Revised Laws of Saint Lucia (2021)

Treasury Bills Regulations – Section 9

(Statutory Instrument 23/1970)

Statutory Instrument 23/1970 .. in force 3 October 1970

Commencement [3 October 1970]

1.   Citation

These Regulations may be cited as the Treasury Bills Regulations.

2.   Notice inviting applications or tenders

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   (1)   The Accountant General or the financial institution may, when authorised in this behalf by the Minister, invite applications or tenders for Treasury Bills by notice published in the Gazette and in any such newspaper or newspapers published in Saint Lucia, or any country other than Saint Lucia, as the Minister may direct.

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   (2)   Such notice shall be published not less than 4 clear days before the final date on which applications or tenders will be received.

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   (3)   The notice published under paragraph (1) shall specify the period (being a period not exceeding 12 months) for which Treasury Bills are to be issued.

3.   Mode of issue of Treasury Bills

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   (1)   The Treasury Bills may be issued at fixed rates of discount or at rates of discount to be determined after the applications or tenders therefor have been received, as the Minister may direct.

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   (2)   Where Treasury Bills are to be issued at a fixed rate of discount, such rate shall be specified in the notice published under regulation 2(1).

4.   Applications or Tenders for Treasury Bills

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   (1)   Applications or tenders for Treasury Bills shall be made only on such forms as may be issued for the purpose by the Accountant General or the financial institution, as the case may be.

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   (2)   An application or tender for Treasury Bills shall not be accepted unless payment in respect thereof is made as may be specified on the form of application or tender.

5.   Allotment of Treasury Bills

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   (1)   On receipt of the applications or tenders for Treasury Bills, the Accountant General or the financial institution, as the case may be, may subject to such general or specific directions as may be issued by the Minister, accept such applications or tenders as he or she or it, in his or her or its absolute discretion, thinks fit, and make an allotment of the Treasury Bills accordingly.

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   (2)   The Accountant General or the financial institution, as the case may be, shall advise the successful applicants or tenderers for Treasury Bills of the allotment made to them.

6.   Rejection of applications or tenders

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   (1)   The Accountant General or the financial institution, as the case may be, shall not be bound to accept any application or tender and may reject it without assigning any reason therefor.

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   (2)   Where an application or tender is rejected under paragraph (1), the Accountant General, or the financial institution, as the case may be, shall inform the applicant accordingly and refund any payment made under regulation 4(2).

7.   Form of Treasury Bill

The Treasury Bills shall be in the form set out in the Schedule to these Regulations and shall be printed on such paper and to such design as may be approved by the Director of Finance and Planning.

8.   Repayment

Upon the surrender of a Treasury Bill, the principal sum of such bill shall be paid by the Accountant General or the financial institution, as the case may be, on the date specified in the bill without grace and the bill shall be cancelled and dealt with in such manner as the Minister may direct.