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Treasury Bills (Amendment) Act 2013

PAPUA NEW GUINEA

TREASURY BILLS (AMENDMENT) ACT 2013

No. 36 of 2013.

Certified on: 30 MAY 2014

Treasury Bills (Amendment) Act 2013.

ARRANGEMENT OF SECTIONS.

1. Interpretation (Repeal and Replacement of Section 1).
2. Issue of Treasury Bills (Repeal and Replacement of Section 2).

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No. of 2013.

AN ACT

entitled

Treasury Bills (Amendment) Act 2013,

Being an Act to amend the Treasury Bills Act (Chapter 135) to provide authority for the Minister to issue Treasury Bills and for related purposes,

MADE by the National Parliament to come into operation in accordance with a notice in the National Gazette by the Head of State, acting with and in accordance with the advice of the Minister.

1. INTERPRETATION (REPEAL AND REPLACEMENT OF SECTION 1).

Section 1 of the Principal Act is repealed and replaced with the following:

"1. INTERPRETATION.

In this Act, unless the contrary intention appears -

"loan" means a loan raised by the State and includes a loan agreement or debt security by which the State has borrowed money in accordance with an Act of Parliament;

"Treasury Bill" means a Treasury Bill issued under Section 2.".

2. ISSUE OF TREASURY BILLS (REPEAL AND REPLACEMENT OF SECTION 2).

Section 2 of the Principal Act is repealed and replaced with the following:

"2. ISSUE OF TREASURY BILLS.

Despite any other Law, the Minister may issue in Papua New Guinea, securities to be known as Treasury Bills to -

(a) raise money, under the authority of Parliament, to fund expenditure which is included in the National Budget; and

(b) raise money to meet temporary deficiencies in revenue in a fiscal year to fund expenditure which is included in the National Budget; and

(c) raise money to refinance an existing loan raised by the State; and

(d) convert an existing loan raised by the State into a Treasury Bill.".

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I hereby certify that the above is a fair print of the Treasury Bills (Amendment) Act 2013 which has been made by the National Parliament.

Clerk of the National Parliament.
30 MAY 2014

I hereby certify that the Treasury Bills (Amendment) Act 2013 was made by the National Parliament on 19^th July, 2013.

Speaker of the National Parliament.
30 MAY 2014