Public Treasury (Administration and Payments) Amendment Act 2011
FA E R
N

AT F
TQUO U

BERMUDA

PUBLIC TREASURY (ADMINISTRATION AND PAYMENTS)
AMENDMENT ACT 2011

2011 : 33

WHEREAS it is expedient to amend the Public Treasury (Administration and
Payments) Act 1969 so as to make further provision about the Unemployment Insurance
Fund;

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:

Citation
This Act may be cited as the Public Treasury (Administration and Payments)

Amendment Act 2011.

Amends principal Act in relation to the Unemployment Insurance Fund
After section 10B of the Public Treasury (Administration and Payments) Act 1969

(which established the Unemployment Insurance Fund), insert the following sections—

“Management of Unemployment Insurance Fund
The Minister may direct the Accountant General to pay out of the

Unemployment Insurance Fund such sums of money to such persons or entities
as the Minister directs, for the purpose of assisting unemployed persons.

The Accountant General shall maintain a record of transactions of the
Unemployment Insurance Fund and shall ensure that—

all monies received are properly brought to account; and

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

10BA (1)

(2)

(a)

(b)

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2

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PUBLIC TREASURY (ADMINISTRATION AND PAYMENTS) AMENDMENT ACT
2011

The financial year of the Unemployment Insurance Fund shall end on
31st March each year.

Annual Report on Unemployment Insurance Fund
The Accountant General shall prepare and submit to the Minister,

within six months after the end of the Unemployment Insurance Fund’s financial
year, an annual report on the operations of the Fund containing—

the financial statements of the Fund during the preceding financial
year; and

such other information as the Minister may direct in writing.

Within seven months after the end of the Unemployment Insurance
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.

The Auditor General shall examine the annual report of the Accountant
General and shall prepare a report in writing, on the annual report of the
Accountant General, to the Minister, within three months of receiving the annual
report from the Minister.

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 Unemployment Insurance Fund
The Minister may dissolve the Unemployment Insurance Fund if the

Minister determines that there is no object for which the Fund could lawfully be
used.

If the Unemployment Insurance 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.”

(3)

10BB (1)

(a)

(b)

(2)

(3)

(4)

10BC (1)

(2)

[Assent Date: 10 August 2011]

[Operative Date: 10 August 2011]

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