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Treasury Bills Act 1974

Chapter 135.

Treasury Bills Act 1974.
Certified on: / /20 .

INDEPENDENT STATE OF PAPUA NEW GUINEA.

Chapter 135.

Treasury Bills Act 1974.

ARRANGEMENT OF SECTIONS.

INDEPENDENT STATE OF PAPUA NEW GUINEA.

AN ACT

entitled

Treasury Bills Act 1974,

Being an Act to provide for the issue of Treasury Bills as a method of Government loan raising.

1. INTERPRETATION.

In this Act, unless the contrary intention appears “Treasury Bill” means a Government Treasury Bill issued under Section 2.

2. ISSUE OF TREASURY BILLS.

^[1]Notwithstanding any other law, the Minister may borrow, by the issue in Papua New Guinea of securities to be known as Treasury Bills, such amounts in any financial year as the Minister considers appropriate.

3. FORM AND GENERAL CONDITIONS OF BILLS.

The Minister may, from time to time, determine–

(a) the form in which Treasury Bills shall be issued; and

(b) the method by which Treasury Bills shall be issued; and

(c) the minimum amounts in which Treasury Bills may be issued; and

(d) the terms on which Treasury Bills may be issued, including all matters relating to issue price and maturity; and

(e) the conditions of payment of money payable under Treasury Bills; and

(f) the conditions under which Treasury Bills may be transferred; and

(g) any other matter necessary for the management of the borrowing.

4. LIMITATION OF SUBSCRIPTIONS.

Without limiting the generality of Section 3, the Minister may, at any time, if he considers it desirable to do so, limit subscriptions to any issue of Treasury Bills–

(a) to a certain amount; or

(b) to certain persons,

or both, and he may decline to accept the whole or any part of any application for any Treasury Bill.

5. PAYMENT.

A Treasury Bill issued under this Act is payable at par at such time or times as the Minister, before the issue of the Treasury Bill, fixes, being not later than one year from the date of issue.

6. TRANSFERABILITY.

Subject to Section 3, Treasury Bills are transferable.

7. PRINCIPAL MONEYS A CHARGE ON THE CONSOLIDATED REVENUE FUND.

The principal moneys secured by the Treasury Bills issued under this Act rank equally and without priority or preference with moneys secured by Papua New Guinea Inscribed Stock and Treasury Bonds and are a charge on and are payable out of the Consolidated Revenue Fund which, to the necessary extent, is appropriated accordingly.

8. CENTRAL BANK AS AGENT OF THE GOVERNMENT.

The Minister may appoint the Central Bank as agent for the Government for the purposes of this Act.

9. REPAYMENT.

The principal moneys secured by the Treasury Bills issued under this Act shall be repaid by the Central Bank on behalf of the Government, and on such repayment the Treasury Bills shall be cancelled by the Central Bank.

10. APPLICATION OF LOANS SECURITIES ACT.

(1) Subject to Subsection (2), the Loans Securities Act 1960 does not apply to Treasury Bills.

(2) Part VII of the Loans Securities Act 1960, with the necessary modifications, applies to Treasury Bills as though they were Treasury Bonds.

Office of Legislative Counsel, PNG

1. ^[1]Section 2 repealed and replaced by No. 46 of 1980; repealed and replaced by No 22 of 2000; Substituted by No. 4 of 2001, s. 1; Substituted by No. 4 of 2001, s. 1.