COLONIAL TREASURY BILLS

1. This Ordinance may be cited as the Colonial Treasury Bills Ordinance.

2. The Minister of Finance[1] whenever authorized thereto by a resolution of the House of Representatives[1] may request the Crown Agents for Oversea Governments and Administrations to borrow by the issue in London of Ceylon Government Treasury Bills, sums not exceeding the amount specified in such resolution ; and the Crown Agents may also, with the approval of the Minister of Finance,[1] borrow from time to time by the issue of such Treasury Bills, such sums as may be required to pay off at maturity, bills already lawfully issued by them and outstanding.

3. The principal moneys represented by the Treasury Bills issued under the provisions of this Ordinance are hereby charged upon and shall be payable out of the Consolidated Fund[1] and assets of Ceylon.

4. The proceeds of the issue of the Treasury Bills shall be paid into the general account of Ceylon with the Crown Agents for Oversea Governments and Administrations.

5. Every Treasury Bill issued under this Ordinance shall be for the sum of one thousand pounds or a multiple of one thousand pounds and shall be payable at par at such time or times as the Minister of Finance[1] or the Crown Agents for Oversea Governments and Administrations on his behalf shall before the issue of such Treasury Bills, fix and determine, but not later than one year from the date of issue.

6.[1] The sum necessary to pay the principal represented by the Treasury Bills shall be appropriated out of the Consolidated Fund and shall be remitted to the Crown Agents for Oversea Governments and Administrations in London at such time as will enable them to pay the said principal at their office in London when the Treasury Bills fall due.

7. Upon repayment of the principal moneys represented by the Treasury Bills, the bills shall be delivered up to the Crown Agents, to be by them cancelled end forwarded to the Government of Ceylon.