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An Act to provide for the preparation, issue, and payment of Treasury Bills, and make further provision respecting Exchequer Bills.
[16th March 1877]
Modifications etc. (not altering text)
C1Act extended (31.7.1998) by 1968 c. 13, s. 20A, Sch. 5A para. 4(4) (as inserted (31.7.1998) by 1998 c. 36, s. 160, Sch. 26 paras. 1(3), 3)
C2Preamble omitted under authority of Statute Law Revision Act 1894 (c. 56)
C3Act extended by National Loans Act 1968 (c. 13), s. 12(5)(b)
This Act may be cited as the Treasury Bills Act 1877.
. . . F1
Textual Amendments
In this Act—
. . . F2
The expression “prescribed” means prescribed by regulations made under this Act.
Textual Amendments
F2Definitions repealed by Statute Law Revision Act 1894 (c. 56) and Statute Law (Repeals) Act 1977 (c. 18), Sch. 1 Pt. VIII
Modifications etc. (not altering text)
Textual Amendments
F3Ss. 3, 6, 7 repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I
A bill under this Act (referred to in this Act as a Treasury bill) shall be a bill in the prescribed form, for the payment of the principal sum named therein in the manner and at the date therein mentioned, so that the date be not more than twelve months from the date of the bill.
Interest shall be payable in respect of a Treasury bill at such rate and in such manner as the Treasury direct.
Modifications etc. (not altering text)
. . . F4
The principal money of and interest on any Treasury bill shall be charged on and payable out of [F5the National Loans Fund with recourse to] the Consolidated Fund of the United Kingdom, . . . F6, at the time and in the manner prescribed.
Textual Amendments
F4Words repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I
F5Words inserted by National Loans Fund Act 1968 (c. 13), Sch. 5
F6Words repealed by Statute Law Revision Act 1963 (c. 30)
Modifications etc. (not altering text)
C6S. 5 excluded (31.7.1998) by 1968 c. 13, s. 20A, Sch. 5A para. 4(6) (as inserted (31.7.1998) by 1998 c. 36, s. 160, Sch. 26 paras. 1(3), 3)
Textual Amendments
F7Ss. 3, 6, 7 repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I
With respect to the issue of Treasury bills the following provisions shall have effect:
[F8(1)Treasury bills shall be issued by the Treasury (either directly or through such agent as the Treasury think fit).]
. . . F9
(2)Each Treasury bill shall be for the amount directed by the Treasury.
. . . F10
Textual Amendments
F8S. 8(1) substituted (31.7.1998 with application as mentioned in s. 159(2) of the amending Act) by 1998 c. 36, s. 159(1)(2); S.I. 1999/2908, art. 2
F9Words repealed by Statute Law (Repeals) Act 1977 (c. 18), Sch.1 Pt. VII
F10S. 8(3) repealed by National Debt Act 1889 (c. 6)
Modifications etc. (not altering text)
The Treasury may from time to time make, and when made rescind alter and add to, regulations for carrying into effect this Act, and in particular—
(1)For regulating (subject to the provisions of this Act) the preparation, form, mode of issue, mode of payment, and cancellation of Treasury bills;
(2)For regulating the issue of a new bill in lieu of one defaced, lost, or destroyed; and
(3)For preventing, by the use of counterfoils or of a special description of paper or otherwise, fraud in relation to Treasury bills; and
(4)For the proper discharge to be given upon the payment of a Treasury bill.
Every regulation under this Act shall be laid before both Houses of Parliament . . . F11.
Subordinate Legislation Made
P1S. 9: s. 9 power exercised by S.I. 1991/1667.
P2S. 9: power previously exercised by S.I. 1968/414 and 1988/1603.
Textual Amendments
F11Words repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. XII
Modifications etc. (not altering text)
Textual Amendments
F12S. 10 repealed by Forgery Act 1913 (c. 27), Sch.
Textual Amendments
F13S. 11 repealed by Bank Act 1892 (c. 48), s. 8
Textual Amendments
F14S. 12 repealed by Statute Law Revision Act 1966 (c. 5)
Textual Amendments
F15S. 13 repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt I
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