Statutory Rules 1983 No. 2651
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Overseas Telecommunications (O.T.C.
Stock) Regulations
I, THE GOVERNOR-GENERAL of the Commonwealth of Australia,
acting with the advice of the Federal Executive Council, hereby make the
following Regulations under the Overseas Telecommunications Act 1946.
Dated 3 November 1983.
N. M. STEPHEN
Governor-General
By His Excellency's Command,
M. J. DUFFY
Minister of State for Communications
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PART I—PRELIMINARY
Citation
1. These
Regulations may be cited as the Overseas Telecommunications (O.T.C. Stock)
Regulations.
Interpretation
2. (1) In these Regulations, unless
the contrary intention appears—
"approved
form" means a form approved by the Commission;
"Registry"
means a Registry for the inscription of stock;
"stock" means the Stock
referred to in regulation 3;
"the Act" means the Overseas
Telecommunications Act 1946.
(2) In
these Regulations, a reference to the owner of stock shall be read as including
a reference to the owners of stock in a joint account.
PART II—ISSUE OF STOCK
Issue
of inscribed stock
3. The
Commission may issue securities by way of inscribed stock, called Overseas
Telecommunications Commission Stock or O.T.C. Stock—
(a) for raising by way of loan any
money that the Commission may borrow under the Act; and
(b) for converting any loan raised
by the Commission into any other loan so raised.
Terms
and conditions of issue
4. (1) Stock
may be issued and sold in such amounts, at such prices and on such terms and
conditions, including rates and terms and conditions as to interest, as the
Treasurer approves.
(2) Where
members of the public are invited to purchase stock, the Commission shall issue
a prospectus inviting applications to purchase stock and setting out the
amounts, price and terms and conditions of the stock, including rates and terms
and conditions as to interest, so approved by the Treasurer.
Applications
for stock
5. (1) An
application to purchase stock, being an application of the kind referred to in
sub-regulation 4 (2), shall be in accordance with an approved form accompanying
the prospectus inviting applications to purchase stock.
(2) An application under sub-regulation
(1) to purchase stock shall be made in the manner specified in the prospectus.
(3) In the case of a joint account, the
application under sub-regulation (1) shall specify an address to which payments
of interest and payments in redemption of stock may be sent.
PART III—INSCRIPTION, TRANSMISSION
AND TRANSFER OF STOCK
Establishment
of Registries
6. The Commission shall make
arrangements for the establishment of Registries for the inscription of stock.
Manner
of registration of stock
7. (1)
All stock issued shall be inscribed
by entering in a Stock Ledger kept in accordance with an approved form at a
Registry the name, address and designation of the owner of stock and the amount
of stock owned by him.
(2) No
stock shall be inscribed in the names of more than 4 persons.
(3) Stock
shall not be inscribed in the name of a person under the age of 18 years.
(4) A reference in sub-regulation (1)
to the address of the owner of stock shall be read, where the stock is owned by
more than one person, as a reference to the address specified under
sub-regulation 5(3) in the application to purchase stock.
Notice
of trusts not received
8. No notice of any trust express,
implied or constructive shall be received by the Commission or entered in the
Stock Ledger or other records kept by the Commission.
Executors,
&c.
9. Stock shall not be inscribed in the
names of executors, administrators or trustees as such but in their individual
names without reference to trusteeship.
Changes
in Stock Ledger
10. (1)
Where an owner of stock changes his
name, address or designation, the Commission shall, on application by the owner
of stock in accordance with an approved form lodged at the Registry at which
the stock is inscribed, record the change in the Stock Ledger.
(2) Where
an application referred to in sub-regulation (1) is received by a Registry less
than 14 days before a payment of interest is due, the Commission may decline to
record the change specified in the application until after payment of that
interest.
Sales
and Transfers Register
11. The Commission shall keep Sales and
Transfers Registers in accordance with an approved form in which shall be
entered particulars of sales of stock to original purchasers, transmissions of
stock, transfers of stock, transfers of stock from one Registry to another,
stock redeemed, stock converted and any other transaction in respect of stock.
Transmission
of stock
12. (1)
A person to whom stock is
transmitted may apply to be inscribed as the owner of the stock.
(2) An application under sub-regulation
(1) shall be made in accordance with an approved form lodged at the Registry at
which the stock is inscribed and shall be executed by the applicant.
(3) Each
signature on an application referred to in sub-regulation (2) shall be verified
in a manner approved by the Commission.
(4) In the case of a transmission
consequent on death, the probate of the will, letters of administration, or
other instrument that is evidence that a person is entitled to the estate of a
deceased person, or is authorized to administer the
estate of a deceased person, shall be lodged at the Registry
at which the stock is inscribed.
(5) In the case of a transmission
consequent on bankruptcy, an office copy of the adjudication or order of
sequestration shall be lodged at the Registry at which the stock is inscribed.
(6) A
transmission of stock shall be effected by entering a record of the transmission
in the Stock Ledger and by inscribing in the Stock Ledger as owner of the stock
the name of the person to whom the stock has been transmitted.
Owner
may transfer stock
13. (1) The
person whose name is inscribed in the Stock Ledger as the owner of stock may
dispose of and transfer stock in the manner provided by these Regulations and
may give effectual receipts for money paid to him by way of consideration for
stock.
(2) The
owner of stock shall not transfer stock having a face value that is less than
$100 or is not a multiple of $100.
Transfer
of stock within a Registry from one person to another
14. (1) Stock
may be transferred within a Registry from one person to another by an
instrument of transfer and acceptance, in accordance with an approved form,
executed by both parties and lodged at the Registry.
(2) Each
signature on an instrument under sub-regulation (1) shall be verified in a
manner approved by the Commission.
(3) A transfer of stock under
sub-regulation (1) shall be effected—
(a) by cancelling the inscription of
the stock in the name of the transferor in the Stock Ledger; and
(b) by inscribing the stock in the
name of the transferee in the Stock Ledger.
Transfer
of stock from one Registry to another with change of ownership
15. (1) The
owner of stock may, by an instrument of transfer and acceptance, in accordance
with an approved form, executed by both parties and lodged at the Registry at
which the stock is inscribed, transfer stock to the name of another person in
the Stock Ledger at another Registry.
(2) Each
signature on an instrument referred to in sub-regulation (1) shall be verified
in a manner approved by the Commission.
(3) A transfer of stock under
sub-regulation (1) shall be effected—
(a) by cancelling the inscription of
the stock in the name of the transferor in the Stock Ledger at the Registry
first-mentioned in sub-regulation (l);and
(b) by inscribing the stock in the
name of the transferee in the Stock Ledger at the other Registry referred to in
sub-regulation (1).
Transfer
of stock from one Registry to another without change of ownership
16. (1) Stock
inscribed in a Stock Ledger at a Registry in the name of a person may be
inscribed in a Stock Ledger at another Registry in the name of that person on
application by the person in accordance with an approved form lodged at the
first-mentioned Registry.
(2) Where
stock is inscribed in the Stock Ledger at another Registry under sub-regulation
(.1), the inscription of the stock in the Stock Ledger at the Registry
first-mentioned in sub-regulation (1) shall be cancelled.
Marked
transfer
17. (1) The
Commission shall, on application by an owner of stock in accordance with an
approved form lodged at the Registry at which the stock is inscribed, mark a
transfer of stock, being a transfer that has been properly executed by the
transferor, with words that are substantially in accordance with the following
form: "Stock for (insert face value of stock proposed to be
transferred) Dollars held against this transfer for a period of 42 days
from and including (insert date of marking).".
(2) Where
the Commission has marked a transfer in accordance with sub-regulation (1), the
Commission shall not give effect to any dealing in stock to which the transfer
relates during the period of 42 days from and including the date of marking
except in pursuance of the marked transfer.
Transfer
of stock from or to a body corporate
18. Where stock is inscribed, or is
proposed to be inscribed, in the name of a body corporate, the Commission may
require the body corporate to lodge at the Registry at which the stock is
inscribed, or is proposed to be inscribed, as the case may be, evidence that
each instrument required to be executed in respect of the stock by or on behalf
of the body corporate has been executed in a manner that is effectual in law
and binds the body corporate.
Specimen
signature
19. A person
whose name is inscribed, or is proposed to be inscribed, in relation to stock,
shall lodge at the Registry at which the stock is inscribed a specimen of his
signature and shall verify the signature in a manner approved by the
Commission.
Stock
certificates
20. (1) The Commission shall, upon
application in accordance with an approved form lodged at the Registry at which
the stock is inscribed, issue to the owner of stock a certificate, in an
approved form, of his proprietorship of the stock on the date specified in the
certificate.
(2) The want of a certificate referred
to in sub-regulation (1) shall not prevent the owner of
the stock from disposing of the stock.
(3) The Commission shall keep a record
of each certificate issued under sub-regulation (1).
Limitation
on registration of transactions
21. A
transaction relating to stock shall not, without the consent of the Commission,
be registered or dealt with within 14 days prior to the date upon which
interest is due or within one month prior to the date of maturity of the stock.
PART IV—PAYMENT OF INTEREST
Payment
of interest
22. (1) Where
stock is inscribed in the name of one person, interest on the stock may be
paid—
(a) by cheque, payable to the
person, sent by post to the person to his address shown on the Stock Ledger; or
(b) in a manner approved by the
Commission on application by the person in accordance with an approved form
lodged at the Registry at which the stock is inscribed.
(2) Where stock is inscribed in the
name of more than one person, interest on the stock may be paid—
(a) by cheque, payable to the
persons in whose names the stock is inscribed in the Stock Ledger, sent by post
to the persons at the address shown on the Stock Ledger; or
(b) in a manner approved by the
Commission on application by the persons in accordance with an approved form
lodged at the Registry at which the stock is inscribed.
(3) Any one of the persons in whose
names stock is inscribed may give a valid receipt for interest.
(4) The provisions of this regulation
do not apply to the extent (if any) to which the terms and conditions of the
issue of the stock otherwise provide.
Cessation
of interest
23. Interest on stock shall cease on
the date of maturity of the stock.
PART V—REDEMPTION OF STOCK
Redemption
of stock
24. (1) Stock
inscribed in the name of one person may be redeemed by payment—
(a) by cheque, payable to the
person, sent by post to the person to his address shown on the Stock Ledger; or
(b) in a manner approved by the
Commission on application by the person in accordance with an approved form
lodged at the Registry at which the stock is inscribed.
(2) Stock inscribed in the name of more
than one person may be redeemed by payment—
(a) by cheque, payable to the
persons in whose names the stock is inscribed in the Stock Ledger, sent by post
to the persons at the address shown on the Stock Ledger; or
(b) in a manner approved by the
Commission on application by the persons in accordance with an approved form
lodged at the Registry at which the stock is inscribed.
(3) Any one of the persons in whose
names stock is inscribed may give a valid receipt for a payment in redemption
of stock.
(4) The provisions of this regulation
do not apply to the extent (if any) to which the terms and conditions of the
issue of the stock otherwise provide.
Commission
may sell or purchase stock
25. The
Commission may purchase stock that has been issued and may re-sell that stock.
NOTE
1. Notified in
the Commonwealth of Australia Gazette