{"id":"C1914A00033","name":"Treasury Bills Act 1914","slug":"treasury-bills-act-1914","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"33 of 1914","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":258,"registerId":"C2011C00217","compilationNumber":null,"startDate":"2011-04-19","status":"InForce","reasons":[{"affect":"Amend","markdown":"sch 7 (item 141) of the [Statute Law Revision Act 2011](/C2011A00005)","dateChanged":null,"amendedByTitle":null,"affectedByTitle":{"name":"Statute Law Revision Act 2011","year":2011,"number":5,"titleId":"C2011A00005","provisions":"sch 7 (item 141)","seriesType":"Act","optionalSeriesNumber":null}}],"registeredAt":"2011-04-21T11:57:51.043Z"},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title [see Note 1]","content":"#### 1 Short title \\[see Note 1\\]\n\n  This Act may be cited as the Treasury Bills Act 1914.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Definition","content":"#### 2 Definition\n\n  In this Act, unless the contrary intention appears:\n\n> Treasury Bill means a Treasury Bill under this Act and includes any coupon in connexion therewith.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Power to make out and issue Treasury Bills","content":"#### 3 Power to make out and issue Treasury Bills\n\n  The Governor‑General may authorize the Treasurer from time to time to make out and issue Treasury Bills for:\n    (a) raising by way of loan any money, authority to borrow which is granted by any Act; and\n    (b) paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Conditions of issue","content":"#### 4 Conditions of issue\n\n  Each Treasury Bill shall:\n    (a) be numbered consecutively, beginning with the number one and progressing arithmetically by units;\n    (b) be signed by the Treasurer or some other person in that behalf appointed by the Governor‑General;\n    (c) be registered in the office of the Auditor‑General;\n    (d) bear date as the Governor‑General directs;\n    (e) bear interest payable at such intervals as are prescribed at a rate not exceeding five per centum per annum in respect of the principal money secured hereby; and\n    (f) be redeemable at par on a date fixed by the Governor‑General before the issue of the Treasury Bill reserving to the Treasurer the right after a date fixed by the Governor‑General before the issue of the Treasury Bill to redeem the Treasury Bill at par upon such notice given in such time and manner as are prescribed.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Transferable by delivery","content":"#### 5 Transferable by delivery\n\n  Treasury Bills shall be transferable by delivery.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Payment","content":"#### 6 Payment\n\n  The principal money secured by a Treasury Bill and the interest thereon:\n    (a) shall be payable to bearer; and\n    (b) shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated for the purpose.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Sale of Treasury Bills","content":"#### 7 Sale of Treasury Bills\n\n  Treasury Bills may be issued and sold in such amounts and manner and at such prices and on such terms and conditions as the Governor‑General directs.","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Interest to cease","content":"#### 8 Interest to cease\n\n  Interest on Treasury Bills shall cease on the date or dates fixed by the Governor‑General as the dates on which the Treasury Bills are redeemable.","sortOrder":7},{"sectionNumber":"9","sectionType":"section","heading":"Defaced Bills may be exchanged","content":"#### 9 Defaced Bills may be exchanged\n\n  (1) Where a Treasury Bill has been defaced by accident the Treasurer may permit it to be cancelled and a new Bill to be made out and issued in lieu thereof.\n  (2) Such new Bill shall have the like currency, and be in all respects subject to the same rules, methods, and continuance, and bear the same number, date, and principal sum and rate of interest, as the cancelled Bill.","sortOrder":8},{"sectionNumber":"10","sectionType":"section","heading":"Lost or destroyed Treasury Bills","content":"#### 10 Lost or destroyed Treasury Bills\n\n  (1) Where a Treasury Bill has been accidentally lost or destroyed before it has been paid off, the owner may make application to the Federal Court of Australia for a certificate under this section.\n  (2) If on the application the Court is satisfied by evidence that the Treasury Bill has been accidentally lost or destroyed and that the applicant is the owner thereof, it may give to the applicant a certificate that it is so satisfied.\n  (3) Upon such certificate and upon the applicant giving security to the satisfaction of the Treasurer to indemnify the Commonwealth against double payment of the Treasury Bill, the Treasurer may, if he thinks fit, cause a new Bill to be made out and issued in lieu thereof.\n  (4) Such new Bill shall have the like currency, and be in all respects subject to the same rules, methods, and continuance, and bear the same number, date, and principal sum and rate of interest, as the cancelled Bill.","sortOrder":9},{"sectionNumber":"11","sectionType":"section","heading":"Trustees may invest","content":"#### 11 Trustees may invest\n\n  A trustee, executor, or administrator may invest any trust moneys in his hands in the purchase of Treasury Bills.","sortOrder":10},{"sectionNumber":"12","sectionType":"section","heading":"Destruction of discharged and defaced Bills","content":"#### 12 Destruction of discharged and defaced Bills\n\n  Treasury Bills and coupons which are paid off and discharged and defaced Bills as aforesaid shall be burnt or otherwise destroyed in the presence of the Secretary of the Treasury and the Auditor‑General, who shall forthwith sign a certificate showing that the Bills and coupons have been destroyed.","sortOrder":11},{"sectionNumber":"15","sectionType":"section","heading":"Regulations","content":"#### 15 Regulations\n\n  The Governor‑General may make regulations, not inconsistent with this Act, prescribing all matters and forms which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed, for carrying out this Act or for the conduct of any business relating to the issue, sale, transfer and dealing with Treasury Bills.","sortOrder":12}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act remains tightly focused on its original 1914 purpose: establishing the legal framework for issuing, managing, and redeeming Commonwealth Treasury Bills as short-term borrowing instruments. There is no evidence of scope creep — no new subject matter, regulated entities, or enforcement regimes have been added. The only notable external update visible in the text is the reference to the 'Federal Court of Australia' in section 10 (for lost Bills), which replaced an earlier court reference as part of broader court restructuring, but this is an administrative update rather than a substantive expansion of purpose."},"complexity_factors":["Only 1 defined term ('Treasury Bill') in the definitions section — minimal interpretive burden","Short Act with 13 operative sections (sections 13 and 14 appear to have been repealed, creating minor numbering gaps)","Straightforward linear structure with no nested conditional logic or exceptions to exceptions","Some cross-referencing to external Acts (e.g. borrowing authority granted by 'any Act') but these are non-technical references","A few procedural conditions in section 4 (conditions of issue) but these are listed clearly and are not interdependent","Delegation of detail to regulations (section 15) means some operational rules are not visible in the Act itself, adding minor uncertainty","Historical drafting style uses archaic language ('connexion', 'therewith', 'hereof') which adds minor readability friction"],"plain_english_summary":"## Treasury Bills Act 1914\n\n**What is this law about?**\n\nThis is one of Australia's oldest Commonwealth financial laws, and it sets up the rules for **Treasury Bills** — a type of short-term government borrowing instrument (essentially an IOU issued by the government to raise money from investors).\n\n---\n\n**How does it work?**\n\n- The **Governor-General** (acting on government advice) can authorise the **Treasurer** to issue Treasury Bills to raise borrowed money that Parliament has already approved, or to cover the costs of running this Act itself.\n- Each Treasury Bill is essentially a **bearer instrument** — meaning whoever physically holds it is entitled to be paid. It works a bit like a banknote in that it can be handed from one person to another simply by physical delivery, with no paperwork required to transfer ownership.\n\n---\n\n**Key features of a Treasury Bill under this Act:**\n\n- **Numbered and registered** — each Bill gets a unique number and must be registered with the Auditor-General (the independent government watchdog for public money)\n- **Interest-bearing** — pays interest at a rate set by the government, capped at **5% per year**\n- **Redeemable at \"par\"** — meaning the government pays back the face value (the original amount) on a fixed date, with the option to redeem early if proper notice is given\n- **Payable to the bearer** — whoever holds the Bill gets paid, funded from the **Consolidated Revenue Fund** (the main government bank account)\n- **Tradeable by hand-to-hand delivery** — no formal transfer documents needed\n\n---\n\n**What if something goes wrong with a Bill?**\n\n- **Damaged (defaced) Bills** — the Treasurer can cancel the damaged Bill and issue a replacement\n- **Lost or destroyed Bills** — the owner can apply to the **Federal Court of Australia** for a certificate confirming the loss, then provide security (a financial guarantee) against the risk of double payment, after which the Treasurer may issue a replacement\n- **Used-up Bills** — once paid off or cancelled, Bills must be physically destroyed (burnt or otherwise) in front of the Secretary of the Treasury and the Auditor-General, who must sign a certificate confirming this\n\n---\n\n**Who can use Treasury Bills?**\n\nAnyone, including **trustees, executors, and administrators** (people legally managing money on behalf of others, such as deceased estates or trusts) — the Act explicitly allows them to invest trust money in Treasury Bills, giving these instruments a stamp of official safety.\n\n---\n\n**Why does it matter?**\n\nThis Act established one of the foundational mechanisms for **Commonwealth government short-term borrowing**. It gives the government a formal, regulated way to raise funds between tax receipts and spending needs, with built-in safeguards like registration, destruction of old bills, and court oversight for lost instruments. It reflects an era when government securities were physical paper documents rather than digital ledger entries."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"On the face of the supplied text, the Act's scope is limited to authorising Treasury Bills to raise loans authorised by other Acts and to meet certain capital‑like expenses (s3). The provisions consistently constrain issuance, payment, transfer and replacement procedures; no change to that scope is evident in the text provided."},"complexity_factors":["Concentrated executive discretion over issuance, terms, redemption and sale (Governor‑General; ss3,4,7,8)","Operational duties and formalities for Treasurer and Auditor‑General (signing, registration, destruction; ss4(c),4(b),12)","Bearer‑instrument features and payment from the Consolidated Revenue Fund create transfer and payment mechanics (ss5–6)","Replacement of defaced or lost bills requires Federal Court certificate and indemnity security, adding judicial and financial safeguards (s10)","Regulations power to fill procedural detail means substantive rules may be in subordinate legislation (s15)"],"plain_english_summary":"This Act lets the Governor‑General authorise the Treasurer to issue Treasury Bills to raise loans authorised by other Acts or to pay certain capital‑type expenses. Bills are bearer instruments, transferable by delivery, may carry interest up to five per cent per annum, and are payable out of the Consolidated Revenue Fund. The Governor‑General fixes dates and terms; the Treasurer signs and registers bills and may replace defaced or lost bills subject to a Federal Court certificate and indemnity security (ss3–6,9–10,15)."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The Act remains tightly focused on its original 1914 purpose: providing a statutory framework for issuing short-term government debt instruments. There is no evidence of scope creep; the legislation has not accumulated unrelated functions or been repurposed for broader financial regulation."},"complexity_factors":["Only 1 defined term ('Treasury Bill') in the interpretation section","Straightforward sequential structure with minimal cross-referencing","No nested exceptions or conditional logic chains","Short length — 12 substantive sections plus short title and regulation-making power","Simple, declaratory language ('shall be numbered', 'shall be transferable') with minimal qualification","Missing sections 13-14 suggest some historical tidying but no structural complexity"],"plain_english_summary":"This law gives the Australian Government the power to borrow money by issuing **Treasury Bills** — essentially short-term IOUs that promise to pay back the loan amount plus interest.\n\n**What it does:**\n- Allows the Governor-General to authorise the Treasurer to create and sell Treasury Bills to raise loans approved by Parliament\n- Sets the rules for how these bills work: they must be numbered, signed, registered, and can earn up to 5% interest per year\n- Makes the bills transferable — meaning whoever holds the physical bill owns it (\"bearer\" instruments)\n- Guarantees repayment from the government's main bank account (the Consolidated Revenue Fund)\n\n**Who it affects:**\n- **Investors** — people, companies, or trustees who buy Treasury Bills as a safe place to park money\n- **Trustees** — specifically allowed to invest trust money in these bills (section 11)\n- **The government** — gives it a tool to manage short-term cash flow and borrowing needs\n\n**Why it matters:**\nThis is one of Australia's oldest financial laws, created in 1914 to give the new Commonwealth a simple, flexible way to borrow money. Before modern bond markets, Treasury Bills were a crucial way for the government to raise funds quickly. Today, while the financial world has evolved, this Act remains the legal foundation for certain types of government short-term borrowing."},"issue_detection":{"absurdities":[],"contradictions":[]}},"importantCases":[],"_links":{"self":"/api/acts/treasury-bills-act-1914","history":"/api/acts/treasury-bills-act-1914/history","analysis":"/api/acts/treasury-bills-act-1914/analysis","conflicts":"/api/acts/treasury-bills-act-1914/conflicts","importantCases":"/api/acts/treasury-bills-act-1914/important-cases","documents":"/api/acts/treasury-bills-act-1914/documents"}}