Commonwealth Inscribed Stock Regulations (Amendment)

Legislation au C1917L00122 Regulations Not in force Legislative Instrument

Legislation content

STATUTORY RULES.

1917. No. 122.

 

AMENDMENT OF THE REGULATIONS UNDER THE COMMONWEALTH INSCRIBED STOCK ACT 1911-1915.

I, SIR ARTHUR STANLEY, Governor of the State of Victoria and its Dependencies, acting as the Deputy of the Governor-General, acting with the advice of the Federal Executive Council, hereby make the following amendments of the Regulations under the Commonwealth Inscribed Stock Act 1911-1915, to come into operation forthwith

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

A. L. STANLEY,

Deputy of the Governor-General.

By His Excellency’s Command,

JOHN FORREST,

Treasurer.

 

Regulation No. 52 to be amended by inserting after the words “in whose name stock is inscribed’’ the words “Stock shall not, however, be inscribed in exchange for Treasury Bonds prepared in accordance with Form 32a.”

The following new Regulations to be inserted after Regulation No. 55:—

55a. Treasury Bonds shall also be prepared in accordance with Form 32a.

55b. Treasury Bonds prepared in accordance with Form 32a may be accepted in payment of estate duty payable under any law of the Commonwealth. For this purpose the value of such a Treasury Bond shall be taken as the amount paid to the Commonwealth when the Treasury Bond was purchased, with simple interest added at the rate of 4½ per centum per annum calculated from the time when the Treasury Bond was purchased up to the date of the surrender, in payment of such duty, of the Treasury Bond.

55c. Stamps may be made and sold indicating such amounts as may be directed by the Governor-General and such Stamps may be accepted at their face value in payment for Treasury Bonds prepared in accordance with Form 32a.


Form 32a.

Commonwealth of Australia.

WAR SAVINGS CERTIFICATE.

£..................

Transferable by delivery.

No..............

Issued under the

Commonwealth Inscribed Stock Act 1911-1915 and secured on the Consolidated Revenue of the Commonwealth of Australia.

This Certificate entitles the bearer to the payment at one of the offices of the Commonwealth Bank of Australia at Sydney, Melbourne, Brisbane, Adelaide, Perth or Hobart, of                                                        POUND STERLING THREE YEARS AFTER the                                          day of                                          One thousand nine hundred and                                          (date of purchase).

Secretary to the Treasury.

Registered at the Audit Office, Melbourne.

Auditor-General.

 

Form 32a.

WAR SAVINGS CERTIFICATES.

War Savings Certificates are payable on the date which is exactly three years after the date of purchase. The amount payable on maturity includes the amount paid for the Certificate and compound interest at the rate of 4½ per cent. per annum. No further payment by way of interest will be made other than that included in the face value of the Certificate.

War Savings Certificates are transferable by delivery and payable to bearer.

The principal sum and the interest secured by the Certificate will be free from Stamp Duty and from Wealth Levy under any law of the Commonwealth or a State and the interest will be free of Commonwealth and State Income Tax.

War Savings Certificates will be accepted in payment of Probate and Succession Duty due to the Commonwealth. For this purpose the value of a Certificate will be taken as the amount paid to the Commonwealth when the War Savings Certificate was purchased, with simple interest added at the rate of 4½ per cent. per annum, calculated from the time when the War Savings Certificate was purchased up to the date of the surrender, in payment of such duty, of the War Savings Certificate.

The amount paid for the Certificate will be repaid at any time within the period of three years if sufficient reason be given for the withdrawal of the money. In the event of repayment within the period of three years, simple interest at the rate of 3 per cent. per annum will be paid for the term for which the money has been left on deposit.

No person shall be entitled to purchase War Savings Certificates of a greater nominal value than £1,000.

 

Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.

C.6179.—Price 3d.

 

Overview

The Statutory Rules 1917 No. 122, which were enacted in 1917, amended the regulations under the Commonwealth Inscribed Stock Act 1911-1915. This legislative instrument was introduced to address the financial needs arising from the First World War, aiming to facilitate the issuance and regulation of War Savings Certificates to support the war effort. The enacting body was the Parliament of the Commonwealth of Australia, which authorised these amendments through the Federal Executive Council. The policy objective was to streamline the acceptance and use of War Savings Certificates in various financial transactions, including the payment of estate duty, and to ensure the proper regulation of Treasury Bonds. This legislative amendment aimed to enhance the efficiency and effectiveness of financial instruments used during the war, supporting the Commonwealth's fiscal requirements and encouraging public participation in the war effort.

Scope and Application

The Statutory Rules of 1917, No. 122, which amends the regulations under the Commonwealth Inscribed Stock Act 1911-1915, applies to the regulation of the issuance, transfer, and use of Treasury Bonds and War Savings Certificates, which are financial instruments managed by the Commonwealth of Australia. The amendments govern the conditions under which these certificates can be inscribed, traded, and used in transactions, including their acceptance in payment of certain duties and taxes. This legislative instrument is applicable across the Commonwealth of Australia, affecting individuals, financial institutions, and other entities involved in the issuance and trading of these certificates. The amendments extend to the creation of new regulations, such as the preparation of Treasury Bonds in accordance with Form 32a and the calculation of their value for duty payments, and they are designed to enhance the regulatory framework surrounding these financial instruments. The Act does not specify exclusions or thresholds explicitly but implies that its application is broad, subject to the stipulations set forth within the regulations. The legislative instrument may be further refined or extended through subordinate instruments, which would be detailed in subsequent amendments or regulations under the same Act.

Key Provisions

The main operative sections of the Statutory Rules. 1917. No. 122, which amend the Regulations under the Commonwealth Inscribed Stock Act 1911-1915, introduce specific provisions concerning the issuance and use of Treasury Bonds and War Savings Certificates. Regulation No. 52 is amended to prohibit the inscription of stock in exchange for Treasury Bonds prepared in accordance with Form 32a (Section 1). New regulations are inserted, including the preparation of Treasury Bonds in accordance with Form 32a (Regulation 55a), the acceptance of these bonds in payment of estate duty (Regulation 55b), and the issuance of stamps for the purchase of these bonds (Regulation 55c). These amendments impose certain obligations on parties dealing with Treasury Bonds and War Savings Certificates. They mandate that Treasury Bonds must adhere to the specifications outlined in Form 32a and that these bonds may be accepted in payment of estate duty, with the value determined by the purchase amount plus simple interest at 4½ per cent per annum (Regulations 55a and 55b). Additionally, stamps indicating specific amounts, as directed by the Governor-General, can be used for purchasing these bonds, which must be accepted at their face value (Regulation 55c). Failure to comply with these provisions may result in various civil or criminal consequences. Although the legislation does not explicitly detail penalties, breaches of regulations concerning the issuance and use of Treasury Bonds and War Savings Certificates could potentially lead to fines or other sanctions under the Commonwealth Inscribed Stock Act 1911-1915 or relevant financial laws. The precise penalties would depend on the nature and severity of the breach, as well as any additional applicable regulations or statutes.

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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.