Loan (Drought Bonds) Act 1969 (Cth)

LOAN (DROUGHT BONDS) ACT 1969 [Note: This Act is "repealed" by Act No. 107 of 1989]

(#DATE 31:03:1988)

- Reprinted as at 31 March 1988

*1*The Loan (Drought Bonds) Act 1969 as shown in this reprint comprises Act No. 99, 1969 amended as indicated in the Tables below.
Table of Acts
--------------------------------------------------------------------------------
Act Number Date of Date of Application
and year Assent commencement saving or
transitional
provisions
--------------------------------------------------------------------------------
Loan (Drought Bonds) Act
1969 99, 1969 27 Sept
1969 27 Sept 1969
Statute Law Revision Act
1973 216, 1973 19 Dec 1973
31 Dec 1973 Ss. 9 (1) and
10
Loan (Drought Bonds)
Amendment Act 1976 207, 1976 20 Dec 1976
20 Dec 1976 -
Jurisdiction of Courts
(Miscellaneous
Amendments) Act 1979 19, 1979 28 Mar 1979
Parts II-XVII (ss.
3-123): 15 May
1979 (see Gazette
1979, No. S86, p.
1)
Remainder: Royal
Assent Ss. 62 (2) and
125-127
Loan (Income Equalization
Deposits) Amendment Act
1984 173, 1984 26 Oct 1984
23 Nov 1984 -
Taxation Boards of Review
(Transfer of
Jurisdiction) Act 1986 48, 1986 24 June
1986 S. 31, Parts VII
and VIII (ss.
45-56): 24 June
1986 (see s. 2
(2))
Remainder: 1 July
1986 -
-------------------------------------------------------------------------------
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and
substituted
-------------------------------------------------------------------------------
Provision affected How affected
-------------------------------------------------------------------------------
S. 3 ................ rep. No. 216, 1973
S. 4 ................ am. No. 48, 1986
S. 15A .............. ad. No. 19, 1979
rep. No. 48, 1986
Ss. 25A, 25B ........ ad. No. 19, 1979
rep. No. 48, 1986
S. 26 ............... am. No. 19, 1979; No. 48, 1986
S. 27 ............... rs. No. 48, 1986
S. 27A .............. ad. No. 207, 1976
am. No. 173, 1984
S. 30 ............... rs. No. 48, 1986
S. 30A .............. ad. No. 19, 1979
rep. No. 48, 1986
S. 31 ............... am. No. 19, 1979; No. 48, 1986
-------------------------------------------------------------------------------

LOAN (DROUGHT BONDS) ACT 1969 - TABLE OF PROVISIONS 
TABLE

                         TABLE OF PROVISIONS

                          PART I-PRELIMINARY

Section

  1.     Short title

  2.     Commencement

  4.     Interpretation

                 PART II-CREATION AND ISSUE OF DROUGHT BONDS

  5.     Power to create Drought Bonds

  6.     Borrowings on security of Drought Bonds

  7.     Expenses and interest to be paid out of Consolidated Revenue Fund

  8.     Establishment of Drought Bonds Trust Account

  9.     Loan moneys to be paid into Trust Account

  10.    National Debt Sinking Fund Act not to apply

  11.    Borrowing to be subject to the Financial Agreement

  12.    Drought Bonds may be held by one person only

  13.    Drought Bonds not transferable

  14.    Application of Commonwealth Inscribed Stock Act to Drought Bonds

                   PART III-REDEMPTION OF DROUGHT BONDS

  15.    When Drought Bonds redeemable

  16.    Interpretation

  17.    Delegation by authorised person

  18.    Declaration of drought areas

  19.    Redemption in case of drought, fire, flood or financial hardship

  20.    Redemption and re-issue of Drought Bonds on disposal of grazing

         business

  21.    Redemption where stock holder has ceased to carry on grazing
business

         etc.

  22.    Redemption in case of death, bankruptcy or winding up

  23.    Redemption of Drought Bonds in respect of which income tax
deductions

         not allowed

  24.    Redemption of amount of stock in excess of $50,000

  25.    Stock to be redeemed in multiples of $100

  26.    Review by Tribunal

  27.    Notice of declarations

  27A.   Conversion of stock

  28.    Effect of Drought Bonds having become redeemable

  29.    Only one request in respect of the same stock to be pending

  30.    Requests etc. to be in writing

                        PART IV-MISCELLANEOUS

  31.    Regulations

LOAN (DROUGHT BONDS) ACT 1969 - LONG TITLE 
SECT

   An Act to make provision for and in relation to the Issue of Drought Bonds

LOAN (DROUGHT BONDS) ACT 1969 - PART I 
 PART I-PRELIMINARY 

LOAN (DROUGHT BONDS) ACT 1969 - SECT 1 
Short title 
SECT

  1. This Act may be cited as the Loan (Drought Bonds) Act 1969.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

LOAN (DROUGHT BONDS) ACT 1969 - SECT 2 
Commencement 
SECT

  2. This Act shall come into operation on the day on which it receives the
Royal Assent.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

LOAN (DROUGHT BONDS) ACT 1969 - SECT 4 
Interpretation 
SECT

  4. (1) In this Act, unless the contrary intention appears-

  "beef cattle" does not include dairy cattle;

  "grazing business" means a business of primary production that consists, in
whole or part, of maintaining sheep or beef cattle, or sheep and beef cattle,
for the purpose of selling them or their bodily produce, including natural
increase;

  "parcel of stock" in relation to a stock holder, means the whole of the
stock issued to him at the one time or, if part of the stock issued to him at
the one time has been redeemed, means the remainder of that stock;

  "stock" or "stock to which this Act applies" means stock by the name of
Drought Bonds issued under this Act;

  "stock holder", in relation to stock, means the person who holds the

  stock;

  "the authorized person" means the  Commissioner of Taxation;

  "the Commonwealth Inscribed Stock Act" means the Commonwealth Inscribed
Stock Act 1911-1966;

  "the Financial Agreement" means the agreement referred to in section 2 of
the Financial Agreement Act 1928, being that agreement as amended, whether
before or after the commencement of this Act, by any subsequent agreement
approved by the Parliament;

  "the Income Tax Assessment Act" means the Income Tax Assessment Act
1936-1969;

  "the Registrar", in relation to any stock to which this Act applies, means
the Registrar of Stock in relation to the Registry at which the stock is
inscribed under the Commonwealth Inscribed Stock Act, and includes a person
for the time being performing the functions of the Registrar of Stock in
relation to that Registry;

  "Tribunal" means the Administrative Appeals Tribunal;

  "year of income", in relation to a person, has the same meaning as it has in
relation to that person under the Income Tax Assessment Act.
  (2) A reference in this Act to a person who holds stock shall be read as a
reference to the person in whose name the stock is inscribed under the
Commonwealth Inscribed Stock Act.
  (3) A reference in this Act to stock that has been redeemed shall be read as
including a reference to stock that has become redeemable but has not been
redeemed.

LOAN (DROUGHT BONDS) ACT 1969 - PART II 
 PART II-CREATION AND ISSUE OF DROUGHT BONDS 

LOAN (DROUGHT BONDS) ACT 1969 - SECT 5 
Power to create Drought Bonds 
SECT

  5. The Governor-General may, by order-

  (a)  create stock, called "Drought Bonds", to the face value of an amount
specified in the order, for raising money by way of loan; and

  (b)  authorize the Treasurer to issue the stock so created.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 6 
Borrowings on security of Drought Bonds 
SECT

  6. (1) The Treasurer may, from time to time, borrow moneys on the security
of stock to which this Act applies.
  (2) Subject to this Act, stock shall be issued and sold at such prices, on
such terms and conditions (including terms and conditions as to interest) and
in such manner as the Treasurer determines.
  (3) Stock shall be issued only in amounts of One hundred dollars or amounts
that are multiples of One hundred dollars.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 7 
Expenses and interest to be paid out of Consolidated Revenue Fund 
SECT

  7. The expenses of borrowing under this Act, and interest payable in respect
of stock to which this Act applies, shall be paid out of the Consolidated
Revenue Fund, which is appropriated accordingly.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 8 
Establishment of Drought Bonds Trust Account 
SECT

  8. (1) For the purposes of this Act, there shall be a Trust Account to be
known as the Drought Bonds Trust Account.
  (2) The Drought Bonds Trust Account is a Trust Account for the purposes of
section 62A of the Audit Act 1901-1969.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 9 
Loan moneys to be paid into Trust Account 
SECT

  9. (1) Moneys borrowed under this Act and standing to the credit of the Loan
fund shall be paid to the credit of the Drought Bonds Trust Account, and the
Loan Fund is appropriated accordingly.
  (2) Moneys borrowed under this Act shall, when the moneys become re-payable,
be repaid out of the moneys standing to the credit of the Drought Bonds Trust
Account.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 10 
National Debt Sinking Fund Act not to apply 
SECT

  10. The National Debt Sinking Fund Act 1966-1967 does not apply in relation
to moneys borrowed under this Act.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 11 
Borrowing to be subject to the Financial Agreement 
SECT

  11. Nothing in this Act authorizes the borrowing of money, or the creation
or issue of securities, otherwise than in accordance with clause 6 of the
Financial Agreement.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 12 
Drought Bonds may be held by one person only 
SECT

  12. A parcel of stock to which this Act applies shall not be inscribed in
the names of more than one person except where the stock is transmitted.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 13 
Drought Bonds not transferable 
SECT

  13. Stock to which this Act applies is not transferable from one person to
another person.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 14 
Application of Commonwealth Inscribed Stock Act to Drought Bonds 
SECT

  14. (1) Subject to the next succeeding sub-section, Part III (other than
sections 14, 16, 21, 22, 22A, 24, 27 and 44A), and Part V, of the Commonwealth
Inscribed Stock Act apply to and in relation to stock to which this Act
applies as if it were Commonwealth Government Inscribed Stock within the
meaning of that Act.
  (2) For the purposes of the application of Part III of the Commonwealth
Inscribed Stock Act to and in relation to stock by virtue of the last
preceding sub-section, that Part shall be deemed to be modified as follows:

  (a)  All the words from and including the words "but the want of such
certificate" in section 17 shall be deemed to be omitted;

  (b)  All the words from and including the words "and shall have power" in
section 18 shall be deemed to be omitted;

  (c)  The words "the disposal and transfer of stock and" in section 20 shall
be deemed to be omitted.
  (3) Section 52A, sub-section (1) of section 52B, section 54 and section 56
of the Commonwealth Inscribed Stock Act apply to and in relation to stock to
which this Act applies as if it were Commonwealth Government Inscribed Stock
within the meaning of that Act and, for the purposes of the application of
that first-mentioned section of the Commonwealth Inscribed Stock Act to and in
relation to any stock by virtue of this sub-section, certificates issued under
that Act in respect of that stock shall be deemed to be stock certificates.

LOAN (DROUGHT BONDS) ACT 1969 - PART III 
 PART III-REDEMPTION OF DROUGHT BONDS 

LOAN (DROUGHT BONDS) ACT 1969 - SECT 15 
When Drought Bonds redeemable 
SECT

  15. (1) Stock to which this Act applies is redeemable upon maturity or,
before maturity, in accordance with this Part.
  (2) Except in pursuance of a declaration under section 20 of this Act,
redeemed stock shall not be re-issued.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 16 
Interpretation 
SECT

  16. (1) For the purposes of this Part-

  (a)  an unrecouped income tax deduction shall be deemed to exist in respect
of a parcel of stock held by a person if an unrecouped deduction is, under
Division 16B of Part III of the Income Tax Assessment Act, deemed to exist in
respect of the stock included in that parcel;

  (b)  the amount of the unrecouped income tax deduction that exists in
respect of a parcel of stock held by a person shall be deemed to be the amount
that, under that Division, is deemed to be the amount of the unrecouped
deduction that exists in respect of the whole of the stock included in that
parcel; and

  (c)  a reduced income tax deduction shall be deemed to have been allowed in
respect of a parcel of stock in respect of which an unrecouped income tax
deduction exists if the amount of the unrecouped income tax deduction is less
than the amount of stock included in that parcel.
  (2) Where a person has had, in respect of a year of income, receipts from
sheep and beef cattle that amount to not less than ninety per centum of his
gross farm receipts in respect of that year, he shall, for the purposes of
this Part, be deemed, in relation to that year of income, to be a person
eligible for income tax deductions in respect of stock.
  (3) Expressions used in the last preceding sub-section that are used in
sub-section (3) of section 159A of the Income Tax Assessment Act have the same
meanings as in that sub-section.
  (4) For the purposes of this Part, stock issued to a person within a period
of two months after the end of a year of income shall be deemed to have been
issued to him during that year of income, and stock in respect of which a
person makes an election under section 6 of the Income Tax Assessment Act (No.
3) 1969 shall be deemed to have been issued to him during the year of income
that ended on the thirtieth day of June, One thousand nine hundred and
sixty-nine.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 17 
Delegation by authorised person 
SECT

  17. (1) The authorized person may, by instrument in writing, delegate to a
Second Commissioner of Taxation or an officer in the branch of the Department
of the Treasury that is under the control of the Commissioner of Taxation,
either generally or otherwise as provided in the instrument of delegation, all
or any of his powers or functions under this Act, except this power of
delegation.
  (2) A power or function so delegated may be exercised or performed by the
delegate in accordance with the instrument of delegation, and, when so
exercised or performed, shall, for the purposes of this Act, be deemed to have
been exercised or performed by the authorized person.
  (3) A delegation under this section is revocable at will and does not
prevent the exercise of a power or the performance of a function by the
authorized person.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 18 
Declaration of drought areas 
SECT

  18. (1) Where the Minister of State for Primary Industry is of the opinion
that an area in Australia is experiencing drought, he may, by notice published
in the Gazette, declare that, during the period the declaration remains in
force, the area is to be treated as a drought area for the purposes of this
Act.
  (2) Where the Minister of State for Primary Industry is satisfied that an
area, or part of an area, specified in a declaration under the last preceding
sub-section has ceased to be experiencing drought, he may, by notice published
in the Gazette, revoke the declaration in relation to the area or in relation
to the part of the area, as the case may be.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 19 
Redemption in case of drought, fire, flood or financial hardship 
SECT

  19. (1) Subject to this section, a person who holds a parcel of stock, not
being stock that has been transmitted to him, may, on a ground referred to in
the next succeeding sub-section, request the authorized person to declare that
the stock included in the parcel, or such amount of that stock as is specified
in the request, has become redeemable.
  (2) The ground on which a request may be made by a stock holder under the
last preceding sub-section is one of the following grounds:

  (a)  that he has, either alone or with other persons, at a time when a
declaration under the last preceding section was in force in relation to an
area, carried on a grazing business in that area;

  (b)  that a grazing business carried on by him, either alone or with other
persons, has suffered substantial damage to or substantial loss of pastures or
livestock by reason of fire or flood; or

  (c)  that he is, for any reason, suffering serious financial hardship.
  (3) A request on the ground specified in paragraph (a) of the last preceding
sub-section shall not be made later than twelve months after the declaration
under the last preceding section has ceased to be in force in relation to the
area concerned, and a request on the ground specified in paragraph (b) of the
last preceding sub-section shall not be made later than twelve months after
the occurrence of the fire or flood.
  (4) Where a person holds more than one parcel of stock in respect of which
an unrecouped income tax deduction exists, he shall not make a request under
this section in respect of one of those parcels issued to him on a date later
than the date on which another of those parcels was issued to him unless he
also makes such a request in respect of the whole of each such parcel issued
to him before that first-mentioned date.
  (5) Where a request is made to the authorized person in accordance with this
section in respect of any stock and he is satisfied that the ground on which
the request was made has been established, he shall declare that the stock has
become redeemable.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 20 
Redemption and re-issue of Drought Bonds on disposal of grazing business 
SECT

  20. (1) Subject to this section, where a person (in this section referred to
as "the vendor") who holds a parcel of stock in respect of which an unrecouped
income tax deduction exists disposes, either alone or as one of two or more
persons, of a grazing business, or of a part of or of an interest in, a
grazing business, to another person or persons, the vendor and that other
person or one of those other persons, as the case may be, (in this section
referred to as "the purchaser") may, within a period of one month after the
disposal of the business or of the part of or interest in the business, on the
ground that the vendor has so disposed of the business or of the part of or
interest in the business, request the authorized person to declare that the
stock included in the parcel, or such amount of that stock as is specified in
the request, has become redeemable and is, after being redeemed, to be
re-issued to the purchaser.
  (2) Where a person holds more than one parcel of stock in respect of which
an unrecouped income tax deduction exists, he shall not make a request under
this section in respect of one of those parcels issued to him on a date later
than the date on which another of those parcels was issued to him unless he
also makes such a request in respect of the whole of each parcel issued to him
before that first-mentioned date.
  (3) Where the parcel of stock held by the vendor is a parcel in respect of
which a reduced income tax deduction has been allowed, the amount of stock
specified by him in a request under sub-section (1) of this section shall not
exceed the amount of the unrecouped income tax deduction that exists in
respect of the parcel.
  (4) Where-

  (a)  a request is made to the authorized person in accordance with this
section in respect of any stock; and

  (b)  he is satisfied that-

      (i)  the ground on which the request was made has been established; and

     (ii)  there has been paid to the Registrar the purchase price that

will become payable to the Commonwealth by the purchaser in respect of the
stock upon its re-issue to the purchaser, he shall declare that the stock has
become redeemable and is, after being redeemed, to be re-issued to the
purchaser.
  (5) Where the request was made in respect of a parcel of stock in respect of
which a reduced income tax deduction has been allowed, the authorized person
shall also declare that so much of the amount of that parcel of stock as
exceeds the amount of the unrecouped income tax deduction that exists in
relation to the parcel has also become redeemable.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 21 
Redemption where stock holder has ceased to carry on grazing business 
etc. 
SECT

  21. (1) Subject to this section, where-

  (a)  a person who holds a parcel of stock in respect of which an unrecouped
income tax deduction exists is, in relation to a year of income subsequent to
the year of income in which the stock was issued, a person who is not eligible
for income tax deductions in respect of stock; and

  (b)  the authorized person is satisfied that the person is not carrying on,
either alone or with other persons, a grazing business and has permanently
ceased to be such a person, the authorized person may, either at the request
of the stock holder or otherwise, declare that the stock included in the
parcel has become redeemable.
  (2) The last preceding sub-section does not apply in relation to a stock
holder in respect of stock issued to him in pursuance of a declaration made
under the last preceding section unless, in relation to the year of income in
which the stock was issued to him or a subsequent year of income, he has been
a person eligible for income tax deductions in respect of stock.
  (3) Where-

  (a)  stock is issued to a person in pursuance of a declaration made under
the last preceding section; and

  (b)  the stock holder is, in relation to each of the four years of income
commencing with the year of income in which the stock was issued to him, a
person who is not eligible for income tax deductions in respect of stock, the
authorized person may declare that the stock has become redeemable.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 22 
Redemption in case of death, bankruptcy or winding up 
SECT

  22. (1) Where the authorized person is satisfied that the holder of a parcel
of stock has died, become bankrupt or, being a company, is being wound up, the
authorized person shall declare that the stock included in the parcel has
become redeemable.
  (2) The authorized person shall not make a declaration under this section in
respect of any stock while a request made by the stock holder under section 19
or 20 of this Act in respect of the stock is pending.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 23 
Redemption of Drought Bonds in respect of which income tax deductions 
not allowed 
SECT

  23. (1) Where a person holds a parcel of stock in respect of which no
unrecouped income tax deduction exists, he may, at any time after an
assessment under the Income Tax Assessment Act has been made in relation to
him in respect of the year of income in which the stock was issued to him,
request the authorized person to declare that the stock included in the parcel
of stock, or such amount of that stock as is specified in the request, has
become redeemable.
  (2) Where a person holds a parcel of stock in respect of which an unrecouped
income tax deduction exists but in respect of which a reduced income tax
deduction has been allowed, he may request the authorized person to declare
that such amount of the stock included in the parcel as is specified in the
request, being an amount that does not exceed the difference between the
amount of the unrecouped income tax deduction and the amount of the parcel,
has become redeemable.
  (3) Where a request is made to the authorized person in accordance with this
section in respect of any stock, he shall declare that the stock has become
redeemable.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 24 
Redemption of amount of stock in excess of $50,000 
SECT

  24. (1) Subject to the next succeeding sub-section, where the amount of
stock held by a person exceeds Fifty thousand dollars, the authorized person
may, either at the request of the person or otherwise, declare that such of
that stock as is specified by the authorized person, being stock of an amount
that does not exceed the amount of the excess, has become redeemable.
  (2) A declaration shall not be made under the last preceding sub-section
except in relation to the stock included in a parcel of stock in respect of
which no unrecouped income tax deduction exists.
  (3) The reference in the last preceding sub-section to a parcel of stock in
respect of which no unrecouped income tax deduction exists shall be read as
including a reference to so much of a parcel of stock in respect of which an
unrecouped income tax deduction does exist, but in respect of which a reduced
income tax allowance has been allowed, as is equal to the difference between
the amount of the unrecouped income tax deduction and the amount of the parcel
of stock.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 25 
Stock to be redeemed in multiples of $100 
SECT

  25. A person shall not specify in a request under this Part, and the
authorized person shall not specify in a declaration under this Part, an
amount of stock except an amount of One hundred dollars or an amount that is a
multiple of One hundred dollars.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 26 
Review by Tribunal 
SECT

  26. (1) Where a request is made to the authorized person for a declaration
under section 19, 20, 21, 23 or 24 of this Act in respect of any stock and the
authorized person does not, within a period of one month after receipt of the
request, make a declaration in accordance with the request, he shall give
notice in writing to the person or persons who made the request that he has
not made the declaration, giving reasons why he has not made it.
  (2) The authorized person may, within a period of one month after receiving
a request for a declaration under section 19, 20, 21, 23 or 24 of this Act in
respect of any stock, give notice in writing to the person or persons who made
the request requiring him or them to furnish to him further information in
connexion with the request and, where the authorized person gives such a
notice, the reference in the last preceding sub-section to the period of one
month after the receipt by the authorized person of the request shall, in
relation to that request, be read as a reference to a period of one month
after the information is furnished in accordance with the notice or to a
period of two months after the receipt by the authorized person of the
request, whichever period first expires.
  (3) An application may be made to the Tribunal for review of a decision in
respect of which a notice has been given to a person under sub-section (1).

LOAN (DROUGHT BONDS) ACT 1969 - SECT 27 
Notice of declarations 
SECT

  27. The authorized person shall cause notice in writing of each declaration
made under this Part to be given to-

  (a)  the Registrar; and

  (b)  the holder of the stock concerned,

and, if the declaration was made under section 20, to the person referred to
in that section as the purchaser.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 27A 
Conversion of stock 
SECT

  27A. (1) Where the holder of a parcel of stock makes an application under
section 12A of the Loan (Income Equalization Deposits) Act 1976 for the
conversion of stock included in that parcel into a non-Class C deposit within
the meaning of that Act, that stock shall be deemed to have been redeemed on
the date on which the application was made, but the holder of the stock is not
entitled to any payment in respect of the redemption other than a payment in
respect of any interest on the stock that accrued in respect of a period
before the application was made.
  (2) Where any stock is deemed to have been redeemed by virtue of sub-section
(1), an amount equal to the amount of that stock shall be transferred from the
Drought Bonds Trust Account to the Income Equalization Deposits Trust Account
established under the Loan (Income Equalization Deposits) Act 1976.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 28 
Effect of Drought Bonds having become redeemable 
SECT

  28. Upon stock becoming redeemable-

  (a)  interest on the stock ceases to accrue; and

  (b)  the stock shall, subject to section 159D of the Income Tax Assessment
Act, be redeemed and, where a declaration in respect of the stock has been
made under sub-section (4) of section 20 of this Act, the stock shall be
re-issued in accordance with the declaration.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 29 
Only one request in respect of the same stock to be pending 
SECT

  29. A person who has made a request under section 19, 20 or 21 of this Act
in relation to a parcel of stock shall not make a request under any other of
those sections in respect of that parcel of stock while the request is
pending.

LOAN (DROUGHT BONDS) ACT 1969 - SECT 30 
Requests etc. to be in writing 
SECT

  30. A request, declaration or notice under this Part shall be in writing
and, except in the case of a declaration made by the Tribunal, shall be signed
by the person who made or gave it.

LOAN (DROUGHT BONDS) ACT 1969 - PART IV 
 PART IV-MISCELLANEOUS 

LOAN (DROUGHT BONDS) ACT 1969 - SECT 31 
Regulations 
SECT

  31. (1) The Governor-General may make regulations, not inconsistent with
this Act, prescribing all matters required or permitted by this Act to be
prescribed, or necessary or convenient to be prescribed for carrying out or
giving effect to this Act, and, in particular-

  (a)  requiring a stock holder, the personal representative of a deceased
stock holder, the trustee in bankruptcy of a stock holder who has become
bankrupt or the liquidator of a company that is a stock holder and is in the
course of being wound-up to furnish to the authorized person such information
as is required by the regulations within such time as is prescribed; and

  (b)  prescribing penalties, not exceeding a fine of Two hundred dollars, for
offences against the regulations.
  (2) The regulations may provide that any of the regulations, or forms
prescribed by the regulations, under the Commonwealth Inscribed Stock Act that
relate to Commonwealth Government Inscribed Stock apply, with such
modifications, if any, as are prescribed, to stock issued under this Act as if
it were Commonwealth Government Inscribed Stock within the meaning of that
Act.