General Loan and Inscribed Stock Act 1910 (WA)

WESTERN AUSTRALIA.

ANNO PRIMO

GEORGII QUINTI REGIS,

V.

**********************************fl********* a: ****#*

No. 5 of 1910.

AN ACT to consolidate and amend the Law relating to Loans authorised to be raised by the Government of Western Australia, and the creation and issue of Inscribed Stock and Debentures.

[Assented to 22nd November, 1910.]

cil and Legislative Assembly or Western Australia, in this presentBE it enacted by the King's Most Excellent Majesty, byand with the advice and consent of the Legislative Coun-

Parliament assembled, and by the authority of the same, as fol- lows:—

PART I.—PRELLMINARY.

1.    This Act may be cited as the General Loan and Inscribed Short title.

Stock Act, 1910.

2.    The Acts Mentioned in the Schedule to this Act are hereby Repeat

repealed:

Provided that such repeal shall not affect

(a) the previous operation of any Act so repealed, or any- thing done or suffered thereunder; or

(b) any right, privilege, obligation, or liability acquired, ac- crued, or incurred under any Act so repealed; or

(c) the provisions of any Act so repealed regulating the con-	tribution to the sinking fund for the redemption of any
existing loan.

1910, No. 5.] General Loan and Inscribed Stock. [1 Gno. V.

Application of Act 3.

Subject as aforesaid, and except so far as there is anything in this Act inconsistent therewith, this Act shall apply to all mat- ters and things made, done, or commenced under any repealed Act, and at the commencement of this Act of any force or effect or capable of acquiring any force or effect by virtue of any Act hereby repealed, as if this Act had been in force at the time they were made, done, or commenced, and they were made, done, or commenced hereunder.

to matters and

things done.

Reference to Acts 4.

Where by any statute, instrument, or document reference is made to any Act hereby repealed, or any of the provisions thereof, the statute, instrument, or document shall be construed and have effect as if reference were made therein to this Act or the corres- ponding provisions thereof.

repealed.

PART II.—PROVISIONS OF GENERAL APPLICATION.

5.    As often as by any Act passed during the present or any

Loans may be

raised by In-

other Session of Parliament authority is given to raise any sum

scribed Stock or

Debentures.

of money for the purposes mentioned in such Act, the Governor

48 Vie., No. 4,

may from time to time, as he may deem expedient, raise such sum

s. 2.

either by Inscribed Stock or by Debentures, or partly by Inscribed

Stock and partly by Debentures.

Flotation expenses 6.

All charges and expenses lawfully incurred in or about the raising or flotation of any loan, except charges and expenses of administration, and all interest payable for any period prior to the date of issue, except in respect of any instalment of the price of the stock actually paid, shall be payable out of the proceeds of such loan.

charged to

proceeds.

Premium to be 7.

If any loan shall be issued at a premium, the amount re- ceived over and above the amount authorised shall, after pay- ment of the charges and expenses properly chargeable against the loan, be paid into the General Loan Fund.

paid to General

Loan Fund.

Loans to be a	8.	The principal moneys and interest secured by the Inscribed
charge upon

general revenue.

Stock or Debentures issued under the provisions of this Act or

48 Vie., No. 4,

of any Act hereby repealed are hereby charged upon and shall be

s. 3.

payable out of the general revenues and assets of the Government

of Western Australia.

Interest appro-	9.	So long as any of the Inscribed Stock or Debentures remain
priations.

See 48 Vie., No	outstanding, the Colonial Treasurer (hereinafter called the Trea-
ss. 10, 24.	surer) shall, in each half-year ending respectively on the thirty- first day of December and the thirtieth day of June, appropriate out of the general revenues and assets of the State .a sum equal to one half-year's interest on the whole of the Inscribed Stock or De-

1 Gum V.] General Loan and Inscribed Stock. [1910, No. 5.

Dentures outstanding, including any Debentures which may have been redeemed by annual drawings, and also any Western Aus- tralian Inscribed Stock held by the sinking fund trustees.

10. (1.) Four years after the date of the issue of any Inscribed Stock or Debentures, contributions to the sinking fund for the

Sinking fund

appropriations.

See 48 Vic., No. 4,

redemption thereof shall commence to accrue; and thereafter until

ss. 10, 24; 61 Vie.,

the redemption of such Inscribed Stock or Debentures, the

No. 8, s. 8.

Treasurer shall, in each half-year ending respectively on the thirty-first day of December and the thirtieth day of June, appro- priate out of the general revenues and assets of the State a sum of at least -five shillings per centum on the total nominal amount of all Inscribed Stock or Debentures then in circulation, including any Debentures which may have been redeemed by annual drawings, and also any Western Australian Inscribed Stock held by the sinking fund trustees.

(2.) If a loan is raised by two or more instalments, the

contributions to the sinking fund shall commence to accrue on the total nominal amount of the loan four years after the issue of the first instalment of the Inscribed Stock or Debentures, except in the ease of a loan raised partly in London and partly in Australia, in which case the first contribution on account of the redemption of that portion raised in Australia shall commence to accrue four years after the date of the first issue made on account of such portion.

(3.) Provided as follows :---

(a.)	That in the case of Inscribed Stock created for the redemption of any loan, contributions to the sink- ing fund shall commence to accrue at the date of the first issue of such Inscribed Stock; and
(b.)	That in the case of Inscribed Stock created and ex- changed for Debentures for the redemption of which a sinking fund is already in operation, con- tributions to the sinking fund shall commence to accrue at the date of the first issue of Inscribed Stock so created and exchanged; and
(c.)	That in the case of Inscribed Stock created and ex- changed for Debentures for the redemption of which a sinking fund is not already in operation, contributions to the sinking fund shall commence to accrue on the date when a sinking fund would have come into operation in respect of such Deben- tures if no exchange thereof for stock had been made.

11. The sinking fund shall be applied in the first place in pay- ment of all expenses of or incidental to the management of the

Application of

sinking fund.

See 48 Vie., No. 4,

s. 13.

1910, No. 5.] General Loan and Inscribed Stock. [1 GEO. V.

sinking fund or to the redemption of the Inscribed Stock or De- bentures, including the charges of the notary public attending any drawing of Debentures, and the costs and expenses of all notices in connection therewith; and in the next place, and subject to the aforesaid payments, in repayment of the principal moneys secured by the Inscribed Stock. or Debentures.

Appointment of	12. The appropriations under this Act for the formation of
sinking fund

trustees, and	sinking funds shall be invested by trustees to be appointed
investment of

contributions. (a) in the case of loans domiciled with the Crown Agents for

See 18 Vie., No. 4,	the Colonies (hereinafter called the Crown Agents), by,
s. 25.	the Secretary of State for the Colonies;

See 61 Vie., No. 8, (b) in the case of Inscribed Stock or Debentures issued in

s. 8. Australia, by the Governor;

55 Vic., No. 5, s. 1. (c) in all other cases, by the Financial Agents of the State in

London for the time being, with the concurrence, in writing, of the Governor.

Investment of

interest on con- 13. The trustees shall also from time to time invest the divi-

tributions.	dends, interest, or produce arising from such investment, so that
See 48 Vic., No. 4,
s. 25.	the same may accumulate by way of compound interest towards
61 Vie., No. 8, s. 9.	the final extinction of the debt.
how made.

Investments— 14. (1.) All sinking fund investments made by the trustees

under this Act shall be made

48 Vie., No. 4,

s. 26.	(a.)	In the case of sinking funds of loans domiciled with the Crown Agents, in Imperial or Colonial Government Securities at the discretion of the trustees.
s 9.
See 61 Vie., No. 8,	(b.)	In all other cases, in Western Australian Government Inscribed Stock or Debentures, or in such. other securi- ties as the Governor may approve.

(2.) The Governor

(a.) may require the sinking fund of any Inscribed Stock or Debentures (not being domiciled with the Crown Agents) to be invested in Western Australian In- scribed Stock or Debentures redeemable at a later date than such first mentioned Inscribed Stock or Debentures; and

(b.) may declare, by proclamation published in the Government Gazette, that the Inscribed Stock or Debentures in which. such sinking fund is so in- vested shall, on redemption of the first-mentioned Inscribed Stock or Debentures, be held or used on account of the sinking fund for the Inscribed Stock or Debentures issued for the purpose of raising money for the redemption of the first-mentioned Inscribed Stock or Debentures, and in such case the same shall be held or used accordingly:

GEo. V.] General Loan and Inscribed Stock. [1910, No. 5.

Provided that nothing herein contained shall affect the obliga- tion to provide the prescribed sinking fund for the Inscribed Stock or Debentures issued for the redemption of the first-mentioned Inscribed Stock or Debentures:

Provided also that the interest to accrue on the In- scribed Stock or Debentures held as provided by paragraph (b) of this subsection may, in the discretion of the Treasurer, be applied to the payment of interest on the Inscribed Stock or De- bentures in respect of which the same are held, or credited to the sinking fund thereof.

In case a sinking fund shall be insufficient to provide the necessary funds for the redemption of the Inscribed Stock	Any deficiency in sinking fund
to be made good.
• or Debentures when they shall have become due, the deficiency	See 48 Vie., No. 4,
shall be made good out of the general revenues and assets of the	s. 27.
State.	GI Vie., No. 3, s. 9.

15.

In the ease of Debentures which may be exchanged or con- verted into Inscribed Stock under the provisions of this Act, the

Trustees to

apportion amount

of sinking funds

trustees shall determine what amount of the sinking funds held

released by con-

by them and created for the repayment of such Debentures shall

version.

52 Vic., No. 20,

be released; and in the determination of such question the trustees

s. 3.

shall take into consideration the value of the whole investments held by them on account of such sinking funds, the amount of the debt remaining a charge on such sinking funds, and such other matters as the trustees may think fit to take into account.

16.

So much of the said sinking funds as may be released shall be converted into money and disposed of in such manner as the

Sinking funds

released—how to

be disposed of.

Governor may direct.

See 52 Vie., No. 20,

s. 3.

17.

The Inscribed Stock and Debentures issued under this Act shall, subject to the provisions of this Act, be issued on such con-

Conditions.

See 48 Vie., No. 4.

ss. 22, 23.

ditions as the Governor may before the issue thereof from time to

time direct:

18.

Provided

(a.) that the interest on such Inscribed Stock or Debentures Rate of interest.

shall not exceed four per centum per annum; and

(b) that such Inscribed Stock or Debentures shall be redeem- able at par on a date to be named in that behalf at the time of issue thereof, such date not being later than fifty years from the issue; and from and after such date all interest on the principal moneys secured thereby shall cease and determine, whether payment of the principal shall have been demanded or not. Currency.

The Governor may from time to time enter into an agree- ment with any bank in London, providing for such bank acting as

Governor may

agree with bank

for inscription,

19.

1910, No. 5.] General Loan and Inscribed Stock. [1 GEO. V.

management, etc.,	Registrar of the State of Western Australia in London, in accord-
of inscribed stock.
54 Vie., No. 13,	ance with the provisions of the Colonial Stock Act, 1877, and for
s. 7.	all or any of the following things:

(a.)	For the inscription and sale of Inscribed Stock.
(b.)	For effecting the conversion of Debentures into Inscribed

Stock and regulating transfers of Stock.

(c.) For paying interest on Inscribed Stock.

(d.)	For issuing Inscribed Stock certificates and, as often as occasion shall require, re-inscribing or re-issuing such certificates.
(e.)	For receiving all moneys raised under this Act, and for paying such moneys into the public account with the bank appointed in that behalf.
(f.)	For issuing scrip for deposits on loans raised by the sale

of Inscribed Stock.

(g.) For paying off capital of Inscribed Stock or loans.

(h.) For conducting, generally, all business connected with

Inscribed Stock or loans.

(i. ) And for the protection and remuneration of any such

bank under and in respect of any such agreement.

Bank agreement	20.	Every agreement made with any such bank shall be as valid
to have force of

law.	and effectual as if the terms thereof had been enacted by this Act,
54 Vie., No. 13,	and all remuneration payable thereunder to such bank, and all
s. 2.	charges and expenses of administration incurred in carrying out the provisions of this Act shall be a charge on, and shall be paid out of the Consolidated Revenue Fund.
appointment of

agents and their 21. The Governor may appoint one or more persons in London

powers.	as agent or agents for the purposes of this Act; and such person,
See 54 Vie., No. 13,	or, if more than one are appointed, one of such persons, shall. be
s. 3.	the Agent General of the State for the time being, if and so long as there is an Agent General of the State in London, and may elm. power such agent or agents to exercise all such powers and do all such things as are by this Act vested in, or exercisable or to be done by, the Governor, as the Governor may authorise or direct.

Notification of	22.	Every such appointment of an agent shall be notified to any
appointment of

agents.	bank with which any agreement has been entered into under this
54 Vie., No. 13,	Act, and the power and authority of every such agent shall con-
s. 4.	tinue in force until such bank shall have received a notice in writ- ing of the termination of the agent's appointment, signed by the Governor.

1 GEO. V.] General Loam and Inscribed Stock. [1910, No. 5.

23. The Governor shall also have and may exercise the follow- ing powers and authorities, or any of them:

Governor may

authorise conver-

sion of loans.

52 Vie., No. 20,

(a.) He may from time to time declare all or any of the West- s. 2.

ern Australian loans, whether existing in the form of Inscribed Stock or Debentures, to be convertible into Inscribed Stock of such denominations and on such con- ditions as he may before the creation thereof from time to time determine.

(b.) He may authorise the creation and issue of such an Creation and issue of Inscribed Stock

amount of Inscribed Stock in exchange for the securi-	in exchange for
ties held for such loans as may be necessary.	other securities. 48 Vic., No. 4, s. 29 (6).

(c.) He may authorise the creation and sale of any such In-

scribed Stock for the purpose of raising money for	Creation and saleof Inscribed Stock
redeeming any outstanding loans, and in paying any	to raise loans and
expenses incurred in the creation of Inscribed Stock,	for other purposes.
and otherwise carrying out the provisions of this Act,	Ibid. (c).
on such conditions as he may determine.

(d.) Any conversion so authorised may be effected either by Arrangements for conversion.

arrangement with the holders of existing securities, or	Ibid. (d).
by purchase thereof out of moneys raised by the sale of Inscribed Stock, or partly in one way and partly in the other.

(e.) Any power of this section conferred on the Governor Governor may may be exercised from time to time, and he may alter exercise powers any conditions as often as occasion shall require, pro- Ibid. (0.

vided that no contract or engagement previously en-

tered into shall be prejudicially affected thereby.

24. Nothing in this Act contained shall authorise an increase	Increase of capil a I
—when allowed.

of the capital of, or of the annual charge on, any loan, except: See 48 Vie., No. 4

(a.) When Inscribed Stock is issued in exchange for Inscribed s. 30-

Stock or Debentures bearing a higher rate of interest than the Inscribed Stock so issued in exchange, an ad- ditional amount of Inscribed Stock may be created and issued to make up any difference in saleable value.

(b.) In all cases of conversion the Governor may issue such an amount of Inscribed Stock as may be required to defray the stamp duties and all other expenses inci- dental to the conversion.

25. Nothing in this Act contained shall be construed in any saving of rights

way to prejudice the rights of the holders of any Western An:5- of 013i

Debentures, Bi lls,

tralian Government Debentures, Treasury Bills, or Inscribed Stock and Inscribed

Stock.

issued under the authority of any Loan Act.

issued

61 Vie., No. 8,

s. 17.

1910, No. 5.] General Loan and Inscribed Stock. [1 GEO. V.

PART III.—PROVISIONS APPLICABLE ONLY TO DEBENTURES.

Amount of each	26.	Every Debenture issued under the provisions of this Act
Debenture.

See 48 Vie., No. 4,	shall be for a sum of not less than fifty pounds sterling.
s. 5.

Registry of 27. Every Debenture shall, before being issued, be registered

Debentures.	in a book to be kept for that purpose at the Treasury, Perth, or, by
See 48 Vie., No. 4,	direction of the Treasurer, in London or elsewhere.

s. 6.

Interest coupons. 28. There shall be attached to every Debenture coupons for

48 Vic., No. 4, s. 7. the payment of the interest to become due in each half-year upon

the principal secured by the Debenture. The coupons .shall be sufficient in number to provide for the payment of the interest during the whole period for which the Debenture has to run.

Form of Deben-

tures and coupons. 29. The Debentures, and the coupons attached thereto, shall

See 48 Vie., No. 4,	be in such form as the Treasurer may direct.
s. 8.

Debentures and	30.	Every Debenture and coupon, and the right to receive the
coupons transfer-

able by delivery.	principal and interest secured or represented thereby, shall be
48 Vie., No.4, s. 9.	transferable by delivery.

Converted De-	31.	The Debentures exchanged or otherwise converted into
bentures to be

cancelled.

Inscribed Stock shall, after being cancelled, be held by the

Treasurer.

PART IV.—PROVISIONS APPLICABLE ONLY TO LOANS DOMICILED

WITH THE CROWN AGENTS FOR THE COLONIES.

Crown Agents to 32. Subject to the provisions of this Act, the Crown Agents

act as registrars.	shall discharge the duties of Registrars on behalf of the Govern-
See 48 Vie., No. 4,
s. 4.	ment of Western Australia of all Inscribed Stock or Debentures issued prior to the twenty-first day of October, one thousand eight hundred and ninety, and now domiciled with them.

Debentures to be	33.	The Debentures shall, at the option of the Crown Agents,
redeemed by

purchase or by	subject to the approval of His Majesty's Principal Secretary of
annual drawings.	State for the Colonies for the time being, be redeemed either by
See 48 Vie., No. 4,	purchase in the open market or by annual drawings, and the sum
s. 14.	to be applied annually to such redemption shall, subject to pay- ments in connection with the management of the sinking fund, correspond as nearly as may be to, but not exceed, the amount for the time being standing to the credit of the sinking fund.

Appointment of	34.	So long as any of the Debentures remain outstanding, the
day for drawing

of Debentures.

Crown Agents shall in every year, unless the whole of the money

See 48 Vie., No. 4,

applicable in that year to the redemption of Debentures has been

s. 15.

applied in the purchase thereof, appoint a day in that year for the

drawing by lot of the Debentures to be redeemed.

1 GEO. V.] General Loan and Inscribed Stock. [1910, No. 5.

Notice of time and

If a day is appointed for drawing, the Crown Agents shall give, by advertisement in the London Times newspaper, not less

place appointed for

drawing.

than fifteen days' previous notice, specifying the day on which,

48 Vie., No. 4,

s. 16.

and the hour and place at which, the drawing will take place, and the nominal amount of the Debentures to be redeemed at that drawing.

35.

On the day and at the hour and place so specified, the Crown Agents shall hold a meeting, at which the holder of any	Mode of drawing.
48 Vic., No. 4,
Debenture may, if he think fit, be present, and shall then in the	s. 17.
presence of such Debenture holders (if any) as may attend, and of a notary public, draw by lot out of the whole number of Deben- tures for the time being outstanding Debentures of the specified nominal amount.

36.

The Crown Agents shall thereupon declare the distinguish- ing numbers of the Debentures drawn for redemption, and shall

Notice of Deben-

tures drawn for

redemption.

as soon as may be, by advertisement in the London Times news-

48 Vie., No. 4,

paper, specify those numbers and appoint a day (not being later

s. 18.

as to each Debenture than the day on which the then currenthalf- year's interest thereon is payable) on which the principal moneys secured by the Debentures so distinguished will be repaid.

37.

On the day so appointed, the Crown Agents shall, at their office in London, on demand, pay to the holders of the Debentures

Payment of drawn

Debentures.

48 Vie., No. 4,

drawn for repayment the principal moneys secured by those De-

s. 19.

bentures, with all interest payable thereon up to that day.

38.

From and after the day appointed for the repayment of any Debenture so drawn, all interest on the principal moneys

Cesser of interest

from day ap-

pointed for pay-

secured thereby shall cease and determine, whether payment of the

ment of principal.

principal shall have been demanded or not.

45 Vic., No. 4,

s. 20.

39.

Upon the repayment of the principal moneys secured by any Debenture so drawn, the Debenture with all the Coupons

Redeemed Deben-

tures to be

cancelled.

thereunto belonging, shall be delivered up to the Crown Agents, to

48 Vie., No. 4,

be by them cancelled and forwarded to the Government of We.-a-

s. 21.

em Australia.

Any Debenture redeemed by purchase shall likewise be so cancelled and forwarded.

Application of

40.

The Crown Agents shall, subject to the approval of His Majesty's Principal Secretary of State -for the Colonies for the	moneys remitted to
Crown Agents.
time being, place and keep the moneys remitted to them as interest	48 Via., No. 4,
and Sinking Fund, or so much thereof as may not be required for	s. 1].
immediate payments, on deposit at interest in their names with some bank or banks in London or Westminster, and shall hold all such. moneys and the accumulations thereon in trust, to apply

41.

1910, No. 5.] General Loan and Inscribed Stock. [1 GEO. V.

them in payment of the interest for the current half-year upon the Inscribed Stock or Debentures for the time being outstanding, and in the formation of a sinking find.

PART V.—PuovisiONS APPLICABLE ONLY TO INSCRIBED STOCK

ISSUED IN AUSTRALIA.

Local Inscribed	42.	Subject to the provisions of tins Act, the Governor may
Stock may be

created.	from time to time and at any time authorise the issue, at the
61 Vie., No. 8, s. 3.	Treasury in Perth, of Inscribed Stock, to be called " Western Australian Local Inscribed Stock," for any sum or sums of money not exceeding in the whole the sum which, at the time of issue, is authorised by any Loan Act to be borrowed.

Governor to notify	43.	The Governor may from time to time, by notice in the
issuing price.

See 61 Vic., No. 8,	Government Gazette, notify the price and other conditions of such
s. 4.	issue.

Printed copy of	44.	During the period for which every such notice as aforesaid
Gazette notice to

be affixed at	remains in force, the Treasurer shall cause a printed copy of the
Treasury.	same to be affixed at the Treasury, and at such other places as he
61 Vic., No. 8, s. 5.	may think fit, for the information of the public.

Minimum amount. 45. Such Inscribed Stock shall be for five pounds or some mul-

61 Vie., No. 8, s. 6. tiple thereof.

Principal and	46.	The principal moneys and interest secured by Western
interest a charge

on revenue.	Australian Local Inscribed Stock shall rank pari passu with the
61 Vie., No. 8, s. 6.	principal moneys and interest secured by the Stock issued and sold under the Loan Act, 1891, and all subsequent Loan Acts, and are hereby charged upon and shall be payable out of the Consolidated Revenue Fund and assets of the Government of Western Aus- tralia, and shall constitute a charge thereon, subject to the prior charges mentioned in the fourth section of the Loan Act, 1891.

Stock to be	47.	All Western Australian Local Inscribed Stock shall be
inscribed in

register kept for	inscribed in a register, to be prepared and kept for that purpose
that purpose.	in the Treasury, in such manner and by such officer or person as
61 Vic., No. 8,
s. 10.	the Governor shall from time to time prescribe and appoint.

Application of	48.	All moneys paid to the Treasurer as the price of Western
moneys invested

in Stock.	Australian Local Inscribed Stock shall be applied by him.
See 61 Viet., No. 8,

s. 11. (a.) In the redemption of any public securities, whether due

or becoming due ; or

(b.) To any purpose for which a loan may be raised under the

authority of any Act of Parliament.

1 GEO. IT.1 General Loan and Inscribed Stock. [1910, No. 5.

Upon allotment of Western Australian Local Inscribed Stock a certificate or certificates in such form, and signed by such	Stock certificates.
s. 12.
61 Vic., No. 8,
person or persons as may be prescribed, shall be delivered to the allottee of such Stock; or, if there are more allottees than one, then to such of them as may be prescribed, upon payment of the price of such Stock in manner hereinbefore provided and of the prescribed fees and stamp duty, if any:
Provided that such Stock shall be transferable in manner pre- scribed by regulation under this Act, and not otherwise.

49.

No notice of trust, in respect of any Western Australian Local. Inscribed Stock issued to the public or of any certificate	No notice of
trusts receivable.
thereof, shall be entered on the register or receivable by the Treas-	s. 13.
61 Vie., No. 8,
urer or by the Government of the State.
Investment for

50.

Western Australian Local. Inscribed Stock shall be a security in which cash under the control of the Supreme Court may	funds in Court.
61 Vic., No. 8,
be invested, within the meaning of any Act or any Rule or Order	s. 14.
of Court dealing with such investment.

51.

52. The Governor may from time to time make, repeal, and Regulations.

alter Regulations for the following purposes or any of them, that see 61 Viet., No.

is to say— 8, s. 15.

(1.)	Prescribing and defining the authority under which, and the mode in which, the Treasurer is to act, and defining the duties of officers in relation to Western Australian Local Inscribed Stock ;
(2.)	Prescribing the mode of investment in such Inscribed Stock, and of the issue and re-issue, and the inscription and re-inscription thereof ;

(3.) Providing for the issue, re-issue, and cancellation of Stock certificates, and the issue of Stock certificates to replace certificates lost, mislaid, or destroyed, and pre- scribing the form of such certificates, and the person or persons by whom the same shall be signed, and the per- son or persons to whom the same may be delivered;

(4.) Prescribing the mode, time, and place of payment of the capital moneys of such Inscribed Stock and of the interest and dividends thereon, and the con- ditions and restrictions under and subject to which such payments may be made, especially in the case of Stock standing in the name of any infant or person of unsound mind, or other person under legal disability, whether jointly with any other person or otherwise;

1910, No. 5.] General Loan and Inscribed Stock. [1 GEO. V.

(5.) Prescribing the manner in which such Inscribed Stock may be transferred by the holder thereof or his personal representatives, or any other person claim- ing the right to transfer the same in consequence of the death or insolvency of such holder, or any de- volution in law from such holder or otherwise, mid the conditions and restrictions under and subject to which such Inscribed Stock may be transferred;

(6.) Providing for the periodical closing of the register of

such Inscribed Stock ;

(7.) Prescribing the evidence which may be required as to the title and identity of any person or persons claiming to be the owner or owners of any such Inscribed Stock or of any interest or dividends, or claiming the right to transfer or otherwise deal with the same;

(8.) Providing for the inspection of registers;

(9.) Imposing fees in respect of the several proceedings in relation to such Inscribed Stock which are authorised by this Act or any Regulations;

(10.) Prescribing forms to be used in connection with books •

and documents required for the purposes of this Act;

and

(1.1.) Generally for all such purposes as may be necessary for carrying into effect the provisions of this Act and for the efficient administration thereof.

Such Regulations shall be published in the Government Gazette, and when so published shall have the force of law; and such Regulations shall be laid before Parliament within fourteen days after publication, if Parliament is then sitting, or, if Parlia- ment is not sitting, then within fourteen days of its next meeting.

1 GEO. V.] General Loan and Inscribed Stock. [1910, No. 5.

Sec. 2.

SCHEDULE.

Date of Act. Title of Act. Extent of Repeal.

48 Vict., No. 4 ... General Loan and Inscribed Stock Act, The whole.

1884

52 Vict., No. 20 ... General Loan and Inscribed Stock Act, The whole.

1884, Amendment

54 Vict., No. 13 ... General Loan and Inscribed Stock Act, The whole.

1884, Amendment

55 Vict., No. 5 ... General Loan and Inscribed Stock Act, The whole.

1884, Amendment

61 Vict., No. 8	... Local Inscribed Stock Act, 1897The whole.
62 Vict., No. 11	... Local Inscribed Stock Act, 1897, Amend- The whole.

ment

2 Edwd. VII., No. 18 Local Inscribed Stock Act, 1897, Amend- The whole.

ment

4 Edwd. VII., No. 31 Local Inscribed Stock Amendment Act, The whole.

1904

By Authority; FaEn, WM. SIMPSON, Government Printer, Perth.