Statutory Rules
1989 No. 1511
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Australian
Broadcasting Corporation
(A.B.C.
Stock) Regulations
I,
THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice
of the Federal Executive Council, hereby make the following Regulations under
the Australian Broadcasting Corporation
Act 1983.
Dated 28
June 1989.
BILL
HAYDEN
Governor-General
By His
Excellency’s Command,
RALPH WILLIS
Minister of State for
Transport and Communications
–––––––
PART I—PRELIMINARY
Citation
1. These Regulations may
be cited as the Australian Broadcasting Corporation (A.B.C. Stock) Regulations.
Interpretation
2. (1) In these Regulations,
unless the contrary intention appears:
“approved
form” means a form approved by the Corporation;
“Registry”
means a Registry for the inscription of stock;
“stock”
means the Stock referred to in regulation 3;
“the
Act” means the Australian Broadcasting
Corporation Act 1983.
(S.R.
413/88)—Cat. No. 14/1.2.1989
(2) In these Regulations, a
reference to the owner of stock shall be read as including a reference to the
owners of stock in a joint account.
PART
II—ISSUE OF STOCK
Issue of inscribed stock
3. The Corporation may
issue securities by way of inscribed stock, called Australian Broadcasting
Corporation Stock or A.B.C. Stock:
(a)
for raising by way of loan any money that the Corporation may borrow under the
Act: and
(b)
for converting any loan raised by the Corporation into any other loan so
raised.
Terms and conditions of
issue
4. (1) Stock may be issued and
sold in such amounts, at such prices and on such terms and conditions,
including rates and terms and conditions as to interest, as the Treasurer
approves.
(2) Where members of the
public are invited to purchase stock, the Corporation shall issue a prospectus
inviting applications to purchase stock and setting out the amounts, price and
terms and conditions of the stock, including rates and terms and conditions as
to interest, so approved by the Treasurer.
Applications for stock
5. (1) An application to
purchase stock, being an application of the kind referred to in subregulation 4
(2), shall be in accordance with an approved form accompanying the prospectus
inviting applications to purchase stock.
(2) An application under
subregulation (1) to purchase stock shall be made in the manner specified in
the prospectus.
(3) In the case of a joint
account, the application under subregulation (1) shall specify an address to
which payments of interest and payments in redemption of stock may be sent.
PART
III—INSCRIPTION, TRANSMISSION AND TRANSFER OF STOCK
Establishment of
Registries
6. The Corporation shall
make arrangements for the establishment of Registries for the inscription of
stock.
Manner of registration
of stock
7. (1) All stock issued shall be inscribed by entering in a Stock
Ledger kept in accordance with an approved form at a Registry the name, address
and designation of the owner of stock and the amount of stock owned by him or
her.
(2) No stock shall be
inscribed in the names of more than 4 persons.
(3) Stock shall not be
inscribed in the name of a person under the age of 18 years.
(4) A reference in
subregulation (1) to the address of the owner of stock shall be read, where the
stock is owned by more than one person, as a reference to the address specified
under subregulation 5 (3) in the application to purchase stock.
Notice of trusts not
received
8. No notice of any trust
express, implied or constructive shall be received by the Corporation or
entered in the Stock Ledger or other records kept by the Corporation.
Executors etc.
9. Stock shall not be
inscribed in the names of executors, administrators or trustees as such but in
their individual names without reference to trusteeship.
Changes in Stock Ledger
10. (1) Where an owner of stock changes his or her name, address or
designation, the Corporation shall, on application by the owner of stock in
accordance with an approved form lodged at the Registry at which the stock is
inscribed, record the change in the Stock Ledger.
(2) Where an application
referred to in subregulation (1) is received by a Registry less than 14 days
before a payment of interest is due, the Corporation may decline to record the
change specified in the application until after payment of that interest.
Sales and Transfers
Register
11. The Corporation shall
keep Sales and Transfers Registers in accordance with an approved form in which
shall be entered particulars of sales of stock to original purchasers,
transmissions of stock, transfers of stock, transfers of stock from one
Registry to another, stock redeemed, stock converted and any other transaction
in respect of stock.
Transmission of stock
12. (1) A person to whom stock is transmitted may apply to be inscribed
as the owner of the stock.
(2) An application under
subregulation (1) shall be made in accordance with an approved form lodged at
the Registry at which the stock is inscribed and shall be executed by the
applicant.
(3) Each signature on an
application referred to in subregulation (2) shall be verified in a manner
approved by the Corporation.
(4) In the case of a
transmission consequent on death, the probate of the will, letters of
administration, or other instrument that is evidence that a person is entitled
to the estate of a deceased person, or is authorised to administer the estate
of a deceased person, shall be lodged at the Registry at which the stock is
inscribed.
(5) In the case of a
transmission consequent on bankruptcy, an office copy of the adjudication or
order of sequestration shall be lodged at the Registry at which the stock is
inscribed.
(6) A transmission of stock
shall be effected by entering a record of the transmission in the Stock Ledger
and by inscribing in the Stock Ledger as owner of the stock the name of the
person to whom the stock has been transmitted.
Owner may transfer stock
13. (1) The person whose name
is inscribed in the Stock Ledger as the owner of stock may dispose of and
transfer stock in the manner provided by these Regulations and may give
effectual receipts for money paid to him or her by way of consideration for
stock.
(2) The owner of stock shall
not transfer stock having a face value that is less than $100 or is not a
multiple of $100.
Transfer of stock within
a Registry from one person to another
14. (1) Stock may be
transferred within a Registry from one person to another by an instrument of
transfer and acceptance, in accordance with an approved form, executed by both
parties and lodged at the Registry.
(2) Each signature on an
instrument under subregulation (1) shall be verified in a manner approved by
the Corporation.
(3) A transfer of stock
under subregulation (1) shall be effected:
(a)
by cancelling the inscriptions of the stock in the name of the transferor in
the Stock Ledger; and
(b)
by inscribing the stock in the name of the transferee in the Stock Ledger.
Transfer of stock from
one Registry to another with change of ownership
15. (1) The owner of stock may,
by an instrument of transfer and acceptance, in accordance with an approved
form, executed by both parties and lodged at the Registry at which the stock is
inscribed, transfer stock to the name of another person in the Stock Ledger at
another Registry.
(2) Each signature on an
instrument referred to in subregulation (1) shall be verified in a manner
approved by the Corporation.
(3) A transfer of stock
under subregulation (1) shall be effected:
(a)
by cancelling the inscription of the stock in the name of the transferor in the
Stock Ledger at the Registry first-mentioned in subregulation (1); and
(b)
by inscribing the stock in the name of the transferee in the Stock Ledger at
the other Registry referred to in subregulation (1).
Transfer of stock from
one Registry to another without change of ownership
16. (1) Stock inscribed in a Stock Ledger at a Registry in the name of
a person may be inscribed in a Stock Ledger at another Registry in the name of
that person on application by the person in accordance with an approved form
lodged at the first-mentioned Registry.
(2) Where stock is inscribed
in the Stock Ledger at another Registry under subregulation (1), the
inscription of the stock in the Stock Ledger at the Registry first-mentioned in
subregulation (1) shall be cancelled.
Marked transfer
17. (1) The Corporation shall, on application by an owner of stock in
accordance with an approved form lodged at the Registry at which the stock is
inscribed, mark a transfer of stock, being a transfer that has been properly
executed by the transferor, with words that are substantially in accordance
with the following form: “Stock for (insert
face value of stock proposed to be transferred)Dollars held against this transfer for a period of 42 days from
and including (insert date of marking).”.
(2) Where the Corporation
has marked a transfer in accordance with subregulation (1), the Corporation
shall not give effect to any dealing in stock to which the transfer relates
during the period of 42 days from and including the date of marking except in
pursuance of the marked transfer.
Transfer of stock from
or to a body corporate
18. Where stock is
inscribed, or is proposed to be inscribed, in the name of a body corporate, the
Corporation may require the body corporate to lodge at the Registry at which
the stock is inscribed, or is proposed to be inscribed, as the case may be,
evidence that each instrument required to be executed in respect of the stock
by or on behalf of the body corporate has been executed in a manner that is
effectual in law and binds the body corporate.
Specimen signature
19. A person whose name is
inscribed, or is proposed to be inscribed, in relation to stock, shall lodge at
the Registry at which the stock is inscribed a specimen of his or her signature
and shall verify the signature in a manner approved by the Corporation.
Stock certificates
20. (1) The Corporation shall,
upon application in accordance with an approved form lodged at the Registry at
which the stock is inscribed, issue to the owner of stock a certificate, in an
approved form, of his or her proprietorship of the stock on the date specified
in the certificate.
(2) The want of a
certificate referred to in subregulation (1) shall not prevent the owner of the
stock from disposing of the stock.
(3) The Corporation shall
keep a record of each certificate issued under subregulation (1).
Limitation on
registration of transactions
21. A transaction relating
to stock shall not, without the consent of the Corporation, be registered or
dealt with within 14 days prior to the date upon which interest is due or
within one month prior to the date of maturity of the stock.
PART
IV—PAYMENT OF INTEREST
Payment of interest
22. (1) Where stock is
inscribed in the name of one person, interest on the stock may be paid:
(a)
by cheque, payable to the person, sent by post to the person to his or her
address shown on the Stock Ledger; or
(b)
in a manner approved by the Corporation on application by the person in
accordance with an approved form lodged at the Registry at which the stock is
inscribed.
(2) Where stock is
inscribed in the name of more than one person, interest on the stock may be
paid:
(a)
by cheque, payable to the persons in whose names the stock is inscribed in the
Stock Ledger, sent by post to the persons at the address shown on the Stock
Ledger; or
(b)
in a manner approved by the Corporation on application by the persons in
accordance with an approved form lodged at the Registry at which the stock is
inscribed.
(3) Any one of the persons
in whose names stock is inscribed may give a valid receipt for interest.
(4) The provisions of this
regulation do not apply to the extent (if any) to which the terms and
conditions of the issue of the stock otherwise provide.
Cessation of interest
23. Interest on stock shall
cease on the date of maturity of the stock.
PART V—REDEMPTION OF STOCK
Redemption of stock
24. (1) Stock inscribed in the
name of one person may be redeemed by payment:
(a)
by cheque, payable to the person, sent by post to the person to his or her
address shown on the Stock Ledger; or
(b)
in a manner approved by the Corporation on application by the person in
accordance with an approved form lodged at the Registry at which the stock is
inscribed.
(2) Stock inscribed in the
name of more than one person may be redeemed by payment:
(a)
by cheque, payable to the persons in whose names the stock is inscribed in the
Stock Ledger, sent by post to the persons at the address shown on the Stock
Ledger; or
(b)
in a manner approved by the Corporation on application by the persons in
accordance with an approved form lodged at the Registry at which the stock is
inscribed.
(3) Any one of the persons
in whose names stock is inscribed may give a valid receipt for a payment in
redemption of stock.
(4) The provisions of this
regulation do not apply to the extent (if any) to which the terms and
conditions of the issue of the stock otherwise provide.
Corporation may sell or
purchase stock
25. The Corporation may
purchase stock that has been issued and may re-sell that stock.
NOTE
1.
Notified in the Commonwealth of Australia
Gazette on 30 June 1989.
Printed
by Authority by the Commonwealth Government Printer