COMMONWEALTH
INSCRIBED STOCK.
No 25 of 1932.
An
Act to amend the Commonwealth Inscribed
Stock Act 1911-1927.
[Assented to 30th May, 1932.]
BE it enacted by the King’s Most Excellent
Majesty, the Senate, and the House of Representatives of the Commonwealth of
Australia, as follows:—
Short
title and citation.
1.—(1.) This Act may be cited as the Commonwealth Inscribed Stock Act 1932.
(2.) The Commonwealth
Inscribed Stock Act 1911-1927 is in this Act referred to as the Principal
Act.
(3.) The Principal Act, as amended by this Act,
may be cited as the Commonwealth
Inscribed Stock Act 1911-1932.
Commencement.
2. This Act
shall be deemed to have commenced on the twelfth day of September One thousand
nine hundred and thirty-one.
Amendment
of title of Principal Act.
3. The
title of the Principal Act is amended by omitting the words “Commonwealth
Government Inscribed Stock and for other purposes in connexion therewith” and
inserting in their stead the words “the issue of Stock, Bonds and other
Securities by the Commonwealth and for other purposes”.
Definitions.
4. Section
three of the Principal Act is amended—
(a) by
inserting in the definition of “Stock”, after the words “Inscribed Stock”, the
words “or Australian Consolidated Inscribed Stock,”; and
(b) by
adding at the end thereof the following definition—
“‘Treasury Bond’ includes an Australian
Consolidated Treasury Bond and any coupon issued in connexion with a Treasury
Bond or an Australian Consolidated Treasury Bond.”
Power
to create stock.
5. Section
four of the Principal Act is amended by inserting, after the words “Inscribed
Stock”, the words “or Australian Consolidated Inscribed Stock”.
Power
to make out and issue Treasury Bonds
6. Section
fifty-one a of the Principal Act
is amended by omitting the words “Treasury Bonds” and inserting in their stead
the words “bonds called Treasury Bonds or Australian Consolidated Treasury
Bonds, Debentures and such other securities as are prescribed,”.
Sale
of Treasury Bonds and other securities.
7. Section
fifty-one b of the Principal Act
is amended by inserting, after the words “Treasury Bonds”, the words “, Debentures
and other prescribed securities”.
Treasury
Bills Act to apply to Bonds and other securities.
8. Section
fifty-one c of the Principal Act
is amended by inserting, after the words “Treasury Bonds”, the words “, Debentures
and other prescribed securities”.
Definition.
9. Section
fifty-one d of the Principal Act
is repealed.
Stock
Certificates and Treasury Bonds not liable to stamp duty.
10. Section fifty-two a of the Principal Act is amended by omitting the words “transfers
of stock or Treasury Bonds and documents relating to the purchase or sale of
stock or Treasury Bonds” and inserting in their stead the words “Debentures and
other prescribed securities, and documents relating to the purchase, sale,
transfer or transmission of any stock, Treasury Bonds, Debentures or other
prescribed securities,”.
Liability
of interest to income tax.
11. Section fifty-two b of the Principal Act is amended—
(a) by
omitting the words “the Commonwealth or”; and
(b) by
adding at the end thereof the following sub-section:—
“(2.) Notwithstanding anything contained in the Taxation of Loans Act 1923 or in any
other Act, if in any prospectus or form of application issued in relation to a
loan raised after the twelfth day of September One thousand nine hundred and
thirty-one it is so declared, the interest derived by any person in any
financial year from that loan shall be free from income tax payable under the
law of the Commonwealth to the same extent as interest derived from new
securities referred to in section twenty of the Commonwealth Debt Conversion Act 1931