Treasury Corporation Regulation 1999 (NSW)

His Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Treasury Corporation Act 1983.

Treasurer

1Name of Regulation

This Regulation is the Treasury Corporation Regulation 1999.

2Commencement

This Regulation commences on 1 September 1999.

3Definitions

In this Regulation:

existing securities means securities that the Corporation proposes to replace, as referred to in section 9B (2) of the Act.

new securities means securities with which the Corporation proposes to replace existing securities.

proposed replacement date, in relation to the replacement of existing securities, means the date specified in the notice under clause 5 as the date on which the Corporation proposes to replace those securities.

securities means securities and other like instruments evidencing financial accommodation.

the Act means the Treasury Corporation Act 1983.

4Notes

The explanatory note and table of contents do not form part of this Regulation.

5Notice of intended replacement of securities(1)

The Corporation must cause notice of its intention to replace existing securities to be served on the holders of those securities.

(2)

The notice:

• (a)

  must specify the date on or after which it is proposed to replace the existing securities, and

• (b)

  must set out the terms and conditions of the new securities, and

• (c)

  must state that the holder may, not later than the proposed replacement date, object to the replacement of the existing securities, and

• (d)

  must state that such an objection will operate to prevent the existing securities from being replaced.

(3)

The proposed replacement date must not be earlier than 14 days after the notice is served.

(4)

The notice is sufficiently served on a holder of existing securities if it is sent by any means to the address of the holder, as advised to the Corporation by the person or body by whom those securities were issued.

6Objections(1)

For the purposes of section 9B (2) (a) of the Act, the manner in which a holder of existing securities may object to their replacement is by causing written notice of the objection to be lodged with the Corporation before the proposed replacement date.

(2)

The objection does not have effect until the proposed replacement date, and may be withdrawn by the objector at any time before that date.

7Repeal(1)

The Treasury Corporation (Objections to Replacement of Securities) Regulation 1993 is repealed.

(2)

Any act, matter or thing which, immediately before the repeal of the Treasury Corporation (Objections to Replacement of Securities) Regulation 1993, had effect under that Regulation is taken to have effect under this Regulation.