Treasury Bills and Government Stocks Act, 1994
Act 7 of 1994
- Published in Government Gazette 70 on 20 January 1995
- Assented to on 29 December 1994
- Commenced on 20 January 1995
- [This is the version of this document at 1 December 1998.]
1. Short title and commencementThis Act may be cited as the Treasury Bills and Government Stocks Act, 1994 and shall come into force on publication in the Gazette.
2. InterpretationIn this Act—“agent” means a person appointed by the Minister under section 7;“approved foreign securities” mean stocks or bonds issued by any Government or any international organization approved by the Minister and maturing within a maximum period of fifteen years;“capital fund” means the capital fund created in the First Schedule to the Finance and Audit Act, 1967;“Minister” means the Minister for Finance;“stock” means Government stocks issued by the Government and registered in such amounts as may be decided by the Minister maturing within a maximum period of fifteen years and bearing such interest rate as the Minister may decide; and“treasury bill” means a promissory note issued by the Government payable to order in such amounts as may be determined by the Minister and redeemable within a period of not more than five years.
3. Powers to borrowSubject to section 4, the Minister is authorised to borrow from time to time such sums of money as he may think fit against the issue of treasury bills and stocks in Swaziland.
4. Limitation of borrowing powers
5. Provisions for the issue of treasury bills
6. Provisions applicable to the issue of stocks
7. Appointment of agent
8. Expenses of issuing treasury bills and stocksExpenses incurred in connection with the issue of any treasury bills and stocks, including any discount or commission, and all other expenses incidental to such issue shall be charged and paid out of the Consolidated Fund.
9. Capital and interest charged upon the Consolidated FundThe sums of money borrowed under this Act and all interest payable shall be charged and be paid out of the Consolidated Fund.
10. Conditions of issueThe Minister shall, at the time of issue of any treasury bills or stocks under this Act, stipulate in writing conditions relating to—
11. Investment of fundsThe Minister may use the sums borrowed under this Act or any part thereof for any expenditure authorised by an Appropriation Act for the financial year during which the withdrawal of such sum is to take place:Provided that the Minister may hold any unexpended balance on call with the Central Bank of Swaziland or any other financial institution on such terms and conditions as he may determine.
12. Cancellation of treasury bills or stocks redeemedAny treasury bills or stocks issued under this Act and redeemed by Government shall be cancelled and not re-issued.
13. Monies borrowed to be paid into the Capital FundAny sum of money borrowed under this Act shall be paid into the Capital Fund.
14. Exemption from stamp duty and transfer dutyNotwithstanding any other legislation, all treasury bills and stocks issued under this Act are exempt from all duties payable under the Stamp Duties Act, 1970 and all stock transfers effected under section 6 of this Act are exempt from all duties payable.
15. SavingsTreasury bills and stocks issued under the Treasury Bills and Short-Dated Government Stocks Order, 1973 and not yet discharged at the coming into force of this Act, shall remain in force together with conditions attached to them at issue until they are fully discharged.
16. RepealThe Treasury Bills and Short-Dated Government Stocks Order, l973 is repealed.
History of this document
01 December 1998 this version
20 January 1995
29 December 1994