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Public Treasury (Administration and Payments) Amendment Act


Published: 2005

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Public Treasury (Administration and Payments) Amendment Act 2005
PUBLIC TREASURY (ADMINISTRATION AND PAYMENTS)
AMENDMENT ACT 2005

1

BERMUDA

2005 : 11

PUBLIC TREASURY (ADMINISTRATION AND PAYMENTS)
AMENDMENT ACT 2005

Date of Assent: 17 May 2005

Operative Date: 17 May 2005

WHEREAS it is expedient to amend the Public Treasury
(Administration and Payments) Act 1969.

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title
1 This Act may be cited as the Public Treasury (Administration and
Payments) Amendment Act 2005.

Substitution of section 10C
2 The Public Treasury (Administration and Payments) Act 1969 is
amended by repealing section 10C and substituting the following
sections—

"Establishment of Government Reserves Fund
10C The Minister shall establish a Government Reserves
Fund into which he—

PUBLIC TREASURY (ADMINISTRATION AND PAYMENTS)
AMENDMENT ACT 2005

2

(a) shall pay money set aside in the Consolidated Fund
arising from the termination of the relevant
Agreements under the United States Bases
(Termination of Agreements) Act 2002; and

(b) may deposit bequests or donations to the
Government of Bermuda that do not have any
specified purpose.

Management of Government Reserves Fund
10D (1) The monies paid into the Fund shall be invested in
accordance with the Public Funds Act 1954 and the interest and
other income earned on such investments shall be paid into the
Fund.

(2) The Minister may direct the Accountant General to pay
out of this Fund such sums of money to such entities as the
Minister directs.

(3) The Accountant General shall maintain a record of
transactions of the Fund and shall ensure that —

(a) all monies received are properly brought to account;
and

(b) all payments out of the Fund are correctly made and
properly authorised.

(4) The financial year of the Fund shall be 1st April to 31st
March of the following year.

Annual report on Government Reserves Fund
10E (1) The Accountant General shall prepare and submit to the
Minister, within six months after the end of the Fund's financial
year an annual report on the operations of the Fund
containing —

(a) the financial statements of the Fund during the
preceding financial year; and

(b) such other information as the Minister may direct in
writing.

(2) Within seven months after the end of the Fund's
financial year the Minister shall send to the Auditor General a
copy of the annual report of the Accountant General on the
operations of the Fund.

(3) The Auditor General shall examine the annual report of
the Accountant General and shall prepare a report in writing, on

PUBLIC TREASURY (ADMINISTRATION AND PAYMENTS)
AMENDMENT ACT 2005

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the annual report of the Accountant General, to the Minister,
within three months of receiving the annual report from the
Minister.

(4) The Minister shall cause copies of the annual report of
the Accountant General, together with the report of the Auditor
General to be laid before the Legislature as soon as practicable.

Dissolution of Government Reserves Fund
10F(1) The Minister may dissolve the Fund if he determines
that there is no object to which the Fund could lawfully be used.

(2) If the Fund is dissolved under subsection (1), any monies
in the Fund at the time of the dissolution shall be paid into and
form part of the Consolidated Fund.".