Commonwealth Inscribed Stock Regulations (Amendment) (Cth)

Statutory Rules 1989 No. 2281

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Commonwealth Inscribed Stock Regulations2 (Amendment)

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 Commonwealth Inscribed Stock Act 1911.

Dated 11 August 1989.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Peter Morris

Minister of State for Industrial Relations for and on behalf of the Treasurer

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Commencement

1. These Regulations commence on 1 September 1989.

Principal Regulations

2. In these Regulations, “Principal Regulations” means the Commonwealth Inscribed Stock Regulations.

3. After regulation 6 of the Principal Regulations the following regulation is inserted in Part I:

Prescribed person for purposes of definition of “certified copy”

“6aa. For the purposes of the definition of ‘certified copy’ in section 3 of the Act, each of the following persons is a prescribed person:

(a) a barrister or solicitor;

(b) a stockbroker;

 

(S.R. 208/89)––Cat. No. 14/29.6.1989

(c) a justice of the peace for a State or a Territory;

(d) a Notary Public for a State or a Territory;

(e) any other person having authority to administer an oath in a State or a Territory.”.

Entries in stock ledger

4. Regulation 10 of the Principal Regulations is amended by adding at the end the following subregulation:

“(4) Where, in the case of a joint account, the joint owners give instructions under paragraph 24b (1) (b) in relation to the notice of the change of address, the Registrar is to give effect to those instructions.”.

Application by Friendly Societies, unincorporated associations etc.

5. Regulation 16 of the Principal Regulations is amended by inserting in subregulation (2) “an unincorporated association or” after “transfer of stock to”.

6. After regulation 24a of the Principal Regulations, the following regulation is inserted:

Dealings by joint owners

“24b. (1) Where:

(a) stock is inscribed in the names of 2 or more persons, not being or including persons who are infants or under a legal disability, as joint owners; and

(b) the joint owners give instructions in writing to the Registrar in accordance with the approved form that:

(i) any notice under subregulation 10 (2); or

(ii) any transfer under regulation 23 or 24; or

(iii) any application to transfer stock to the name of another person at another Registry under regulation 24a; or

(iv) any request in respect of the payment of interest under regulation 32; or

(v) any application for the issue of bearer securities in exchange for stock under regulation 41;

if signed by any one or more of the joint owners of the stock, is to be valid and effectual for all purposes as if signed by all of the joint owners;

the Registrar shall give effect to the instructions.

“(2) The instructions may be cancelled by one or more of the joint owners by notification in writing to the Registrar.

“(3) A cancellation does not have effect until it is received by the Registrar.”.

Prescribed amount of stock for purposes of section 29 of the Act

7. Regulation 25a of the Principal Regulations is amended by omitting “$10,000” and substituting “$20,000”.

Payment of interest

8. Regulation 32 of the Principal Regulations is amended:

(a) by omitting from paragraph (1) (a) “or”;

(b) by inserting after paragraph (1) (a) the following paragraph:

“(ab) where an instruction is given under paragraph 24b (1) (b)— to the person or persons specified in that instruction; or”;

(c) by inserting in paragraph (1) (b) “or instruction is given” after “request is made”;

(d) by inserting in subregulation (5) “subject to any instructions given under subregulation 24b,”after “of a joint account,”.

Requests to remain in force until cancelled or varied

9. Regulation 35 of the Principal Regulations is amended by omitting “or 33”.

Change of address

10. Regulation 36 of the Principal Regulations is amended by omitting from subregulation (1) “warrant” and substituting “cheque”.

Delivery of bearer securities on behalf of a deceased person

11. Regulation 54 of the Principal Regulations is amended by omitting from subregulation (1) “$10,000” and substituting “$20,000”.

Schedule 1

12. The Schedule to the Principal Regulations is amended by omitting from the heading to Form 1 “Regulations 7, 16 and 52” and substituting “Regulations 7 and 16”.

Further amendments

13. The Principal Regulations are further amended as set out in the Schedule.

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SCHEDULE Regulation 13

FURTHER AMENDMENTS

Regulation 24:

Omit the heading, substitute the following heading:

“Transfer of stock to another Registry without change of ownership”

Regulation 24A:

Omit the heading, substitute the following heading:

“Transfer of stock to another Registry with change of ownership”

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 23 August 1989.

2. Statutory Rules 1944 No. 186 as amended by 1946 No. 75; 1947 No. 96; 1952 No. 26; 1959 Nos. 8, 39 and 96; 1961 No. 86; 1962 No. 57; 1963 No. 84; 1964 No. 19: 1966 No. 61: 1971 No. 144; 1974 No. 69; 1976 Nos. 64 and 144; 1980 No. 19: 1983 Nos. 71 and 157; 1984 Nos. 121, 122, 165 and 166; 1985 No. 175; 1986 Nos. 242, 243, 244, 245 and 264.

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