(1) Subject to the provisions of this Act, the Minister is hereby authorised to borrow moneys for public uses of the State by the issue of Treasury Bills.
(2) The Treasury Bills issued under subsection (1) may be issued within or outside the State as the Minister may direct.
(3) The authority to issue Treasury Bills under subsection (1) also extends to the issue of such bills as may be required to pay off at maturity Treasury Bills already issued.
(4) The principal sums represented by any Treasury Bills outstanding at any one time shall not exceed in the aggregate 50% of the estimated annual revenue of the State for the last preceding financial year as shown in the annual estimates of the revenue and expenditure laid before the House of Assembly with respect to that year. (Amended by Acts 6 of 1986 and 30 of 2003 and substituted by Acts 16 of 2014 and 12 of 2015)