Treasury Bills Act

The Minister may borrow in Uganda by issuing Government treasury bills up to twenty-two billion shillings, or further sums if authorised by Parliament.

Jurisdiction: Uganda
Instrument: Act or statute
Citation: Chapter 194
Version: 31 Dec 2000
Language: en
Official source: View official record ↗

Source attribution: Source: Uganda Legal Information Institute

Statute overview

About this statute

The Minister may borrow in Uganda by issuing Government treasury bills up to twenty-two billion shillings, or further sums if authorised by Parliament. Proceeds from the issue of treasury bills shall be paid into the Consolidated Fund. The principal monies represented by treasury bills issued under this Act are charged on and must be paid out of the Consolidated Fund. Every treasury bill must be for ten thousand shillings or a multiple and must be payable at par at times the Minister fixes, not later than one year from issue. Specifies the form in which treasury bills shall be issued.

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Provisions of Treasury Bills Act

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1. Issue of treasury bills
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The Minister may borrow in Uganda by issuing Government treasury bills up to twenty-two billion shillings, or further sums if authorised by Parliament.

Section 1. Issue of treasury bills Section Notwithstanding section 22 of the Public Finance Act, the Minister may borrow, by the issue in Uganda of Government treasury bills at any one time or by such installments as he or she may think necessary a sum not exceeding in total twenty-two billion shillings or such further sums as may from time to time be authorised by resolution of Parliament.
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2. Proceeds from issue of treasury bills
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Proceeds from the issue of treasury bills shall be paid into the Consolidated Fund.

Section 2. Proceeds from issue of treasury bills Section The proceeds from the issue of treasury bills shall be paid into the Consolidated Fund.
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3. Principal monies charged upon Consolidated Fund
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The principal monies represented by treasury bills issued under this Act are charged on and must be paid out of the Consolidated Fund.

Section 3. Principal monies charged upon Consolidated Fund Section The principal monies represented by the treasury bills issued under this Act are charged upon and shall be payable out of the Consolidated Fund.
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4. Value of bills when payable
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Every treasury bill must be for ten thousand shillings or a multiple and must be payable at par at times the Minister fixes, not later than one year from issue.

Section 4. Value of bills when payable Section Notwithstanding section 22(3) of the Public Finance Act, every treasury bill issued under this Act shall be for a sum of ten thousand shillings or a multiple of ten thousand shillings and shall be payable at par at such time or times as the Minister shall, before the issue of the treasury bills, fix and determine, but not later than one year from the date of issue.
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5. Rules
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Specifies the form in which treasury bills shall be issued.

Section 5. Rules Section the form in which treasury bills shall be issued;
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6. Bank of Uganda
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The Minister may appoint the Bank of Uganda as agent for the Government for any of the purposes of this Act.

Section 6. Bank of Uganda Section The Minister may appoint the Bank of Uganda as agent for the Government for any of the purposes of this Act.
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7. Validation
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Treasury bills issued before the Act commenced that exceeded the previous legal limit are treated as having been validly issued under this Act.

Section 7. Validation Section Any treasury bills issued prior to the commencement of this Act, which were in excess of the legal limit then existing under section 2 of the Treasury Bills Act, Cap. 153 , 1964 Revision, shall be deemed to have been validly issued under this Act.
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8. Repayment of treasury bills
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The Bank of Uganda must repay the principal monies of treasury bills issued under the Act, and upon repayment must cancel the treasury bills.

Section 8. Repayment of treasury bills Section The principal monies represented by the treasury bills issued under this Act shall be repaid by the Bank of Uganda, and upon that repayment the treasury bills shall be cancelled by the Bank of Uganda.

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Treasury Bills Act

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