under section 49 shall be evidenced by an instrument under the hand of the
Minister.
Sums charged on Consolidated Fund deemed to be loans
51. Any sum paid by the
Government in fulfilment of the terms of a guarantee given under section 49
shall be charged on the Consolidated
Fund and shall be deemed to be a loan to
the person whose financial liability has been guaranteed.
Security in. respect of guarantees
52. The Government may, in
respect of any guarantee given under section 49, require the person whose
financial liability is guaranteed
to provide security for the repayment to the
Government of all sums paid by the Government pursuant to the
guarantee.
Government empowered to lend
53. Subject to the
provisions of this and any other Act, the Government may lend public moneys to
any person and the Minister may,
for that purpose, create advance or other
accounts in the Lending Fund Account.
Loans to be appropriated
54.
Any public moneys lent under section
53
shall be subject to the approval of an
Appropriation Act.
Loan to be evidenced by instrument signed by Minister
55. Any loan of public
moneys under section 53, or under any other Act, shall be evidenced by an
instrument under the hand of the
Minister.
Security in respect of loans
56. The Minister may, in
respect of any loan of public moneys under section 53, or any other Act, require
the person to whom the loan
is made to provide security for the repayment of the
principal thereof and the payment of any interest thereon and any other charges
in connection therewith.
PART
VIII-SPECIAL PROVISIONS AS TO CERTAIN
ACCOUNTS
AND
CONTINGENCIES FUND
Revolving accounts
57. The Minister may set
aside an amount, which shall not at any time exceed the sum of eighteen million
dollars in the aggregate
and which shall be charged on the Consolidated Fund,
for the purpose of creating revolving accounts, up to such - limits as he may
think fit, for the purchase or production of goods and services or for such
other purposes as he may think fit.
Special accounts
58. The Minister may set
aside public moneys for the purposes of such special accounts as shall be
established by resolution of the
House of Representatives or by any
Act.
Contingencies Fund
59.-(1) There shall be
established a Contingencies Fund, and for the purposes of that Fund there shall
be set aside the sum of two
million dollars, which shall be a charge on the
Consolidated Fund.
(2) The
Minister, if he is satisfied that there has arisen an urgent and unforeseen need
for expenditure for which no other provision
exists, may make advances from the
Contingencies Fund to meet that need.
PART IX-ANNUAL VALUATION AND WRITE-OFF
Fluctuations in value of investments
60.-(1)
The Minister shall, for each financial
year, value any securities forming part of investments under section 12 by
assigning thereto
the mean market price of such securities at the close of
business on the last day in such year for which such information is available
or, where such information is not available, by assigning thereto such value as
he may deem appropriate.
(2) Any
appreciation or depreciation arising from the valuation of such securities,
together with any profits or losses arising from
the sale or redemption of such
securities, shall be credited or debited direct to tire Consolidated Fund and
shall be shown as an
addition to or reduction from the opening balance of the
Consolidated Fund in the annual statement of financial assets and liabilities
of
the Government prepared in accordance with section 8.
Write-off of losses, etc.
61. Subject to the
provisions of this and any other Act, the Minister may, in respect of public
moneys and public stores-
(a) abandon or discontinue the recovery of amounts of revenue, debts and overpayments;
(b) write-off losses or deficiencies of public moneys and the value of lost, deficient, condemned, unserviceable or obsolete public stores;
(c) approve refunds or ex gratia payments; and
(d) approve that nugatory expenditure shall stand charged in the accounts.
Disposal of serviceable public stores
62. Serviceable public
stores which are not required for Government purposes may be given to any person
in Fiji-
(a) where the value thereof does not exceed one thousand dollars, at the discretion of the Minister;
(b) in any other case, with the approval of the House of Representatives.
PART X-SURCHARGES
Power of the Minister to surcharge
63. Where it appears to
the Minister that any-person, while he was an officer-
(a) failed to collect any moneys owing to the Government for the collection of which he was responsible;
(b) was responsible for any improper payment of public moneys or for any payment of such moneys which was not duly vouched for;
(c) was responsible for any deficiency in public moneys or public stores or for the destruction or damage of any public stores; or
(d) failed to comply with any of the provisions of this Act or any instructions issued by the Minister under section 3,
and
where, within such period as shall be specified by the Minister, an explanation,
satisfactory to the Minister, has not been furnished
to the Minister with
respect to such act or omission, as the case may be, the Minister may surcharge
such person a sum not exceeding
the value of any loss sustained by the
Government resulting from such act or omission.
Notification of surcharge
64. The Minister shall
cause a person surcharged under section 63 to be notified in writing of the
surcharge.
Withdrawal of surcharge
65. The Minister may at
any time withdraw any surcharge in respect of which an explanation which is
satisfactory to him has been furnished
in accordance with section 63 or if it
appears to him that no surcharge should have been made; and in any such case,
the Minister
shall cause the person surcharged to be notified in writing of the
withdrawal of the surcharge.
Review of surcharge
66.-(1) Any person who is
aggrieved by any surcharge made against him under section 63 shall have the
right to appeal against the
surcharge to the Minister within the period of one
month immediately after he has been notified of the surcharge in accordance with
section 64 or such longer period as the Minister may
allow.
(2) After such further
investigation as may be directed by him, the Minister may make an order
confirming the surcharge or directing
that the surcharge be cancelled in whole
or in part.
Recovery of surcharge
67.-(1) The amount of any
surcharge made under section 63 shall be recoverable as a debt due to the
Government from the person against
whom the surcharge has been
made.
(2) Notwithstanding the
provisions of any other Act, the Minister may direct that the amount of any
surcharge shall be recovered,
by equal monthly instalments, by deductions from
the salary of an officer or from the pension of a retired officer not exceeding
one-fourth of the total monthly salary or pension of such officer or retired
officer, as the case may be.
PART XI-MISCELLANEOUS
Payments without probate, etc.
68.-(1) Notwithstanding
the provisions of any other Act, on the death of any person to whom any sum of
money, not exceeding one thousand
dollars, may be due and payable by the
Government, the Minister may authorise the payment of that sum or any part
thereof to any
person who the Minister may consider to be entitled thereto
without requiring the production of probate or letters of
administration.
(2) Any payment
made under subsection (1) by any officer or other person duly authorised by the
Minister under subsection (2) of section
3 to perform the functions of the
Minister under subsection (1) shall be valid and regarded as properly paid to
the payee, and the
Government shall be discharged from any liability in respect
of sums paid under subsection (1).
Trust moneys not belonging to the Government
69.-(1) Subject to
subsection (4), the Government may receive and administer in the capacity of a
trustee moneys not belonging to
the
Government.
(2) All moneys
received and administered under subsection (1) shall be accounted for in a
Consolidated Trust Fund, which shall not
constitute a part of the Consolidated
Fund.
(3) The Minister may appoint
any officer as trustee of any moneys received and administered under subsection
(1).
(4) This section shall not
apply to moneys received and administered by the Public Trustee or the Official
Receiver.
Power to make regulations
70. The Minister may make
regulations for prescribing anything which may be prescribed under this Act and
otherwise for carrying out
the provisions of this Act, and, without prejudice to
the generality of the foregoing, may by regulations make provision as
to-
(a) the collection, receipt, custody, issue, expenditure, due accounting for, care and management of all public moneys, and the guidance of all persons concerned therewith;
(b) the recording, examination, inspection and departmental checking of all receipts and expenditure, and the keeping of all necessary books and accounts;
(c) the forms for all accounts, books and documents whatsoever required under this Act and for which no provision is made in this Act;
(d) the purchase, safe custody, issue, sale or other disposal or writing-off of public stores, and the proper accounting for, and stock-taking of, public stores;
(e) the preparation of estimates of the revenue and expenditure of the Government;
(f) the making of advances to officers and other persons, the rates and limits of such advances and the rates of interest thereon;
(g) the form and denomination of Treasury Bills and the method by which Treasury Bills shall be issued;
(h) the discount, purposes and any other matters necessary for the management of borrowing by way of Treasury Bills;
(i) the registering of debentures, the registering of stock and the inscribing of stock in registers;
(j) the persons who may be registered as debenture holders or registered or inscribed as stockholders;
(k) the method by which any payment in respect of stock or debentures shall be made;
(l) the method by which stock may be transferred;
(m) the methods by which debentures or stock may be redeemed by purchase in the market, by annual drawings, by conversion or otherwise;
(n) the conditions subject to which stock or debentures may be exchanged, consolidated or subdivided; and
(o) the fees to be paid in respect of anything to be issued or done under this Act.
Repeal and savings
71.-(1) The Acts specified
in, the Schedule are repealed.
(2)
Without prejudice to section 18 of the Interpretation Act, notwithstanding the
repeal of any Act by subsection (1), any instrument
made or any other thing done
under any of the provisions of the repealed Acts shall continue in force and
shall, so far as it could
have been made or done under this Act, have effect as
if made or done under the corresponding provision of this
Act.
(3) Notwithstanding the
repeal of any Act by subsection (1), the repeal shall not affect the terms and
conditions subject to which
any person held any office immediately before the
commencement of this Act.
SCHEDULE
(Section
71)
ENACTMENTS REPEALED
The Redemption Loan Act,
1946
The Fiji Development Loan Act,
1951
The Government Guarantee of Loans
Act, 1979
The Finance (Control and
Management) Act
The Government Loans
Act
The Treasury Bills
Act
Controlled by Ministry of
Finance
---------------------------------------------
Subsidiary Legislation
CHAPTER
69
FINANCE
SECTION 3-DELEGATIONS OF FUNCTIONS
10th
February
1982
(Legal Notice
No. 13 of 1982)
The Minister of Finance
has delegated to the Reserve Bank* such of the functions under the Act as are
set out in the
Schedule.
*
See Act No. 14 of 1983, section
3(4).
SCHEDULE
Section
Function
40(3) and (6) Power to
invest sums transferred to the Borrowing Fund Account for the formation of the
Sinking Fund-
(a) on fixed deposit with any bank;
(b) in any securities in which trustees are authorised to invest under the Trustee Act;
(c) in any security issued by any statutory body in Fiji; or
(d) in any stock in any loan for which the Sinking Fund has been created:
Provided
that such investments shall be such as to enable any loan for which the Sinking
Fund has been created, or any part of such
loan, to be repaid at the date of the
maturity of the loan or such part thereof, as the case may
be.
40(4) Power to invest any
dividends, interest or other yield from any investments made under subsections
(3) or (6) of section 40
of the Act in any investments authorised by or under
those subsections and to change such investments to other investments which
are
so authorised.
40(7) Power to
utilise the whole or any part of the Sinking Fund for the repayment, in whole or
in part, of any loan for which the
Sinking Fund has been created, whether or not
such loan has become due for repayment.
-----------------------------------------
13th
December
1982
(Legal Notice
No. 139 of 1982)
The Minister of Finance
has delegated to the persons for the time being holding or acting in any public
office designated in the first
column of the Schedule the functions described in
the third column of that Schedule against the designation of that office
(subject
to such limitations as may be specified in that column), being
functions conferred upon him by the provisions of that Act referred
to in the
second column of that Schedule against that designation.
SCHEDULE
Permanent Secretary for
Finance, a Deputy Secretary for Finance or the Chief Accountant (Treasury)
.......................................................................
Any
Chief Accounting
Officer..............................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance, a Deputy Secretary for Finance or the Principal Assistant
Secretary (Budget)
..........................................................
Any
Permanent Secretary (other than the Permanent Secretary for Finance) or any
other Head of Department
................................................................
Any
Assistant Secretary (Budget)
.................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance, a Deputy Secretary for Finance or the Chief Accountant
(Treasury)
........................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
Permanent
Secretary for Finance or a Deputy Secretary for Finance
...................................
Permanent
Secretary for Finance or a Deputy Secretary for Finance
...................................
Permanent
Secretary for Finance or a Deputy Secretary for Finance
...................................
Permanent
Secretary for Finance
..........................................................................................
Permanent
Secretary for Finance or a Deputy Secretary for Finance
...................................
Permanent
Secretary for Finance or a Deputy Secretary for Finance
...................................
Permanent
Secretary for Finance or a Deputy Secretary for Finance
...................................
Permanent
Secretary for Finance, a Deputy Secretary for Finance, or the Chief Accountant
(Treasury)
......................................................................
Permanent
Secretary for Finance or a Deputy Secretary for Finance
...................................
Permanent
Secretary for Finance
...................................
The
issue of instructions to officers concerned with, or responsible for, public
moneys, public stores or moneys entrusted to the
Government as to their duties,
the books or other records to be kept by them and the accounts to be rendered by
them. Subject to
the prior approval of the Permanent Secretary for Finance, the
issue of instructions to those officers in a Chief Accounting Officer's
Ministry
or Department concerned with, or responsible for, public moneys, public stores
or moneys entrusted to the Government as
to their duties, the books or other
records to be kept by them and the accounts to be rendered by
them.
The power to authorise the
opening of any public or official account with any bank or other financial
institution. The management,
supervision, direction and control of the
expenditure and finances of the Government so as to ensure that a full account
thereof
is made to Parliament and that financial control is
maintained.
The issue of
virement
warrants so as to alter the proportion of
expenditure assigned by the estimates of expenditure approved by Parliament for
any financial
year to the different programmes, activities or standard
expenditure groups shown in those estimates, so, however, that no new activity
of expenditure shall be
created.
The issue of
virement
warrants so as to alter the proportion of
expenditure assigned by the estimates of expenditure approved by Parliament for
any financial
year to the different activities or standard expenditure groups
for which the delegate is responsible, being activities and standard
expenditure
groups within the same programme of the same head of expenditure shown in those
estimates, subject to the following limitations,
that is to say-
(a) that no virement warrant shall be issued so as to alter the expenditure assigned to standard expenditure group (1) of any activity except in favour of such group of another activity;
(b) that no such warrant shall be issued so as to alter the expenditure assigned to standard expenditure groups (2), (3), (4), (5), (6) or (7) of any activity except-
(i) in favour of any such group of another activity; or
(ii) within the same activity;
(c) that no such warrant shall be issued so as to alter the expenditure assigned to standard expenditure groups (8), (9) or (10) of any activity except-
(i) in favour of any such group of another activity; or
(ii) within the same activity;
(d) no new activity, standard expenditure group or capital item of expenditure shall be created.
The
issue of virement
warrants, within programmes, between
activities and/or standard expenditure groups of a particular head, provided
that the amount
being
vired
to an activity or standard expenditure
group does not exceed 20% of the approved provision for that activity or
standard expenditure
group or $20,000, whichever is the greater and that no new
activity or standard expenditure group is thereby created. The preparation,
signing and transmission to the Auditor-General of such statements of account as
the House of Representatives may from time to time
require or the Minister may
consider necessary, in pursuance of paragraph
(c)
of the said section 8. The custody of moneys paid into the Consolidated
Fund.
The investment of moneys
standing to the credit of
Government.
The issue of warrants
authorising the repayment of moneys paid in error into the Consolidated
Fund.
The authorisation of the
transfer to the Operating Fund Account of any funds received into the Borrowing
Fund Account by way of
borrowings.
The approval of the
form to be used for debentures and the coupons attached to
debentures.
The directing of
additional particulars to be inscribed in the register of inscribed
stock.
The approval of the form of
the instrument to be used for transferring
stock.
The approval of the form of
application by the transferee of any stock for registration as the proprietor of
such stock, and the approval
of the manner by which such application shall be
verified other than by way of statutory
declaration.
The signing of an
instrument evidencing a loan of public
moneys.
The valuation of
securities forming part of investments under section 12 of the Act, for each
financial year.
The abandonment or
discontinuance of the recovery of amounts of revenue, debts or
overpayments.
The writing-off of
losses or deficiencies of public moneys and the value of lost, deficient,
condemned, unserviceable or obsolete
public
stores.
The approval of
refunds.
The power to approve that
nugatory expenditure shall stand charged in the
accounts.
The surcharge of any
person, where it appears to the delegate that that per-son has done or failed to
do anything in respect of which
the Minister may make a surcharge and where,
within such period as shall be specified by the delegate, an explanation,
satisfactory
to the delegate, with respect to that act or omission, has not been
furnished to the delegate.
The
notification of a person surcharged under section 63 of the Act of the
surcharge.
The notification of a
person surcharged under section 63 of the Act of the withdrawal of the surcharge
by the Minister.
The authorisation
of the recovery of the amount of any surcharge by equal monthly instalments or
by deductions from the salary of
an officer or from the pension of a retired
officer.
The authorisation of the
payment of any sum not exceeding $1,000 due and payable by the Government
without requiring production of
probate or letters of
administration.
169(3) The
appointment of any officer as trustee of any moneys received and administered by
the Government in the capacity of a
trustee.
* See
Legal Notice No. 191 of 1980.
t See
Legal Notice No. 161 of
1973.
----------------------------------------
SECTION 43-ISSUE OF TREASURY BILLS
Notice *11th December 1980
The House of
Representatives has resolved that the Minister of Finance be authorised to
borrow by the issue in Fiji of Government
Treasury Bills a sum not exceeding
twenty-five million dollars in total.
------------------------------
SECTION 46-APPOINTMENT OF AGENT
(Made by the Minister)
Notice 124th December 1973
The Reserve Bank of Fiji*
has been appointed the agent of the Government for the purposes of Part VI of
the Act.
* See
Act No. 14 of 1983, section
3(4).
-----------------------------------
SECTION 70-FINANCE (ADVANCES TO MINISTERS, MEMBERS OF THE HOUSE OF REPRESENTATIVES AND PUBLIC OFFICERS) REGULATIONS
TABLE OF PROVISIONS
REGULATION
1.
Short title
2.
Interpretation
3. Advances to
Ministers and Members of the House of
Representatives
4. Advances to public
officers
5. Interest on
advance
6. Terms and
conditions
----------------------------------
Regulations*
22nd June 1984
*
See Legal Notice No. 70 of
1984.
Short title
1. These Regulations may
be cited as the Finance (Advances to Ministers, Members of the House of
Representatives and Public Officers)
Regulations.
Interpretation
2. In these Regulations
"motor vehicle" includes a motor cycle.
Advances to Ministers and Members of the House of Representatives
3. The Government may make
an advance to a Minister or a Member of the House of Representatives for the
purchase of a motor vehicle.
Advances to public officers
4. The Government may make
an advance to a public officer-
(a) of an amount not exceeding one months' salary of that officer;
(b) on retirement gratuity of an amount not exceeding 75% of the officer's entitlement;
(c) for the purchase of a motor vehicle;
(d) for the purchase of a refrigerator;
(e) for the purchase of a stove; and
(f) where the officer is to proceed on in-service training overseas for a period of 12 months or more-to provide passages for his family to accompany him.
Interest on advance
5. All advances made under
these Regulations shall bear interest at the rate of 11% a year.
Terms and conditions
6. The Permanent Secretary
for Finance may specify the terms and conditions applicable to advances under
these Regulations.
------------------------------------
SECTION 70-FINANCE (CONTROL AND MANAGEMENT) REGULATIONS
TABLE OF PROVISIONS
PART I-PRELIMINARY
REGULATION
1.
Short title
2.
Interpretation
PART II-DUTIES OF ACCOUNTING OFFICERS
3. Chief accounting
officers
4. Duties of the Chief
Accountant
5. Authorisation of
postmasters to hold cash balances,
etc.
6. Responsibilities of accounting
officers
7. Inspection of
accounts
PART III-ACCOUNTING PROCEDURES AND ACCOUNTING EQUIPMENT
8. Departmental
instructions and internal checks
9.
Approval of purchase of accounting equipment
PART IV-GENERAL PROVISIONS AS TO PAYMENTS
10. Payments for supplies
or work under contract
11. Payment by
cheque
12. Payment of
claims
13. Payments to personal legal
representatives
14. Payments to
persons other than those named in
vouchers
15. Overseas
payments
16. Payments on behalf of
other Governments
17. Identification
of payees
18. Accounts to be paid
promptly
PART V-PAYMENT OF SALARIES, WAGES, ETC.
19. Payment and computing
of salaries.
20. Deductions from
salary
21. Payment of
pensions
PART VI-BANK ACCOUNTS AND CHEQUES
22. Signing of
cheques
23. Officers authorised to
endorse cheques
24. Manner in which
cheques shall be drawn
25. Bill of
exchange and promissory notes
PART VII-REVENUE COLLECTION AND RECEIPTS
26. Appointment of revenue
collectors
27. Responsibility of
revenue collectors
28. Responsibility
for revenue collection
29. Receipt of
money which is not legal tender
30.
Form of official receipts, etc.
PART VIII-REVOLVING ACCOUNTS AND TRUST ACCOUNTS, ETC.
31. Authorised limit not
to be exceeded
32. Authority to open
trust account
33. Ledgers to be
maintained
34. Trust account
returns
35. Authority for advances to
officers
-------------------------------------
Regulations*
21st December
1981.
*See
Legal Notice No. 139 of 1981.
(Made by the Minister of Finance)
PART I-PRELIMINARY
Short title
1. These Regulations may
be cited as the Finance (Control and Management) Regulations.
Interpretation
2. In these Regulations,
unless the context otherwise requires-
"Chief Accountant" means the person in charge of the Treasury;
"chief accounting officer" means any accounting officer responsible for controlling any of the votes of the estimates, as specified in the estimates, or as authorised by the Minister;
"Department" includes, in relation to any officer, the Ministry, Department within a Ministry, or the section within such a Department, which is under his supervision;
"the estimates" means the estimates of expenditure authorised by an Appropriation Act;
"postmaster" means an officer who is in charge of a post office;
"revenue collector" means any officer who is entrusted under the Act or any other Act with an official receipt or licence book for the collection of a particular kind of revenue, and who is required to keep a cash book recording all moneys received;
"Treasury" means the Treasury Department in the Ministry of Finance;
"trust account" means any account opened and maintained in the Consolidated Trust Fund established for the purposes of section 69 of the Act;
"trust moneys" means trust moneys not belonging to the Government; and
"vote" means an allocation of expenditure approved by Parliament.
PART II-DUTIES OF ACCOUNTING OFFICERS
Chief Accounting Officers
3.-(1)
A chief accounting officer shall be
personally responsible for the regularity of all payments from the votes or
funds under his control.
(2) A
chief accounting officer shall be responsible for-
(a) ensuring that all payments from the votes or funds under his control are properly authorised;
(b) promptly charging in his accounts under the proper heads, divisions and subdivisions of the estimates and other accounts all payments from the votes or funds under his control;
(c) ensuring that revenue is collected promptly and properly accounted for, bringing to account as revenue any excess moneys found, and making good any deficiency due to his negligence;
(d) ensuring that the work of his Department is carried on without waste or extravagance;
(e) furnishing his Ministry, the Ministry of Finance and the Auditor-General with any information called for concerning public accounts or public stores;
(f) ensuring the prompt preparation and submission on their due dates of all financial returns which the Minister, the Chief Accountant or the Auditor-General may require;
(g) arranging, and ensuring adherence to, a system of internal control covering all aspects of revenue and expenditure (including underline transactions) of moneys and all public stores under his control in order to guard against irregularity;
(h) ensuring the safe-keeping of public moneys and public stores under his control, in particular, revenue earning receipts, licences and valuable documents; and
(i) answering to the Minister in respect of the revenue and receipts which he is responsible for collecting.
Duties of the Chief Accountant
4. The Chief Accountant
shall-
(a) ensure that a proper system of accounting is established in every Department, and, when satisfied, approve proposed accounting procedures in relation to that Department;
(b) ensure that proper arrangements are made in every Department for the safe-keeping of all public moneys, trust moneys, revenue earning receipts, licences and valuable documents;
(c) notify the Minister of apparent extravagance and of any over-expenditure or unauthorised expenditure of a vote;
(d) bring promptly to account all public moneys and trust moneys paid into the Treasury, or accounted for to him;
(e) promptly charge in his accounts under, the proper heads, divisions and subdivisions of expenditure, all expenditure of the Government; and
(f) prepare financial statements and returns, and render accounts for audit to the Auditor-General.
Authorisation of postmasters to hold cash balances, etc.
5. Where the Chief
Accountant is satisfied that it is not practicable to use the services of a bank
in any area, he may authorise
a postmaster in that area to hold public moneys
for the purposes of Government expenditure and to accept lodgements from revenue
collectors, subject to such conditions as the Chief Accountant deems
fit.
Responsibilities of accounting officers
6. An accounting officer
shall be personally responsible for the proper collection and custody of all
public moneys and trust moneys
receivable by him and for any inaccuracies in the
accounts rendered by him or on his behalf.
Inspection of accounts
7.
-(1)
The Chief Accountant may appoint any
other officer to carry out an inspection in any Department of all books, records
or returns relati