Commonwealth Inscribed Stock Regulations (Amendment) (Cth)

Statutory Rules 1984 No. 1661

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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 18 July 1984.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

(Sgd) C. J. Hurford

Minister of State for Housing and Construction for and on behalf of the Treasurer

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Commencement

1. These Regulations shall be deemed to have come into operation on 1 September 1983.

2. The Commonwealth Inscribed Stock Regulations are amended by inserting the following regulations after regulation 66:

Replacement of lost, stolen or destroyed bearer securities

“66aa. (1) Subject to sub-regulation (5), where a bearer security is lost, stolen or destroyed before it has been paid off, the owner may apply to the Treasurer for the issue, in lieu thereof, of a replacement security on the same terms and conditions (including terms and conditions, if any, as to interest) as those on which the lost, stolen or destroyed bearer security was issued.

“(2) If the Treasurer is satisfied—

(a) that the bearer security has been lost, stolen or destroyed; and

(b) that the applicant was, at the time of the loss, theft or destruction, the owner of the bearer security,

 

SR. 134/84 Cat. No. Recommended retail price 20c  13/4.6.1984

 

the Treasurer may, upon the applicant giving an indemnity to the satisfaction of the Treasurer to indemnify the Commonwealth against payment of the lost, stolen or destroyed bearer security or of any interest thereon, authorize the issue to the applicant, upon such conditions, if any, as the Treasurer determines, of a replacement security in accordance with the application.

“(3) A replacement security issued under sub-regulation (2) shall be in the form of inscribed stock and shall be held in the charge of the Registrar.

“(4) An amount payable on the redemption of a security issued under sub-regulation (2) shall not be payable until a date fixed by the Treasurer, having regard to—

(a) the circumstances in which the original bearer security was lost, stolen or destroyed, as the case may be; and

(b) the possibility, if any, that the original bearer security may be presented for payment.

“(5) In this regulation, a reference to a bearer security does not include a reference to an interest coupon that has been detached from a bearer security.

Payment of lost, stolen or destroyed coupon

“66ab. If the Treasurer is satisfied that an interest coupon that has been detached from a bearer security has been lost, stolen or destroyed before it is paid, the Treasurer may, upon the owner giving an idemnify to the satisfaction of the Treasurer to indemnify the Commonwealth against payment of the coupon, authorize payment of the amount of the coupon to the owner.”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 25 July 1984.

2. Statutory Rules 1944 No. 186 as amended to date. For previous amendments see Note 2 to Statutory Rules 1984 No. 121 and see also Statutory Rules 1984 Nos. 121, 122 and 165.

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