126
United Nations — Treaty Series
1970
Part III
FINANCIAL PROVISIONS
No taxation unless authorized by law.
- 28. No tax or rate shall be levied by or for the purposes of the State except by or under the authority of law.
Consolidated Fund.
- 29. (1) All revenues and moneys howsoever raised or received by the State from whatsoever source shall, subject to this Constitution and any law, be paid into and form one fund to be known as " the Consolidated Fund ".
- (2) There shall be charged on and paid out of the Consolidated Fund, in addition to any grant, remuneration or other moneys so charged by any other provision of this Consititution or by State law—
- (a) all debt charges for which the State is liable ; and
- (b) any moneys required to satisfy any judgment, decision or award against the State by any court or tribunal.
- (3) For the purposes of this Article, " debt charges " include interest, sinking fund charges, repayment or amortisation of debt and all expenditure in connection with the raising of loans on the security of the Consolidated Fund and the service and redemption of debt created thereby.
Annual financial statement.
- 30. (1) The Governor shall, in respect of every financial year, cause to be laid before the Council Negri a statement of the estimated receipts and expenditure of the State for that year, and, unless the Legislature in respect of any year otherwise provides, that statement shall be so laid before the commencement of that year.
- (2) The estimates of expenditure shall show separately—
- (a) the total sums required to meet expenditure charged on the Consolidated Fund ; and
- (b) subject to clause (3), the sums respectively required to meet the heads of other expenditure proposed to be met from the Consolidated Fund.
- (3) The sums referred to in paragraph (b) of clause (2) do not include—
- (a) sums representing the proceeds of any loan raised by the State for specific purposes and appropriated for those purposes by the law authorizing the raising of the loan ;
- (b) sums representing any money or interest on money received by the State subject to a trust and to be applied in accordance with the terms of the trust ; and
- (c) sums representing any money held by the State which has been received or appropriated for the purpose of any trust fund established by or in accordance with State law.
- (4) The statement of estimated receipts and expenditure shall also show, so far as is practicable, the assets and liabilities of the State at the end of the last completed financial year, the manner in which those assets are invested or held and the general heads in respect of which those liabilities are outstanding.
- No. 10760
