EXPLANATORY STATEMENT
STATUTORY RULES 1983 NO. 157
COMMONWEALTH INSCRIBED STOCK ACT 1911
COMMONWEALTH INSCRIBED STOCK REGULATIONS (AMENDMENT)
Section 58 of the Commonwealth Inscribed Stock Act 1911 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing the fees payable under the Act and all matters and forms required or necessary or convenient to be prescribed for carrying out or for giving effect to the Act or for the conduct of any business at or in connection with any Registry.
The regulation makes provision for the replacement of defaced bearer securities and interest coupons only. Previously, replacement bearer securities and interest coupons could be issued in respect of those which had been lost, stolen or destroyed, as well as defaced.
The amendments are intended to reduce the high administrative cost and to tighten the procedures relating to the issue of bearer securities.