Commonwealth Inscribed Stock Regulations (Amendment) (Cth)

STATUTORY RULES.

 

1964. No. 19.

REGULATIONS UNDER THE COMMONWEALTH INSCRIBED

STOCK ACT 1911-1963.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Commonwealth Inscribed Stock Act 1911-1963.

Dated this fifth day of February, 1964.

DE L’ISLE

Governor-General.

By His Excellency’s Command,

Treasurer.

 

Amendments of the Commonwealth Inscribed Stock Regulations. 

Parts.

1. Regulation 3 of the Commonwealth Inscribed Stock Regulations is amended by omitting the words—

“Part III.—Provisions Relating to Treasury Bonds (Regulations 43-54).

Part IIIa.—Provisions Relating to Treasury Notes (Regulations 54a-54zb).”

and inserting in their stead the words—

“Part III.—Provisions Relating to Bearer Securities (Regulations 43-54).”.

2. Regulation 4 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulation inserted in its stead:—

Definitions.

“4. In these Regulations, unless the contrary intention appears—

‘approved form’ means a form approved by the Treasurer;

‘bearer security’ means a security other than stock;

‘bond’ means Treasury Bond;

‘owner’ means an owner of stock or the owners of stock in a joint account;

‘security’ means a security under the Act;

‘the Act’ means the Commonwealth Inscribed Stock Act 1911-1963;

‘the Secretary’ means the Secretary to the Department of the Treasury.”.

* Notified in the Commonwealth Gazette on 5th February, 1964.

  Statutory Rules 1944, No. 186, as amended by Statutory Rules 1946, No. 75; 1947, No. 96; 1952, No. 26; 1959, Nos. 8, 39 and 96; 1961, No. 86; 1962, No. 57; and 1963, No. 84.

12764/63.—Price 1s.6d. 9/21.1.1964.

3. Regulation 17 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulation inserted in its stead:—

Change of name on marriage.

“17.—(1.) Where a woman whose name is inscribed in a Stock Ledger as an owner of stock marries, the Registrar shall, on the application of the woman in accordance with Form 9, change the name so inscribed to her married name.

“(2.) Where a Registrar has, under the last preceding sub-regulation, changed a woman’s name inscribed in a Stock Ledger, he shall notify the woman accordingly in accordance with an approved form.”.

4. Regulation 22 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulations are inserted in its stead:—

Notification of inscription of stock, &c.

“22.—(1.) A Registrar shall, upon inscribing stock or cancelling the inscription of stock in the name of a person, notify the person accordingly in accordance with an approved form.

“(2.) Where stock is inscribed in a Stock Ledger in the names of persons as joint owners or the inscription of stock in a Stock Ledger in the names of persons as joint owners is cancelled, it is sufficient compliance with the last preceding sub-regulation if the person whose name is first inscribed is notified.

“(3.) This regulation does not apply in relation to the inscription, or the cancellation of the inscription, of stock for the purposes of the redemption, transmission or conversion of stock or the transfer of stock under regulation 24 of these Regulations.

Form of certificate of proprietorship of stock, &c.

“22a.—(1.) A demand for the issue of a certificate of the proprietorship of stock under section 17 of the Act may be in accordance with Form 13.

“(2.) A certificate of the proprietorship of stock issued under section 17 of the Act shall be in accordance with Form 14.

“(3.) A Registrar shall keep a record of each certificate issued by him under section 17 of the Act.”.

Transfers of stock from one person to another within a Registry.

5. Regulation 23 of the Commonwealth Inscribed Stock Regulations is amended—

(a) by omitting sub-regulation (1.) and inserting in its stead the following sub-regulation:—

“(1.) The transfer of stock from one person to another within a Registry may be made by an instrument of transfer and acceptance, in accordance with Form 15, executed by both parties and registered at the Registry.”; and

(b)by omitting sub-regulations (5.) and (6.) and inserting in their stead the following sub-regulation:—

“(5.) A Registrar shall register an instrument of transfer and acceptance under this regulation by—

(a)cancelling the inscription of the stock in the Stock Ledger in the name of the transferor; and

(b) inscribing the stock in the Stock Ledger in the name of the transferee.”.

6. Regulation 24 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulations arc inserted in its stead:—

Transfers of stock from one Registry to another without change of ownership.

“24.—( 1.) Stock inscribed in the name of a person at a Registry may be transferred to the name of that person at another Registry on application in accordance with Form 18.

“(2.) Where application is made under the last preceding sub-regulation, the Registrar of the Registry at which the stock is inscribed—

(a)shall, in accordance with an approved form, notify the Registrar at the other Registry of the making of the application and request him to inscribe the stock in the Stock Ledger at his Registry in the name of the applicant; and

(b)shall notify the applicant accordingly in accordance with an approved form.

“(3.) Where stock transferred under this regulation is inscribed in the names of persons as joint owners, it is sufficient compliance with paragraph (b) of the last preceding sub-regulation if the person whose name is first inscribed is notified.

Transfers of stock from the name of a person at a Registry to the name of another person at another Registry.

“24a.—(1.) The owner of stock may make application, in accordance with Form 19, to the Registrar at the Registry at which the stock is inscribed to transfer the stock to the name of another person (in this regulation called the transferee) at another Registry.

“(2.) Subject to regulation 11 of these Regulations, the Registrar to whom application is made under the last preceding sub-regulation shall, in accordance with an approved form, notify the Registrar at the other Registry of the making of the application and request him to inscribe the stock in the Stock Ledger at his Registry in the name of the transferee.

“(3.) A Registrar shall not inscribe stock in the name of a transferee in accordance with a request under the last preceding sub-regulation unless the transferee lodges with the Registrar a consent to the inscription in accordance with Form 20.

“(4.) A Registrar who inscribes stock in the name of a transferee in accordance with a request under sub-regulation (2.) of this regulation shall, in accordance with an approved form, notify the Registrar who made the request of the making of the inscription.

“(5.) A Registrar who receives a notification under the last preceding sub-regulation of the inscription of stock in the name of a person shall cancel the inscription relating to the stock in the Stock Ledger at his Registry.

“(6.) An application made to a Registrar under sub-regulation (1.) of this regulation may not be withdrawn without the consent of the Registrar.

“(7.) Sub-regulations (2.), (3.) and (4.) of regulation 23 of these Regulations apply in relation to a signature to an application under sub-regulation (1.), or a consent under sub-regulation (3.), of this regulation as if the signature were a signature to a transfer and acceptance under that first-mentioned regulation.”.

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

7. After regulation 25 of the Commonwealth Inscribed Stock Regulations the following regulation is inserted:—

“25a. For the purposes of sub-section (2.) of section 29 of the Act, the prescribed amount of stock is an amount of Six hundred pounds.”.

Transmission applications.

8. Regulation 28 of the Commonwealth Inscribed Stock Regulations is amended by inserting after sub-regulation (2.) the following sub-regulation:—

“(2a.) Where on a transmission stock is inscribed in the names of persons as joint owners, it is sufficient compliance with the last preceding sub-regulation if a notice is forwarded to the applicant whose name is first inscribed.”.

9. Regulation 30 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulation inserted in its stead:—

Section 27 of the Act not to apply in relation to certain transactions.

“30. Section 27 of the Act does not apply in relation to the following transactions:-—

(a) a transaction relating to stock that has been issued on terms and conditions that do not include a term or condition that the owner of the stock is entitled to payment of interest at a specified rate or rates;

(b) a transaction relating to the redemption of stock that has been issued on terms and conditions including a term or condition that the stock is redeemable at the option of the owner.”.

Issue of bearer securities in exchange for stock.

10. Regulation 41 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulation inserted in its stead:—

“41.—(1.) An application for the issue of bearer securities in exchange for stock shall be in accordance with Form 26.

“(2.) Bearer securities issued in exchange for stock shall be issued on the same terms and conditions (including terms and conditions, if any, as to interest) as those on which the stock was issued.

“(3.) Before bearer securities arc issued in exchange for stock, the Registrar shall cause any overdue interest coupons to be cut off and cancelled.

“(4.) Sub-regulations (2.), (3.) and (4.) of regulation 23 of these Regulations apply in relation to a signature to an application under sub-regulation (1.) of this regulation as if the signature were a signature to a transfer and acceptance under that first-mentioned regulation.”.

Heading to Part III.

11. The heading to Part III. of the Commonwealth Inscribed Stock Regulations is repealed and the following heading inserted in its stead:—

“Part III.—Provisions Relating to Bearer Securities.”.

12. Regulations 48 and 49 of the Commonwealth Inscribed Stock Regulations are repealed and the following regulations inserted in their stead:—

Treasury Note to be prescribed security.

“48.—(1.) A security in accordance with Form 39a, to be known as a Treasury Note, is a prescribed security for the purposes of section 51a of the Act.

“(2.) Treasury Notes shall be numbered in such manner as the Treasurer approves.

Application of Treasury Bills Act to Treasury Notes.

“49. Sections 4, 8 and 8a of the Treasury Bills Act 1914-1940 do not apply in relation to a Treasury Note.

Issue of stock in exchange for bearer securities.

“49a.—(1.) An application for the issue of stock in exchange for bearer securities shall be in accordance with Form 33.

“(2.) Stock issued in exchange for bearer securities shall be issued on the same terms and conditions (including terms and conditions, if any, as to interest) as those on which the bearer securities were issued.

“(3.) A Registrar shall issue a receipt in accordance with an approved form for bearer securities lodged with him in exchange for stock and shall keep a record of the receipts so issued.

Exchange of bearer securities at one Registry.

“49b. Upon application in accordance with Form 36, a bearer security may be surrendered at a Registry in exchange for another bearer security or other bearer securities to be issued at that Registry on the same terms and conditions as those on which the first-mentioned bearer security was issued.".

Exchange of bearer securities at different Registries.

13. Regulation 50 of the Commonwealth Inscribed Stock Regulations is amended—

(a)by omitting sub-regulation (1.) and inserting in its stead the following sub-regulation:—

“(1.) Upon application in accordance with Form 37, a bearer security may be surrendered at a Registry in exchange for another bearer security or other bearer securities to be issued at another Registry on the same terms and conditions as those on which the first-mentioned bearer security was issued.”;

(b) by omitting from sub-regulations (2.) and (3.) the word “bonds” (wherever occurring) and inserting in its stead the words “bearer securities”; and

(c) by omitting from sub-regulation (2.) the word and figures “Form 38” and inserting in their stead the words “an approved form”.

Bearer securities not exceeding £600 may be delivered on behalf of a deceased person.

14. Regulation 54 of the Commonwealth Inscribed Stock Regulations is amended—

(a) by omitting from sub-regulation (1.) the word “bonds” (wherever occurring) and inserting in its stead the words “bearer securities”;

(b) by omitting from sub-regulation (1.) the words “One hundred pounds” and inserting in their stead the words “Six hundred pounds”; and

(c) by omitting from sub-regulation (2.) the word “bonds” (wherever occurring) and inserting in its stead the words “bearer securities”.

Repeal of Part IIIa.

15. Part IIIa of the Commonwealth Inscribed Stock Regulations is repealed.

Replacement of lost bearer securities.

16. Regulation 66 of the Commonwealth Inscribed Stock Regulations : is amended—

(a)by omitting sub-regulations (1.) and (2.) and inserting in their stead the following sub-regulations:—

“(1.) Sections 9 and 10 of the Treasury Bills Act 1914-1940 do not apply to bearer securities or to coupons issued in connexion with bearer securities.

“(2.) Where a bearer security (other than an interest coupon that has been detached from a bearer security) is lost, stolen, destroyed or defaced before it is paid off, the

owner may apply to the Treasurer for the issue, in lieu thereof, of a bearer security on the same terms and conditions (including terms and conditions, if any, as to interest) as those on which the lost, stolen, destroyed or defaced bearer security was issued."; and

(b) by omitting from sub-regulations (3.), (4.), and (5.) the word “security” (wherever occurring) and inserting in its stead the words “bearer security”.

17. Regulation 66a of the Commonwealth Inscribed Stock Regulations is repealed and the following regulations are inserted in its stead:—

Destruction of bearer securities,

“66a.—(1.) Section 12 of the Treasury Bills Act 1914-1940 does not apply to bearer securities or to coupons issued in connexion with bearer securities.

“(2.) Bearer securities, or coupons issued in connexion with bearer securities, that have been cancelled because they have been paid off and discharged or for any other reason shall be destroyed in the presence of an authorised person, who shall, when the destruction is complete, certify, by writing under his hand, that the bearer securities or coupons have been destroyed in his presence.

“(3.) In this regulation, ‘authorized person’ means a person authorized by the Secretary.

Kind of securities that may be accepted in payment of estate duty.

“66b.—(1.) Securities of the following kind are securities for the purposes of section 52c of the Act:—

Securities that are issued on terms and conditions that include a term or condition that the security is acceptable in payment of estate duty under the Estate Duty Act 1914-1941 at a value to be determined in the manner set out in the term or condition.

“(2.) The value at which a security is accepted for the purposes of section 52c of the Act shall be determined in the manner set out in the term or condition referred to in the last preceding sub-regulation.”.

18. Forms 9 and 10 in the Schedule to the Commonwealth Inscribed Stock Regulations arc repealed and the following form is inserted in their stead:—

Form 9.

Regulation 17.

Commonwealth Inscribed Stock Regulations.

APPLICATION FOR ALTERATION OF NAME ON MARRIAGE.

To the Registrar,

Commonwealth Government Registry of Inscribed Stock at .

In consequence of my marriage, I desire that stock inscribed in the name of

(my former name) of

(my former address) be inscribed in the name of (my

present name). My address in future will be .

Signature (former name).

Signature (present name).

Date .

Forms 16 and 17.

19. Forms 16 and 17 in the Schedule to the Commonwealth Inscribed Stock Regulations are repealed.

Forms 19 and 20.

20. Forms 19 and 20 in the Schedule to the Commonwealth Inscribed Stock Regulations arc repealed and the following Forms inserted in their stead:—

Form 19.

Regulation 24a.

Commonwealth Inscribed Stock Regulations.

APPLICATION FOR TRANSFER OF STOCK TO THE NAME OF ANOTHER PERSON AT ANOTHER REGISTRY.

To the Registrar,

Commonwealth Government Registry of Inscribed Stock at .

I, / We, of

hereby request that £ ( pounds) of* standing in

my / our name(s) be transferred from the Registry at

to the name(s) of of at the

Registry at .

Specimen signature(s) of the transferee(s) is / are set out below.

Dated this day of , 19 .

(Witness.) (Signature(s) of applicant(s).

Verification of Signature(s) of Transferee(s) by Applicant(s)	Specimen Signature of Each Transferee.
1.	3.
2.	4.

* Here insert details of the stock.

 

Form 20.

Regulation 24a.

Commonwealth Inscribed Stock Regulations.

CONSENT BY TRANSFEREE TO THE INSCRIPTION OF STOCK.

To the Registrar,

Commonwealth Government Registry of Inscribed Stock at .

I, / We, the transferee(s) under an application to transfer*

made by hereby consent to the inscription of the stock in

my / our name(s).

Dated this day of , 19 .

(Witness.) (Signature(s) of transferee(s).)

* Here insert details of the stock.

Form 27.

21. Form 27 in the Schedule to the Commonwealth Inscribed Stock Regulations is repealed.

Form 28.

22. Form 28 in the Schedule to the Commonwealth Inscribed Stock Regulations is amended by omitting the words “office of the Commonwealth Bank of Australia, Sydney, Melbourne, Brisbane, Townsville, Rockhampton” and inserting in their stead the words “Reserve Bank of Australia at Canberra, Sydney, Melbourne, Brisbane”.

Form 32b.

23. Form 32b in the Schedule to the Commonwealth Inscribed Stock Regulations is amended by omitting the words “office of the Commonwealth Bank of Australia at” and inserting in their stead the words “Reserve Bank of Australia at Canberra,”.

Repeal of Forms 34, 35, 38 and 39.

24. Forms 34, 35, 38 and 39 in the Schedule to the Commonwealth Inscribed Stock Regulations are repealed.

Form 39a.

25. Form 39a in the Schedule to the Commonwealth Inscribed Stock Regulations is amended by omitting the word, figures and letter “Regulation 54b.” and inserting in their stead the word and figures “Regulation 48.”.

Form 40.

26. Form 40 in the Schedule to the Commonwealth Inscribed Stock Regulations is amended—

(a)by omitting the words “or registered”;

(b)by omitting the words—

“* Insert signature, occupation and address of each witness.

and inserting in their stead the words—

“*Insert signature, occupation and address of the witness or of each witness.”;

(c) by omitting Note 3; and

(d) by omitting all the words after the words “[Back of Form.]” and inserting in their stead the following words:—

“INSTRUCTIONS FOR EXECUTING POWERS OF ATTORNEY.

1. The date should be inserted at the time of execution and should be in words and not in figures.

2. Subject to paragraphs 5 and 6 of these instructions, each execution should be attested by one witness who should state his full address and his occupation. If the witness is a married woman, she should give her husband’s name, address and occupation.

3. A wife should not witness her husband’s signature, and a husband should not witness his wife’s signature.

4. Where a power of attorney is executed by more than one person, a witness should insert in the attestation the name or names of the person or persons whose execution of the power of attorney he attests. If the persons executing the power of attorney do not execute it at the same time and in the presence of the same witness, the words ‘signed by the said in the presence of ’ should be repeated in each attestation.

5. Where a power of attorney is executed out of Australia, the signature should, in addition to being attested by a witness or witnesses in accordance with the other paragraphs of these instructions, be attested by a person who is an Australian Diplomatic Officer or an Australian Consular Officer for the purposes of the Consular Fees Act 1955, by a person in the service of the Government of the United Kingdom who performs similar functions or by a Notary Public.

6. If it is necessary for a stockholder to execute a power of attorney by a mark instead of by signing his name, his mark should be attested by two witnesses each of whom—

(a) should be a person specified in, or approved for the purposes of, sub-regulation (2.) of regulation 23 of the Commonwealth Inscribed Stock Regulations, a medical practitioner or a minister of religion; and

(b) should satisfy himself that the document has been read over and fully explained to, and to the best of the witness’s belief is fully understood by, the stockholder and make a declaration to that effect in the attestation.

7. Any alteration, interlineation or erasure made in a power of attorney should be referred to in the attestation subscribed by a witness and should be stated in the attestation to have been made before execution of the power of attorney.”.

Additional amendments.

27. The Commonwealth Inscribed Stock Regulations are amended as set out in the Schedule to these Regulations.

Transitional provision.

28. Notwithstanding the amendments made by these Regulations, the Commonwealth Inscribed Stock Regulations as in force immediately before the commencement of these Regulations continue in force in relation to any Treasury Note in relation to which there is, immediately before the commencement of these Regulations, a person registered, whether solely or jointly with another person or persons, as a holder in the Treasury Note Register at a Registry.

 

THE SCHEDULE.

Regulation 27.

Additional Amendments.

Provision.	Amendment.
Regulation
11	(a) Omit from sub-regulation (1.) “Treasury bonds”, insert “bearer securities”.
	(b)Omit from sub-regulation (2.) “Bonds”, insert “Bearer securities”.
14	Omit “bonds” (wherever occurring), insert “bearer securities”.
21	Omit “bonds”, insert “bearer securities”.
42	Omit “bonds” (wherever occurring), insert “bearer securities”.
51	(a) Omit “Bonds” (first occurring), insert “Bearer securities”.
	(b)Omit “bonds” (second and third occurring), insert “bearer securities”.
52	(a) Omit “bonds” (wherever occurring), insert “bearer securities”.
	(b)Omit from sub-regulation (3.) “Form 39”, insert “an approved form”.
53	(a)Omit from sub-regulation (1.) “Bonds” (first occurring), insert “Bearer securities”.
	(b) Omit from sub-regulation (1.) “bonds” (second occurring), insert “bearer securities”.
	(c) Omit from sub-regulation (2.) “bonds”, insert “bearer securities”.
55	Omit from sub-regulation (3.) “securities inscribed or registered”, insert “stock inscribed”.
56	Omit “a security”, insert “stock”.
58	Omit from sub-regulation (2.) “person in whose name the security is inscribed or registered”, insert “owner of the stock”.
60	Omit “securities” (first occurring), insert “bearer securities”.
63	Omit “securities” (wherever occurring), insert “bearer securities”.
64	(a)Omit “a security”, insert “stock”.
	(b)Omit “person in whose name the security is inscribed or registered”, insert “owner”.
69	Omit “Treasury Bonds”, insert “Bearer Securities”.

The Schedule—continued.

Provision.	Amendment.
Form
1	(a) Omit “STOCK OR BONDS” (first occurring), insert “SECURITIES”.
	(b) Omit—
	“Australian Consolidated		Inscribed Stock
	Commonwealth Government		Treasury Bonds”,
	insert—
	“*”
	(c)Omit “Stock or Bonds” (second occurring), insert “securities”.
	(d)Insert at the end of the form—
	“* Insert details of the securities.”.
6	(a) Omit “BONDS” (first occurring), insert “BEARER SECURITIES”.
	(b)Omit “bonds” (second occurring), insert “bearer securities”.
	(c)Omit “Bonds” (third occurring), insert “Bearer Securities”.
13	Omit “Regulation 22.”, insert “Regulation 22a.”.
14	(a) Omit “Regulation 22.”, insert “Regulation 22a.”
	(b)Omit “per cent, maturing  /  /19 £ ” (wherever occurring).
26	(a)Omit “BONDS” (first occurring), insert “BEARER SECURITIES”.
	(b)Omit “Treasury Bonds” (first occurring), insert “bearer securities”.
	(c) Omit “Bonds” (third occurring), insert “bearer securities”.
	(d)Omit “Treasury Bonds” (second occurring), insert “Bearer securities”.
33	(a) Omit “Regulations 16 and 48.”, insert “Regulations 16 and 49a.”.
	(b) Omit “BONDS” (first occurring), insert “BEARER SECURITIES”.
	(c) Omit “Treasury Bonds”, insert “bearer securities”.
	(d)Omit “Bond Numbers”, insert “Bearer security numbers”.
36	(a) Omit “Regulation 49.”, insert “Regulation 49b.”.
	(b) Omit—
	“Australian Consolidated		Treasury Bonds.
	Commonwealth
	per cent., maturing, 19 .”,
	insert—
	“Commonwealth Inscribed Stock Regulations.”.
	(c) Omit—
	“APPLICATION FOR BONDS IN EXCHANGE FOR BONDS.”,
	insert—
	“APPLICATION FOR BEARER SECURITIES IN EXCHANGE FOR BEARER SECURITIES.”.
	(d)Omit “Treasury Bonds” (second and third occurring), insert “bearer securities”.
	(e)Omit “Numbers of Bonds Issued.”, insert “Numbers of bearer securities issued.”.
	(f)Omit “Bonds Received”, insert “Bearer securities received.”.
37	(a) Omit—
	“Australian Consolidated		Treasury bonds.
	Commonwealth
	per cent., maturing, 19 .”,
	insert—
	“Commonwealth Inscribed Stock Regulations.”.
	(b) Omit “BONDS” (second occurring), insert “BEARER SECURITIES”.
	(c) Omit “Treasury Bonds” (second, third and fourth occurring), insert “bearer securities”.
	(d) Omit “Bonds” (sixth occurring), insert “bearer securities”.
	(e)Omit “Countersigned—”.
41	Omit “Securities”, insert “stock”.

 

By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra.