Statutory Rules
1981 No. 81
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Pipeline
Authority (T.P.A. 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 Pipeline Authority Act 1973.
Dated 21 January 1981.
ZELMAN COWEN
Governor-General
By His Excellency’s Command,
J.
L. CARRICK
Minister
of State for National Development and Energy
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PART I—PRELIMINARY
Citation
1. These Regulations may be
cited as the Pipeline Authority (T.P.A. Stock) Regulations.
Interpretation
2. (1) In these Regulations,
unless the contrary intention appears—
“approved
form” means a form approved by the Authority;
“Registry”
means a Registry for the inscription of stock;
“stock”
means the Stock referred to in regulation 3;
“the
Act” means the Pipeline Authority Act 1973.
(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 Authority may issue
inscribed stock, called Pipeline Authority Stock or T.P.A. Stock—
(a)
for raising by way of loan any money that the Authority may borrow under the
Act; and
(b)
for converting any loan raised by the Authority 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 Authority 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 Authority 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 Authority or entered
in the Stock Ledger or other records kept by the Authority.
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 Authority 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 Authority may decline to record the
change specified in the application until after payment of that interest.
Sales
and Transfers Registers
11. The Authority 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 Authority.
(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 Authority.
(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 Authority.
(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 (1); 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 Authority 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 Authority has
marked a transfer in accordance with sub-regulation (1), the Authority 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
Authority 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 Authority.
Stock
certificates
20. (1) The Authority 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 Authority 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 Authority, 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 Authority 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 Authority 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 Authority 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 Authority 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.
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NOTE
1.
Notified in the Commonwealth of Australia
Gazette