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TREASURY BILLS ACT 1877

TREASURY BILLS ACT 1877 - LONG TITLE

An Act to provide for the preparation, issue, and payment of
Treasury Bills, and make further provision respecting Exchequer
Bills.{1}
[16th March 1877]
Preamble rep. by SLR 1894

TREASURY BILLS ACT 1877 - SECT 1
Short title.

1. This Act may be cited as the Treasury Bills Act, 1877.

...

Definitions.

TREASURY BILLS ACT 1877 - SECT 2

2. In this Act

Definitions rep. by SLR 1894; SL(R) 1977

The expression "prescribed" means prescribed by regulations made under
this Act.

S.3 rep. by SLR 1966; 1968 c.13 s.24 sch.6 Pt.I

TREASURY BILLS ACT 1877 - SECT 4
Form, currency of, and interest on Treasury bills.

4. A bill under this Act (referred to in this Act 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.

Interest shall be payable in respect of a Treasury bill at such
rate and in such manner as the Treasury direct.

TREASURY BILLS ACT 1877 - SECT 5
Charge of bills on Consolidated Fund.

5. ....

The principal money of and interest on any Treasury bill shall be
charged on and payable out of [the National Loans Fund with
recourse to] the Consolidated Fund of the United Kingdom, ..., at
the time and in the manner prescribed.

Ss.6, 7 rep. by SLR 1883; SLR 1966; 1968 c.13 s.24 sch.6 Pt.I.

TREASURY BILLS ACT 1877 - SECT 8
Mode of issue of Treasury bills.

8. With respect to the issue of Treasury bills the following
provisions shall have effect:

(1)Treasury bills shall be issued by the Bank of England under the
authority of a warrant from the Treasury, countersigned by the
Comptroller and Auditor General ...;

(2)Each Treasury bill shall be for the amount directed by the
Treasury.

Para.(3) rep. by 1889 c.6 s.6 sch.

TREASURY BILLS ACT 1877 - SECT 9
Regulations by Treasury.

9. The Treasury may from time to time make, and when made rescind
alter and add to, regulations for carrying into effect this Act,
and in particular

(1)For regulating (subject to the provisions of this Act) the
preparation, form, mode of issue, mode of payment, and cancellation
of Treasury bills;

(2)For regulating the issue of a new bill in lieu of one defaced,
lost, or destroyed; and

(3)For preventing, by the use of counterfoils or of a special
description of paper or otherwise, fraud in relation to Treasury
bills; and

(4)For the proper discharge to be given upon the payment of a
Treasury bill.

Every regulation under this Act shall be laid before both Houses of
Parliament within one month after it is made, if Parliament be then
sitting, or if not, within one month after the then next meeting
of Parliament.

Every regulation purporting to be made in pursuance of this section
shall be deemed to be within the powers of this Act, and shall
have effect as if it were enacted in this Act.

S.10 rep. by 1913 c.27 (3 & 4 Geo.5) s.20 sch. Pt.I. S.11 rep.
by 1892 c.48 s.8 sch. Pt.I. S.12 rep. by 1892 c.48 s.8 sch.Pt.I;
SLR 1966. S.13 rep. by 1968 c.13 s.24 sch.6 Pt.I