Treasury Bills Act

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE TREASURY BILLS ACT
CHAPTER 348 OF THE LAWS OF ZAMBIA
CHAPTER 348 THE TREASURY BILLS ACT
THE TREASURY BILLS ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Power to borrow by the issue of Treasury Bills
3. Principal of bills
4. Proceeds of bills
5. Amounts and period of currency of bills
6. Repayment of bills
7. Cancellation of repaid bills
CHAPTER 348
TREASURY BILLS
An Act to enable money to be borrowed on Government of the Republic of Zambia
Treasury Bills; and to provide for matters incidental to or connected therewith.
[14th November, 1929]
38 of 1929
Government Notices
315 of 1964
497 of 1964
Statutory Instrument
159 of 1965

ers incidental to or connected therewith.
[14th November, 1929]
38 of 1929
Government Notices
315 of 1964
497 of 1964
Statutory Instrument
159 of 1965

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
1. This Act may be cited as the Treasury Bills Act. Short title
2. The Minister, whenever authorised thereto by a resolution of the National
Assembly, may request the Crown Agents for Oversea Governments and Administrations
(in this Act referred to as "the Crown Agents") to borrow by the issue in London of
Government of the Republic of Zambia Treasury Bills (in this Act referred to as "bills") or
may borrow by the issue in the Republic of such bills, sums not exceeding the amount
specified in such resolution; and the Minister, or the Crown Agents with the approval of the
Minister, may also borrow from time to time in manner aforesaid such sums as may be
required to pay off at maturity bills already lawfully issued by them respectively and
outstanding. (As amended by G.N. No. 315 of 1964 and S.I. No. 159 of 1965)
Power to borrow by
the issue of Treasury
Bills
3. The principal moneys represented by the bills issued under the provisions of this
Act are hereby charged upon and shall be payable out of the general revenues and assets
of the Republic. (As amended by S.I. No.

he provisions of this
Act are hereby charged upon and shall be payable out of the general revenues and assets
of the Republic. (As amended by S.I. No.

159 of 1965)
Principal of bills
4. The proceeds of the issue of the bills by the Crown Agents shall be paid into the
general account of the Republic with the Crown Agents. (As amended by S.I. No. 159 of 1965)
Proceeds of bills
5. Every bill issued under this Act shall be for the sum of K2,000 or a multiple of
K2,000 and shall be payable at par at such time or times as the *(1)Minister, or the Crown
Agents on his behalf, shall before the issue of such bills fix and determine, but not later
than one year from the date of issue. *Powers delegated to Governor of Bank of Zambia by Gazette Notice No. 1559 of 1965. (As amended by S.I. No. 159 of 1965)
Amounts and period of
currency of bills
6. The Minister shall appropriate out of the general revenues of the Republic the
necessary sum to pay the principal represented by the bills, and, where the issue has
been in London, shall remit that sum to the Crown Agents in London at such time as will
enable them to pay the principal at their office in London when the bills fall due. (As amended by S.I. No. 159 of 1965)
Repayment of bills
7.

as will
enable them to pay the principal at their office in London when the bills fall due. (As amended by S.I. No. 159 of 1965)
Repayment of bills
7.

Where the issue has been in London, upon repayment of the principal moneys
represented by the bills, the bills shall be delivered up to the Crown Agents to be by them
cancelled and forwarded to the Government. (As amended by S.I. No. 159 of 1965)
Cancellation of repaid
bills

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
Endnotes
1 (Popup - Popup)
*Powers delegated to Governor of Bank of Zambia by Gazette Notice No. 1559 of 1965.