War Precautions (Enemy Shareholders) Regulations 1916 (Amendment) (Cth)

STATUTORY RULES.

1917. No. 138.

REGULATIONS UNDER THE WAR PRECAUTIONS ACT 1914-1916.

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations, under the War Precautions Act 1914-1916, to come into operation forthwith.

Dated this twentieth day of June, One thousand nine hundred and seventeen.

R. M. FERGUSON,

Governor-General.

By His Excellency’s Command,

G. F. PEARCE,

Minister of State for Defence.

 

Amendment of War Precautions (Enemy Shareholders) Regulations.

(Statutory Rules 1916, No. 38, as amended by Statutory Rules 1916, Nos. 42, 54, 62 and 325, and Statutory Rules 1917, No. 101).

1.Regulation 9 of the War Precautions (Enemy Shareholders) Regulations is amended by adding at the end thereof the following sub-regulation:—

“(4) Any order which is or purports to have been made under this Regulation shall so long as it remains unrevoked be deemed to be valid notwithstanding that it may subsequently appear that the shareholder in relation to whose shares the order was made is not in fact an enemy subject or a naturalized person of enemy origin to whom an exemption from the provisions of these Regulations has not been granted, as the case may be; and any action taken under any such order while it is so unrevoked shall be deemed to have been as validly taken as if the shareholder in relation to whose shares the order was made were in fact an enemy subject or a naturalized person of enemy origin to whom an exemption has not been granted, as the case may be.”

2. Regulation 11 of the War Precautions (Enemy Shareholders) Regulations is amended by adding, after sub-regulation (4), the following sub-regulation:—

“(5) Where in pursuance of this regulation the Public Trustee proposes to sell any shares, the company which issued the shares may, unless it is a company with which trading is prohibited under any Proclamation made by the King or by the Governor-General relating to trading with the enemy, purchase the shares, any law or any regulation of the company to the contrary notwithstanding, and any shares so purchased may from time to time be re-issued by the company.”

C.7540.—Price 3d.

 

3. After Regulation 11 of the War Precautions (Enemy Shareholders) Regulations the following regulations are inserted:—

Registration of transfer without production of any certificates, &c.

 “11a. (1) Where the Public Trustee executes a transfer of any shares which have been transferred to or vested in him under these Regulations, the company in whose books the shares are registered shall, upon the receipt of the transfer so executed by the Public Trustee and upon being required by him so to do, register the shares in the name of the Public Trustee or other transferee, notwithstanding any regulation or stipulation of the company and notwithstanding that the Public Trustee is not in possession of the certificate, scrip, or other document of title relating to the shares transferred; but such registration shall be without prejudice to any lien or charge in favour of the company or to any other lien or charge of which the Public Trustee has notice.

“(2) If any question arises as to the existence or amount of any lien or charge the question may, on application being made for the purpose, be determined by the High Court or a Justice thereof.

Transfer by Public Trustee evidence of compliance with regulations.

“11b. The transfer on sale by the Public Trustee of any shares in any company shall be conclusive evidence in favour of the purchaser and of the Public Trustee that the requirements of these Regulations have been complied with.”

 

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