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Where in any financial year any Exchequer bills or Treasury bills are or are about to be paid off, the Treasury may, during that financial year, for the purpose of paying off, or of replacing the amount expended (otherwise than out of the new sinking fund) in paying off the principal money of such bills, or of any of them, raise a sum not exceeding the amount of such principal money by the issue of Treasury bills or of Exchequer bills, or partly of Treasury bills and partly of Exchequer bills, according as they think most beneficial for the public service.
Where in any financial year any Exchequer bills are paid in for duties the Treasury may during that financial year for the purpose of replacing the principal money of such bills, or any of them, raise a sum not exceeding the amount of such principal money by the issue of Treasury bills or of Exchequer bills, or partly of Treasury bills and partly of Exchequer bills, according as they think most beneficial for the public service.
This section shall apply in the case of Exchequer bills issued before as well as of those issued after the passing of this Act.
Section twelve of the Exchequer Bills and Bonds Act, 1866, is hereby repealed, without prejudice to anything previously done under that section.
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