Statutory Rules 1985 No. 1071
Postal Services (Australia Post 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 Postal
Services Act 1975.
Dated 5 June 1985.
N. M. STEPHENGovernor-General
By His Excellency’s Command,
M. J. DUFFY
Minister
of State for Communications
PART I-PRELIMINARY
Citation
1. These Regulations may be cited as the Postal
Services (Australia Post 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 Postal Services Act 1975.
(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 Australia Post Stock—
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 that person.
(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 that person 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—
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 (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
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 specimens of that person’s 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 that person’s 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 the person’s 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 at the person’s 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.
Secrecy
26. (1)A
person shall not divulge or communicate to any person, or make use of or
record, any information coming to the person’s knowledge or to which the person
had access in the course of the person’s duties at a Registry.
Penalty: $200 or imprisonment not exceeding 6 months, or both.
(2) Sub-regulation (1) does not prohibit the
doing of any thing by a person—
- (a)
in the performance of the person’s duties;
- (b)
as a witness summoned to give evidence or to
produce documents in a court of law; or
- (c)
in pursuance of the requirements of a law of
the Commonwealth or a Territory.
NOTES
1. Notified in the Commonwealth
of Australia
Gazette