MALTA TREASURY BILLS ACT

MALTA TREASURY BILLS

CHAPTER 133

MALTA TREASURY BILLS ACT

To provide for the issue and payment of Malta Treasury Bills.

(17th January, 1952) *

ACT II of 1952, as amended by Acts: VI of 1952, IX of 1955; Ordinance

XXV of 1962; Act II of 1963; Legal Notice 46 of 1965; Acts: XXII of 1976,

XIII of 1983 and XIX of 1995; and Legal Notices 409 of 2007 and 105 of

2008.

This Act may be cited as the Malta Treasury Bills Act.

In this Act -

"auctions" means a public invitation for submission of bids for

treasury bills in such manner as the Minister may direct;

"Malta" has the same meaning as is assigned to it by section 124

of the Constitution;

"Minister" means the Minister responsible for finance;

"prescribed" means prescribed by the Minister.

The Minister whenever authorised thereto by resolution of

the House of Representatives may raise money not exceeding the

amount specified in such resolution by the issue of bills under this

Act for the purpose of providing temporary borrowing to meet

monetary liquidity requirements to finance Government

expenditure.

(1) A bill under this Act (hereinafter referred to as a

treasury bill), shall be a bill in the prescribed form for the payment

of the principal sum named therein in the manner and at the date

therein mentioned, so that the date be not more than twelve months

from the date of the bill.

(2) Every treasury bill shall be signed by the Accountant

General after his authorisation in writing for the purpose by the

Minister.

(3) Every treasury bill shall be for a sum of one thousand euro

(1,000) or a multiple of one thousand euro (1,000).

Treasury bills may be issued in the following ways

(a) by holding auctions and issuing treasury bills to

persons whose bids are accepted; or

(b) by the issue of treasury bills at fixed rates of discount.

*See Government Notice No. 20 of 18th January, 1952.

MALTA TREASURY BILLS

(1) All money raised by the issue of any treasury bill shall

be paid into the public account of the Government of Malta.

(2) Proceeds of treasury bills shall be charged on and paid out

of the Treasury Clearance Fund and interest thereon shall be paid

out of the Consolidated Fund.

Where any treasury bills are or are about to be paid off, the

Minister may for the purpose of replacing the amount required to

pay off the principal money of such bills or any of them, raise a

sum not exceeding the amount of such principal money by the issue

of treasury bills.

Treasury bills shall not be subject to any duty under the

Duty on Documents and Transfers Act.

Upon repayment of the principal money represented by the

treasury bill, the bill shall be delivered up to the Accountant

General to be by him cancelled.

A treasury bill issued under this Act shall, unless expressly

provided by law, continue to be governed by the conditions

prevailing at the time of its issue, until it is repaid.

(1) The Minister may issue directives for the creation of

an electronic central depository for treasury bills and for the

institution of an electronic book entry transfer system.

(2) Notwithstanding anything contained in this Act, the

provisions relating to the issue of treasury bill certificates shall not

apply in the case of bills registered under the electronic central

depository for treasury bills.

(1) The Minister may make regulations to prescribe or

provide for -

(a) the preparation, form, mode of issue, registration,

negotiation, payment and cancellation of treasury

bills;

(b) the issue of a new treasury bill in lieu of a defaced, lost

or destroyed bill;

(c) the creation of an electronic central depository for

treasury bills and services related thereto; and

(d) such other matters as may be deemed to be necessary

for the purpose of carrying the provisions of this Act

into effect.

(2) All regulations under this Act shall be published in the

Gazette and laid before the House of Representatives.