Commonwealth Inscribed Stock Act 1963

Legislation au C1963A00018 Not in force Act

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COMMONWEALTH INSCRIBED STOCK.

 

No. 18 of 1963.

An Act to amend the Commonwealth Inscribed Stock Act 1911-1946.

[Assented to 28th May, 1963.]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Commonwealth Inscribed Stock Act 1963.

(2.) The Commonwealth Inscribed Stock Act 1911-1946 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Commonwealth Inscribed Stock Act 1911-1963.

Commencement.

2. This Act shall come into operation on a date to be fixed by Proclamation.

3. Section two of the Principal Act is repealed and the following section inserted in its stead:—

Parts.

“2. This Act is divided into Parts, as follows:—

Part I.—Preliminary (Sections 1-3).

Part II.—Creation and Issue of Stock (Sections 4-13).

Part III.—Inscription of Stock.

Division 1.—Registries and Registrars (Section 14).

Division 2.—Inscription of Stock (Sections 15-22a).

Division 3.—Transfers and Transmissions (Sections 23-30).

Division 5.—Legal Provisions (Sections 43-44a).

Part V.—Penal Provisions (Sections 48-51).

Part Va.—Treasury Bonds (Sections 51a-51g).

Part VI.—Miscellaneous (Sections 52-58),”.

Interest.

4. Section five of the Principal Act is repealed.

Stock and interest a charge on revenue.

5. Section six of the Principal Act is amended by inserting after the word “interest” the words “(if any)”.

Terms and conditions of issue.

6. Section seven of the Principal Act is amended by inserting after the word “conditions” the words “(including terms and conditions as to interest)”.


Redemption of stock.

7. Section eight of the Principal Act is amended by omitting all the words from the commencement of the section to and including the words “as are specified in that order” and inserting in their stead the words “Stock shall be redeemable in accordance with the provisions of the order creating the stock”.

When interest to cease.

8. Section eleven of the Principal Act is amended by inserting after the word “interest” the words “(if any)”.

9. Sections twenty-four, twenty-five and twenty-six of the Principal Act are repealed and the following section is inserted in their stead:—

Transfer of stock.

“24. The regulations may make provision for and in relation to—

(a) the transfer of stock from one person to another person; and

(b) the inscription in a Stock Ledger of the name of the transferee as the owner of the stock.”.

Limitations on registration of transactions.

10. Section twenty-seven of the Principal Act is amended by omitting the words “Except with the approval of the Treasurer” and inserting in their stead the words “Except where the regulations otherwise provide or the Treasurer approves”.

Verification of transmission.

11. Section twenty-nine of the Principal Act is amended by omitting from sub-section (2.) the words “Where a person dies leaving any stock of an amount not exceeding One hundred pounds” and inserting in their stead the words “Where an amount of stock not exceeding the prescribed amount is inscribed in the name of a person who has died”.

Repeal of sections thirty-one and thirty-two.

12. Sections thirty-one and thirty-two of the Principal Act are repealed.

13. Section fifty-one e of the Principal Act is repealed and the following section inserted in its stead:—

Conversion of stock, Treasury Bonds and other securities.

“51e. Stock may, in the prescribed manner and on such terms and conditions as are prescribed, be exchanged for Treasury Bonds, Debentures or other prescribed securities, and Treasury Bonds, Debentures and other prescribed securities may, in the prescribed manner and on such terms and conditions as are prescribed, be exchanged for stock.”.

14. Section fifty-two c of the Principal Act is repealed and the following section inserted in its stead:—

Use of stock, bonds, &c., to pay estate duty.

“52c.—(1.) Such stock, Treasury Bonds, Debentures or other prescribed securities as the regulations provide may be accepted in payment of estate duty payable under the Estate Duty Act 1914-1941.

“(2.) The value at which any stock, Treasury Bonds, Debentures or other prescribed securities are so accepted shall be such value as is determined by or under the regulations.”.

Overview

The Commonwealth Inscribed Stock Act 1963 was enacted by the Parliament of Australia to amend the Commonwealth Inscribed Stock Act 1911-1946, addressing the need to modernise and streamline the processes surrounding the creation, issuance, transfer, and redemption of Commonwealth inscribed stock. This Act was introduced to ensure that the administration of inscribed stock is efficient and aligned with contemporary financial practices. It provides clearer guidelines on the terms and conditions of stock issuance, including interest and redemption, and updates the legal provisions to reflect current administrative practices. The Act also allows for the conversion of stock into other securities and specifies how stock can be used to pay estate duty, thereby providing flexibility and efficiency in financial transactions involving inscribed stock.

Scope and Application

The Commonwealth Inscribed Stock Act 1963 applies to the issuance, inscription, transfer, and redemption of Commonwealth inscribed stock, as well as related transactions and conditions, as defined within the Act. This Act governs the actions of individuals, entities, and various stakeholders involved in the financial instruments managed under its purview, operating within the jurisdictional reach of the Commonwealth of Australia. The Act is comprehensive in its application, covering the creation and management of stock and its associated transactions, with its provisions extending to the geographic area of the Commonwealth. The Act does not explicitly state exclusions or exemptions but allows for specific conditions and exceptions to be set out in regulations. Through subordinate instruments such as regulations, the Act can extend or restrict its application, providing flexibility in the management and administration of inscribed stock. The Act is structured to ensure that the processes for issuing, transferring, and redeeming stock are clearly defined and regulated, facilitating efficient and lawful financial transactions within the Commonwealth.

Key Provisions

The Commonwealth Inscribed Stock Act 1963 (C1963A00018) amends the Commonwealth Inscribed Stock Act 1911-1946, introducing several modifications to the creation, issuance, and management of inscribed stock, including interest, terms and conditions of issue, and redemption. Key sections of the Act include the specification of stock as a charge on revenue (section 5), the inclusion of terms and conditions for interest (section 6), and the redemption of stock according to the provisions of the order creating the stock (section 8). It also includes provisions for the transfer of stock from one person to another, with the regulations governing the inscription of the transferee's name in the Stock Ledger (section 24). The Act imposes obligations on entities and individuals involved in the transfer, registration, and redemption of stock. It mandates that transfers and transmissions must comply with regulations, with exceptions allowed by the Treasurer or as specified in regulations (section 27). Additionally, it requires the verification of transmissions where stock is inscribed in the name of a deceased person, with prescribed amounts determining the need for such verification (section 29). The Act also allows for the conversion of stock into Treasury Bonds, Debentures, or other prescribed securities, and vice versa, under prescribed conditions (section 51e). Breaches of the Act's provisions can result in various penalties and consequences. The Act includes specific sections detailing offences and penalties for non-compliance, although the exact nature and severity of these penalties are not detailed in the provided text. The repealed sections, such as sections 31 and 32, suggest that the Act may have previously included specific penal provisions that have since been altered or removed. The Act’s framework suggests that penalties could range from fines to more severe criminal sanctions, depending on the nature and severity of the breach.

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Commercial Law
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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.