Statutory Rules
1982 No. 2151
Snowy Mountains
Hydro-electric Power (S.M.H.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 Snowy Mountains Hydro-electric Power
Act 1949.
Dated
26 August 1982.
N. M. STEPHEN
Governor-General
By His Excellency’s Command,
Minister of State for
National Development and Energy
PART I—PRELIMINARY
Citation
1. These Regulations may be
cited as the Snowy Mountains Hydroelectric Power (S.M.H.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;
12289/82 (S.R. 163/82)—Cat. No. —Recommended retail price 40c 12/5.7.1982.
“the
Act” means the Snowy Mountains Hydro-electric Power Act 1949.
(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 securities
3. The Authority may issue
securities by way of inscribed stock, called Snowy Mountains Hydro-electric
Authority Stock or S.M.H.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 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 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 Register
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, PURCHASE AND RE-SALE 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 name 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.
Authority
may sell or purchase stock
25. The Authority may
purchase stock that has been issued and may re-sell that stock.
note
1. Notified in the Commonwealth of Australia Gazette on 3
September 1982.
Printed by Authority by
the Commonwealth Government Printer