Singapore legislation

Section 3

of Local Treasury Bills Act 1923

Section 3

Power to borrow by issue of Treasury Bills

(1)

Where Parliament by resolution authorises the borrowing of moneys under this Act and the President has given his concurrence under Article 144(1)(a) of the Constitution for such borrowing, the Minister may —

(a)

borrow, by the issue of Treasury Bills in Singapore, sums not exceeding the amount specified in the resolution; and

(b)

also borrow from time to time, by the issue of such Treasury Bills, such sums as may be required to pay off at maturity Treasury Bills already lawfully issued and outstanding.

(2)

The Authority may, on behalf of the Minister, undertake the issue and management of Treasury Bills issued under this Act.

(3)

Without prejudice to subsection (2), the Authority may —

(a)

issue book-entry Treasury Bills by means of entries on its records;

(b)

maintain accounts of book‑entry Treasury Bills —

(i)

for any depositor on such terms and conditions as may be specified by the Authority for such book‑entry Treasury Bills the depositor holds for its own account and, where the depositor is a depositary institution, for the account of its customers;

(ii)

for the Government; and

(iii)

for the Authority;

(c)

service and maintain book‑entry Treasury Bills; and

(d)

take all other necessary action in respect of book‑entry Treasury Bills to enable the Authority to perform its obligations as depositary with respect to such book‑entry Treasury Bills.

Read in full context — Local Treasury Bills Act 1923 →