National Security (Securities) Regulations (Cth)

STATUTORY RULES.

1939. No. 113.

 

REGULATIONS UNDER THE NATIONAL SECURITY ACT 1939.*

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 National Security Act 1939.

Dated this fourth day of October, 1939.

(SGD.) GOWRIE.

Governor-General.

By His Excellency’s Command,

for Minister of State for Defence.

 

National Security (Securities) Regulations.

Citation.

1. These Regulations may be cited as the National Security (Securities) Regulations.

Definitions.

2. In these Regulations, unless the contrary intention appears—

“foreign securities” includes—

(a) any securities the principal of or interest from which is repayable or payable in any country outside Australia or in any currency other than Australian currency;

(b) any securities the funds necessary for the repayment or payment of the principal of or interest from which are provided from any country outside Australia;

(c) any securities which are registered outside Australia;

(d) any securities which are situated outside Australia; and

(e) any property (other than securities) or class of such property situated outside Australia and specified by the Treasurer, by notice published in the Gazette, to be foreign securities for the purposes of these Regulations and any documents of title thereto,

and also includes any class of foreign securities;

“interest”, in relation to securities, includes dividends and profits from securities;

 

* Notified in the Commonwealth Gazette on , 1939.

4481.—24/3.10.1939.—Price 3d.

 

“registrar”, with respect to any securities, includes any person having the charge of, or concerned with, the registration of registered securities, and any person having the charge of, or concerned with, the books in which any inscribed securities are inscribed;

“securities” includes shares, stock, bonds, debentures, debenture stock and Treasury bills, and also includes foreign securities and documents of title to securities and any class of securities, but does not include bills of exchange or promissory notes.

Restriction on disposal of securities.

3.—(1.) A person shall not, without the consent of the Treasurer, take or send or transfer to any place outside Australia any securities.

(2.) For the purposes of this regulation, a person shall be deemed to transfer securities to a place outside Australia if he transfers securities from a register in Australia to a register outside Australia.

Declaration by travellers.

4.—(1.) Any person who is about to leave Australia (in this regulation referred to as “the traveller”) shall if requested so to do by an officer—

(a) declare whether or not he has with him any securities; and

(b) produce any securities which he has with him.

(2.) The officer and any person acting under his directions may search the traveller and examine or search any article which the traveller has with him, for the purpose of ascertaining whether he has with him any securities, and may seize any securities produced or found upon such examination or search unless the officer is satisfied that the traveller has not the securities with him in contravention of these Regulations:

Provided that no female shall be searched in pursuance of this sub-regulation except by a female.

(3.) With respect to any goods consigned from Australia to a place outside Australia, an officer and any person acting under his directions may examine or search the goods for the purpose of ascertaining whether any securities are being sent therewith, and may seize any securities found upon such examination or search which, in the opinion of the officer, are being sent in contravention of these Regulations.

(4.) For the purposes of this regulation, the term “officer” means officer of Customs, immigration officer or constable and includes any person thereto authorized by the Treasurer.

Control of securities.

5.—(1.) A person shall not, without the consent of the Treasurer, dispose of or otherwise deal with any foreign securities.

(2.) The Treasurer may, subject to this regulation, by order, make provision—

(a) for himself or any other person to take possession of any foreign securities;

(b) for the transfer or delivery to himself or any other person of any such securities; or

(c) for the manner in which any such securities shall be dealt with.

 

(3.) Where, in pursuance of any such order, the Treasurer or any other person takes possession of any foreign securities or any such securities are transferred or delivered to the Treasurer or any other person, those securities shall vest in the Treasurer or that person free from any mortgage, pledge or charge and the Treasurer or that person may deal with them in such manner as the Treasurer thinks fit.

(4.) Without limiting the powers conferred by this regulation, in any case in which securities transferred or delivered in accordance with any such order are subject to any mortgage, pledge or charge, provision may be made in the order for the substitution, for the mortgage, pledge or charge on the securities, of a mortgage, pledge or charge on any amount payable in respect of the transfer or delivery of the securities.

(5.) The owner of any securities and any person who has an interest in or is the registrar of any securities shall do all things necessary or directed by the Treasurer to be done for the purpose of or in connexion with—

(a) the transfer or delivery of those securities in accordance with any order made in pursuance of this regulation; or

(b) any dealing with those securities in accordance with any such order or in pursuance of this regulation.

(6.) A certificate signed by the Secretary to the Department of the Treasury that any securities, particulars of which are given in the certificate, have been taken possession of in pursuance of any such order, shall be taken by the registrar of any securities as conclusive evidence of the facts stated in the certificate.

(7.) Where any person is required by any such order to transfer or deliver any securities to the Treasurer or any other person he shall do all things necessary to secure that any interest from the securities becoming payable or arising on or after the date of the order will be paid to the Treasurer or to that other person.

(8.) Subject to this regulation, the Treasurer shall pay to the person who is dispossessed of any securities, or who transfers or delivers them in accordance with an order made in pursuance of this regulation, not less than the market value of the securities.

(9.) Where, in the case of any security payable to bearer which is transferred or delivered in accordance with any order made in pursuance of this regulation, any coupons representing any interest from the security are not delivered with the security, such reduction in the amount payable therefor shall be made as the Treasurer thinks fit.

(10.) If there is any dispute, as to the market value of any such securities, between the Treasurer and the person who is dispossessed of the securities or who transfers or delivers them in accordance with any such order, the amount to be paid to that person shall be determined by an action for compensation by that person against the Commonwealth.

(11.) An action for compensation under this regulation may be instituted in the High Court or in the Supreme Court of a State or

 

Territory of the Commonwealth, and, subject to the following provisions, the action shall be heard and determined in the same manner as ordinary actions:—

(a) the action shall be tried without a jury;

(b) the Court shall not direct a reference to arbitration, unless by consent of parties; and

(c) the costs shall be in the discretion of the Court.

(12.) Any order of the Treasurer under this regulation may be revoked or varied as occasion requires.

Exemption from stamp duty.

6. A document relating to the transfer to the Treasurer or to any other person of any security in accordance with any order under regulation 5 of these Regulations shall not be liable to stamp duty or other tax under any law of the Commonwealth or of a State or Territory.

Failure to comply with Regulations.

7. If the Treasurer is satisfied that any person has wilfully failed to comply with any provision of, or any requirement made under, these Regulations or any order made under these Regulations, he may assume control of the business and affairs of that person and carry on that business and those affairs for such time as he thinks necessary.

Returns of securities.

8.—(1.) The Treasurer may, by notice published in the Gazette, require every owner of foreign securities (being securities of a class in respect of which the return is required) to make a return to the Treasurer, or to such other person as is specified in the notice, giving, within such period as is specified in the notice, such particulars as are so specified, and every such owner shall make a return accordingly.

(2.) This regulation and every requirement made in pursuance of this regulation shall apply to persons who become owners of foreign securities after the date of the publication of the notice making the requirement in like manner as they apply to persons who are owners of foreign securities at the date of such publication.

Treasurer to obtain information.

9.—(1.) The Treasurer may by notice in writing require any person, including any officer employed in or in connexion with any department of a Government, or by any public authority—

(a) to furnish the Treasurer with such information as he requires with respect to any securities; and

(b) to attend and give evidence before the Treasurer or an officer thereto authorized by the Treasurer concerning his or any other person’s ownership or interest in any securities, or the removal from Australia or disposal, by himself or any other person, of any securities,

and may require him to produce all books, documents and other papers whatever in his custody or under his control relating to securities.

(2.) The Treasurer may require the information or evidence to be given on oath or affirmation and either orally or in writing, and for that purpose the Treasurer or an officer so authorized may administer an oath.

Exemption.

10. The Treasurer may, by order, exempt from the application of the whole or any of the provisions of these Regulations any persons or class of persons or any securities or class of securities.

 

By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.