Sub-Title C - Finance General

• Author: Ralph Hone
• Pages: #6

297 Public Treasury Bills

[C29.35 ICH.297. 3255

CHAPTER 297.

PUBLIC TREASURY BILLS.

50 of 1959.

43 of 1964.

AN ACT To AUTHORIZE THE ISSUE OF PUBLIC TREASURY BILLS.

[3rd September 1959.1

1. This Act may be cited as The Public Treasury Bills Act.

2. --(l) The Governor, whenever authorized thereto by resolution of the House of Assembly may borrow, either at one time or by such instalments as he may deem necessary, by the issue in this Colony of Public Treasury bills, sums not exceeding the amount specified in such resolution; and the Governor 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.

   (2) It shall be lawful for Treasury bills issued under the provisions of -this Act to be issued at a rate of discount which shall not exceed the rate specified in the resolution authorising the issue of such Treasury bills.

3. Th~e principal moneys represented by the Treasury bills issued under 'the provisions of this Act and the interest thereon, are hereby charged upon -and sh~all be payable out of the general revenue of the Colony.

4. The proceeds of the issue of the Treasury bills shall be paid into the Treasury to be utilized for the purposes specified in the resolution 5. Every Treasury bill issued under this Act shall be for the sum of One Hundred Pounds or a multiple of One Hundred Pounds, and shall be payable at par at such time or times as the Governor shall, before the issue of such Treasury bills, fix and determine, but not later than one year from the date of issue.

   Short title.

   Governor may when authorized borrow money by issue of Treasury bills in the Colony.

   43 of 1964, s. 4.

   Principal moneys charged upon general revenue.

   Procedure as to proceeds of issue of bills.

   Value and time of issue of Treasury bills.

   PUBLIC TREASURY BILLS.

   Payment of 6. The Governor shall, if necessary, appropriate principal. out of the general revenue of the Colony the necessary sum to pay the principal represented by the Treasury bills and interest thereon when they fall due.

   Procedure upon 7. Upon repayment of the principal moneys pipacat o represented by the Treasury.bills the bills shall be moneys. delivered up to the Treasurer to be by him cancelled.

   Regulations. 8. The Governor may from time to time make regulations for carrying into effect this Act and in IparticuarS(a) for regulating, (subject to the provisions of this Act) the preparation; form, mode of issue, mode of payment, and cancellation of Treasury Bills;

   S(b) for regulating the -issue of a- nevw bill in lieu of one defaced, l1st or.rdestroyed.: -:....- S (c) for. preventing by the tise of counterfoils- or - of a special description of paper or otherwise fraud in relation to Treasury bills; and (d) for regulating the cancellation of Treasury bills upon payment thereof and interest thereon.

   298 Capital Investment Fund

   [CCH.298. 3257

   CHAPTER 298.

   CAPITAL INVESTMENT FUND.

   AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF A CAPITAL INVESTMENT FUND FOR THE COLONY.

   [5th April 1954.1

1. This Act Tmay be cited as The Capital Investment Fund Act.

2. The Treasurer shall establish a fund entitled The Capital Investment Fund, hereinafter referred to as 'the Fund'.

3. The Treasurer shall transfer to the Fund the investments set out in the B:alance Sheet of the Colony at the date of the passing of this Act under the following headings:(i) Surplus Funds.

   (ii) The Golf Course Fund.

   (iii) Government Property (P.W.D.) Fund.

4. -(1) The Treasurer shall pay out of the general revenue and assets of the Colony appropriated for the Fund each year a sum of ~10,000 and shall cause such sum to be invested in the purchase of such securities as may be approved from time to time by the Governor.

   (2) The income earned by the Fund shall from time to time be invested in the same manner as provided in subsection (1) of this section and shall become a part of the Fund.

5. --(1) The Treasurer may at any time cause the securities held on behalf of the Fund to be realized and the proceeds re-invested in other securities as may be approved from time to time by the Governor.

   (2) Save as provided in subsection (1) of this section, securities held on behalf of the Fund shall not be realized.

   2 of 1954.

   14 of 1964.

   43 of 1964.

   Short title.

   Capital Investment Fund established.

   Transfer of certain investments.

   Payment to Fund of sums appropriated therefor and investment thereof.

   Realization of Fund.

   299 Exchange Control Regulations

   [CH.299.

   CHAPTER 299.

   EXCHANGE CONTROL REGULATIONS.

   AN ACT TO PROVIDE FOR THE CONTROL AND REGULATION OF GOLD, CURRENCY, SECURITIES AND FOREIGN EXCHANGE.

   [11th August 1952.] 1. This Act may be cited as The Exchange Control Regulations Act.

2. -(1) From and after the coming into operation of this Act the Governor may by Order make such regulations (hereinafter referred to as Finance Regulations) ias he may deem expedient in respect of any matter or thing connected with exchange control.

   (2) Without prejudice to the generality of the powers conferred by subsection (1) of this section Finance Regulations may be made for the purpose of controlling, buying, selling and dealing in gold, foreign currency, foreign securities and foreign exchange.

3. -(1) From and after the coming into operation of this Act the Governor may appoint a Controller (hereinafter referred to as the Controller of Exchange).

   (2) The officer from time to time performing the duties of the Controller of Exchange may exempt any person or body of persons from the provisions of any Finance Regulations.

   (3) The officer from time to time performing the duties of the Controller of Exchange shall have power to make such iorders and issue such directions as may be necessary to implement the provisions of any Finance Regulations.

4. Any person who fails to comply with or contravenes any of the provisions of any of the regulations made under the provisions of this Act shall be guilty of an offence against this Act and shall be liable on summary conviction to imprisonment for one year or to a fine of one thousand pounds or to both such 44 of 1952.

   7 of 1953.

   43 of 1964.

   Short title.

   Governor may make Exchange Control Regulations.

   Controller.

   7 of 1953, s. 2.

   Penalties.

   imprisonment and fine; so, however, that where the offence is concerned with any currency, any security, any payment, any gold, any goods or any other property, and does not consist only of a failure to give information or produce books, accounts or other documents with respect thereto when required so to do under the provisions of any Finance Regulations, a larger fine may be imposed not exceeding three times the amount or value of the currency, security, payment, gold, goods or property.

   300 British Currency

   CHAPTER 300.

   BRITISH CURRENCY.

   AN ACT TO DECLARE BRITISH STERLING MONEY TO BE THE MONEY OF ACCOUNT THROUGHOUT THE COLONY.

   [29th November 1838.1

1. This Act may be cited as The British Currency 4 of 1838.

   Short title.

   Act.

2. British sterling money shall be the money of account throughout the Colony, and all receipts and payments and all gifts, grants, contracts, bargains, sales, agreements and stipulations, and all written bonds, bills, notes, drafts, acceptances, acknowledgments, undertakings or securities for money, and all transactions, dealings, matters and things whatsoever relating to money, or involving or implying the payment of money, or the liability to pay any money which shall be had, made, done, executed or entered into within the Colony, shall be had, made, done, executed, and entered into in sterling money, such sterling money becoming the currency and lawful money of the Colony, and not according to any currency or as money hath been heretofore valued in the Colony, or in any other manner than in such sterling money; and that all such receipts, payments, gifts, grants, contracts, bargains, sales, agreements, stipulations, bonds, bills, notes, drafts, acceptances, acknowledgments, undertakings, securities, transactions, dealings, matters and things, shall be deemed, construed, and taken to be had, made, exeucted, done and entered into according to such sterling money, and in reference to the sterling value of the various coins in circulation within the British sterling money made the current money of the Colony.

   CH.300.] BRI [TISH CURRENCY.

   Colony at the time of the making, executing, doing or entering into,any such receipts, payments, gifts, grants, contracts, bargains, sales, agreements, stipulations, bonds, bills, notes, drafts, acceptances, acknowledgments, securities, transactions, dealings, matters and things aforesaid, unless the contrary be proved to have been the intention of the parties, any law, usage or custom in force within the Colony at any time before the passing of this Act to the contrary notwithstanding.

   I

   301 Currency Note

   CHAPTER 301.

   CURRENCY NOTE.

   AN ACT TO MAKE PROVISION WITH RESPECT TO THE CURRENCY NOTES OF THE COLONY OF THE BAHAMAS, AND TO PLACE THE ISSUE OF SUCH CURRENCY NOTES UPON A PERMANENT BASIS.

   [1st November 1936.1

1. This Act may be cited as The Currency Note Act.

2. In this Act'Crown Agents' means the person or persons for the time being acting as Crown Agents for Oversea Governments and Administrations in England;

   'prescribed' means prescribed by regulations made under this Act.

3. -(1) A board of Commissioners of Currency (in this Act referred to as 'the Commissioners') shall be established for the purposes of this Act and shall consist of the person for the time being lawfully discharging the duties of Treasurer and two other persons nominated by the Governor of whom one only may be the holder of a salaried office under the Crown.

   (2) The Commissioners shall have an office in the City,of Nassau, and may employ such agents, officers and persons as may from time to time be authorised by the Governor.

   (3) Any act of the Commissioners may be signified in writing under the hands of the...