CHAPTER 356
TAX RESERVE CERTIFICATES ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Issue of tax reserve certificates

   3.   Money received for tax reserve certificates to be paid into a deposit account

   4.   Money received for tax reserve certificates not to be regarded as borrowings under the General Loan and Stock Act

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AN ACT

to make provision for the issue of tax reserve certificates; and to provide for incidental matters.

[6th September, 1963.]

Act 44 of 1963,

SI 159 of 1965.

 

1.   Short title

This Act may be cited as the Tax Reserve Certificates Act.

 

2.   Issue of tax reserve certificates

   (1) The Minister is hereby empowered to issue certificates called tax reserve certificates of such denominations and subject to such conditions as he may by regulation prescribe.

   (2) Such certificates shall be accepted by the Government at their face value, plus any interest due thereon, in payment by the holder thereof of any amount payable by him in respect of any direct tax specified by the Minister by statutory notice.

[S 2 am by SI 159 of 1965.]

 

3.   Money received for tax reserve certificates to be paid into a deposit account

All money received for the purchase of tax reserve certificates under this Act shall be paid into a deposit account of the Government established by the Minister for the purpose, and any amounts required for the redemption of such tax reserve certificates shall be paid out of such deposit account.

 

4.   Money received for tax reserve certificates not to be regarded as borrowings under the General Loan and Stock Act

Money received for the purchase of tax reserve certificates issued under this Act shall not be regarded as loans for the purpose of the General Loan and Stock Act.

 
 

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