INSCRIBED STOCK (ISSUE AND RENEWALS) ACT 1912 - SECT 7A
Issue of Treasury Bills
INSCRIBED STOCK (ISSUE AND RENEWALS) ACT 1912 - SECT 7A
Issue of Treasury Bills
7A Issue of Treasury Bills
(1) Pending the issue of stock or debentures under the authority of this Act
for conversion or renewal of maturing debentures or stock, the Governor may,
by the issue of Treasury Bills secured upon the Consolidated Revenue Fund,
raise such sums of money not exceeding in the whole the amount of moneys
authorised to be raised for such conversion or renewal.
(2) Such Treasury
Bills shall bear interest at a rate not exceeding eight dollars per centum per
annum, and shall have such currency, not exceeding five years, as the Governor
may direct: Provided that any such bills issued within twelve months after the
passing of the Inscribed Stock (Renewals) Amendment Act 1914 , may bear
interest at a rate exceeding eight dollars per centum per annum.
